The Most Recent Advancements in the Solana Ecosystem

Solana’s Recovery and Recent Developments

Solana faced challenges due to the FTX collapse, causing its SOL token to drop below $10. However, the chain has shown resilience and has been recovering since early 2023. As of now, the SOL token is hovering around $21.

New Developments in August 2023

August 2023 brought a wave of positive news for the Solana ecosystem. Let’s explore these exciting developments:

  • Integration with Shopify

    The highlight of the month was Solana’s integration with Shopify. This move is significant as Shopify accounts for 10% of US e-commerce. Solana Pay, the integration’s feature, offers a substantial reduction in transaction fees compared to general credit card fees on Shopify. Furthermore, Solana Pay provides transaction fee exemptions until the end of 2023.

  • Only-Possible-On-Solana Campaign

    The Only-Possible-On-Solana campaign showcased the unique advantages of Solana. Notable achievements include Drip Haus releasing 25 million NFTs for only $3,000 and Hivemapper mapping the world using dashcams. Solana’s features like lightning-fast consensus, parallel transactions, scalable technology, and compressed NFTs enable such possibilities.

  • Solana’s GPT-4 Plugin in the ChatGPT Plugin Store

    A convenient plugin for Solana users, offering features like wallet balance tracking, transaction understanding, and NFT exploration.

  • Return of Maple Finance to Solana

    Maple Finance, a treasury management solution, is set to provide yield backed by US Treasury Bills, catering to DAOs and Web3 Treasuries on Solana.

  • Elusive Offers Private Token Swaps

    Elusiv introduces private DeFi on Solana, providing an alternative to transparent DEXes and enhancing user privacy during token swaps.

  • DRIP Raises $3 Million

    The DRIP platform, offering daily NFTs, successfully raised $3 million in a seed round, attracting funding from VCs and angel investors.

  • Brave’s Solana NFT Token Gating

    Brave Talk now allows SOL wallet users to utilize NFT avatars and token-gate access to video calls based on NFT ownership.

  • Sign In With Solana (SIWS) by Phantom

    A seamless, secure, and decentralized authentication method for Solana users, eliminating the need for clunky ‘connect’ and ‘sign’ messages.

  • Phoenix Exchange Launch

    Phoenix Exchange, a fully on-chain DEX with features like instant settlement and atomic settlement, enters the market.

  • Staking with Marinade Native

    Marinade Finance introduces Native staking, allowing users to stake SOL and delegate to top-performing validators with ease.

  • EUROe: Solana’s First Euro Stablecoin

    Membrane Finance launches EUROe, the first native Euro stablecoin on Solana, compliant with MiCA regulations.

  • African Solana-Based Art Exhibition

    The inaugural African Solana-based art exhibition showcases the work of 17 artists, organized by the ChaosDAO collective.


Despite challenges stemming from the FTX collapse, Solana has demonstrated resilience and progress. August 2023 witnessed a surge of innovative developments, indicating a brighter future for the Solana ecosystem.

The current SOL price stands at $20.30, with a market cap of $8.2 billion. The circulating supply is 408 million out of a total supply of nearly 556 million SOL tokens.

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