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Information about Solana (SOL)
Solana is a blockchain platform that supports high-performance decentralized applications and smart contracts. The Solana platform is designed to facilitate the creation of decentralized applications (DApps) to make decentralized finance accessible on a larger scale. Solana improves scalability by using the Proof of History consensus method, combined with the underlying blockchain’s Proof of Stake consensus method.
SOL is a token that operates on the Solana blockchain platform. The SOL token has the typical uses of a platform token such as:
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The podcast featured Backpack CEO Armani Ferrante discussing the evolving role of centralized exchanges in the crypto market and their security.
He emphasized the importance of proof-of-reserves for exchanges, especially after the FTX collapse, to enhance trust and security in the crypto ecosystem.
Ferrante delved into Solana’s expanding ecosystem, highlighting that memecoins have contributed to its growth and predicting broader applications in the near future.
Taurus has launched a Solana-based custody and tokenization platform designed to assist banks in managing digital assets. This development aims to enhance efficiency and reduce costs for financial institutions looking to tokenize various assets.
The platform includes Taurus-Capital for issuing tokenized products and Taurus-Protect for asset custody. By leveraging Solana’s technology, it facilitates seamless automation of financial operations, meeting increasing institutional demand.
Taurus successfully raised 65 million USD in a Series B funding round. The platform addresses the growing need for secure digital asset management in Europe, predicting that the digital asset industry could exceed a value of 10 trillion USD.
In Q4 2024, Solana’s application revenue soared to 840 million USD, a staggering 213% increase year-over-year. A substantial 367 million USD was earned solely in November, demonstrating the platform’s performance driven by thriving memecoin activities.
Solana’s total value locked reached 8.6 billion USD, reflecting a 64% increase compared to the previous quarter. Analysts believe this upward trend may outpace traditional exchanges, highlighting Solana’s innovative potential.
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