Circle Incorporates Solana Blockchain into its Web3 Services for Enhanced Functionality
Summary:
Circle is incorporating Solana blockchain into its Web3 services, enabling functionalities like programmable wallets and a gas station feature. The integration will occur in two stages, starting with a focus on programmable wallets and sponsored transaction fees. The second stage includes support for non-fungible tokens and smart contract platform interactions. Circle cited Solana's remarkable developer community growth as a reason for the integration. Solana is also preparing for significant enhancements, including the Firedancer upgrade in 2025 aimed at improving scalability and minimizing downtime.
Circle has announced the incorporation of Solana blockchain into its Web3 services, facilitating features like programmable wallets and a gas station. The merger will take place in two stages. The initial phase, declared on June 12, will focus on programmable wallets, which enable developers to manage assets automatically based on set criteria, as well as subsidized transaction fees using its gas station feature. The subsequent phase will incorporate non-fungible tokens (NFTs) and program detailing with its Smart Contract Platform, as per Circle's statement. Solana will, therefore, align with other blockchain networks already backed by Circle’s Web3 services, such as Ethereum, Polygon, and Avalanche.
Programmable wallets can autonomously engage with smart contracts. This implies tasks usually demanding manual administration like initiating transactions when certain parameters are fulfilled, can be automated. Other businesses concentrating on wallet programmability for Solana includes Fuse Wallet, as announced on June 10. With the aid of smart accounts, the wallet offers programmability and aims at addressing issues like reliance on seed phrases, limited asset recovery options, and restricted customization of rules and parameters for onchain interactions.
In recent months, Solana has experienced increased activity and multiple integrations with different protocols. The number of operating addresses on the Solana blockchain hit a milestone in May, reaching 41.5 million according to Hello Moon. Circle cited the remarkable growth witnessed by the Solana developer community as a reason to back the blockchain.
To cater to rising demand, the network is poised for substantial enhancements, which include the introduction of the Firedancer upgrade slated for 2025. This upgrade seeks to improve Solana’s scalability and nullify network downtime. Solana experienced a recent outage that lasted almost five hours.
Focusing on successfully launching Firedancer, Solana Foundation’s DePIN lead, Kuleen Nimkar, also revealed development of Solana’s independent validator client with Jump Crypto in a recent interview featured on Cointelegraph.
Recently, PayPal decided to back Solana’s ecosystem, integrating its own stablecoin, PayPal USD (PYUSD), on May 29 to boost its usefulness for everyday transactions.
Published At
6/12/2024 7:07:26 PM
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