Solana has reached 5 million daily users and has welcomed the debut of Sky Protocol. Franklin Templeton has also announced the launch of a mutual fund on the network.
This year, Solana has experienced remarkable growth in both its ecosystem and token. SOL has experienced a 625% increase in annual growth as a result of the substantial expansion of its DeFi ecosystem.
The Solana Foundation has recently disclosed a number of significant advancements. Partnerships with finance titans and one of the largest DeFi protocols are among these. Concurrently, the number of users is surpassing all previous records.
Solana experienced numerous significant developments during the previous week. Solana achieved a significant milestone in user growth on Friday, September 20, during the BreakPoint Conference in Singapore. Furthermore, numerous influential organizations’ declared their intention to expand into the Solana Network.
Solana has surpassed Ethereum in terms of daily activity, eclipsing it by over 5 million daily active users after months of active ecosystem growth.
At the Solana Breakpoint conference in Singapore, Solana received two significant institutional endorsements concurrently. Franklin Templeton, a trillion-dollar asset manager, has disclosed its intention to introduce an on-chain mutual fund that will operate on Solana’s blockchain.
Solana’s cost-effectiveness was a critical factor in the decision, according to Mike Reed, an executive at Franklin Templeton. Simultaneously, Citibank disclosed that it is investigating the potential of Solana for money transfers.
Rune Christensen’s announcement that Sky Protocol, also known as MakerDAO, will deploy its decentralized stablecoin (USDS) and governance token (SKY) on Solana was another significant highlight of the Breakpoint conference.
Using the Wormhole interoperability protocol, Sky will facilitate one-to-one conversions between its USDS and Circle’s USDC stablecoin on Solana. Particularly in the aftermath of the FTX collapse, Christensen, the founder of MakerDAO, underscored the technical quality of Solana’s codebase and its resilience.
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