Solana’s native token has fallen below $100 on Thursday as correction deepens in the crypto market. SOL has recorded decent gains since Monday’s late trading session, surging from $94.20 to a peak of $105.29 yesterday, as per CoinMarketCap data. During this period, Solana has seen two significant developments across its ecosystem.
Decentralized music platform Audius wraps native AUDIO tokens into Solana
Decentralized music streaming app Audius revealed on Wednesday that it is advancing into the Solana ecosystem with the launch of wrapped AUDIO (Wormhole) tokens. Wormhole is a cross-blockchain bridge that allows users to transfer crypto-assets across blockchains, in Audius’ case, movement of tokens from Ethereum to Solana, so Wrapped ETH.
The resolution to bring AUDIO onto Solana comes after governance approval was received from the community members on a series of proposals to this effect. The community comprises a DAO-managed group of artists and users who received the 50 million tokens airdropped in 2020.
AUDIO tokens were initially meant for the Ethereum blockchain, but the high gas fees and inconveniencing transaction speeds necessitated a shift to the faster and cheaper Solana. The move strikes as crucial from a consumer standpoint. Audius, as a mainstream consumer app, has an audience that is largely not crypto-native. This audience would find it hard to keep up with Ethereum’s inconveniences.
Audius plans to establish liquidity pools in Solana exchanges, including Orca, Serum and Raydium, to support the bridged tokens.
Users can earn AUDIO token rewards by performing specific in-app actions, including completing their Audius profiles, sending out invites to friends, following people on the app, sharing music, reposting tracks/ playlists, and music streaking.
A representative told crypto news outlet Decrypt that Audius intends to leverage the advantages that come with Solana to onboard more users into the Web 3 music streaming platform.
Blockchain-focused company BTCS integrates Solana and stakes 7k SOL
BTCS has added support for Solana to its blockchain infrastructure in a move showing a solid bet on the ecosystem. According to a press release sent out yesterday, the Maryland-based company will onwards be rewarded with SOL as it staked 6,997 tokens worth about $710,000.
Staked SOL tokens allow users to gain compounding rewards through Solana’s annual percentage yield (APY), with validators earning a fee from the rewards users receive.
BTCS will seek to leverage the highly scalable nature of operating validator nodes on Solana for its Staking-as-a-Service platform currently under development. The firm is already technically set to launch its validator node on the network and should soon integrate its Staking-as-a-Service platform.
Staking-as-a-Service platforms provide the third party via which investors can stake their crypto without incurring the technical troubles of the staking process. Notably, last month, Bank of America expressed a bold, optimistic opinion on Solana, suggesting that it could be the Visa of the future. The bank said the network could achieve this feat owing to its low fees and high speeds.
Solana isn’t the first ecosystem to be featured on the platform. Last month, BTCS updated its blockchain infrastructure operations to include the Algorand blockchain.
Solana (SOL) market performance
Despite Solana being the recipient of positive news in the last 48 hours, its native token hasn’t reflected the same. The announcement featuring Solana and BTCS has neither significantly influenced the price of SOL nor BTCS stock. Analysts contend that the broader market forces acting on the assets have thwarted any uptrend.
SOL/USD 24 hr trading chart. Source CoinMarketCap
SOL has lost almost 2% in the last 24 hours, crashing below $100 to $97.37 as of press time. Most crypto-assets, including Bitcoin and Ethereum, have equally plunged as the market takes a beating after two straight days of gains. Nonetheless, SOL/USD is expected to climb above $100 as soon as the market calms.
To learn more about this token visit our Investing in Solana guide.
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