What does a data indexing protocol, an audio streaming service and an oracle all have in common? They’re all cryptocurrency projects that began on Ethereum and then expanded onto the Solana blockchain!
Solana’s attraction to already established crypto projects can be summed up in two words: speed and cost. That’s because Solana offers measured transaction times among the fastest available on any blockchain, around 1,800 - 2,000 per second, with plans to eventually increase to hundreds of thousands per second.
Also, the cost of these rapid transactions is essentially zero! This combination of cost and speed has made new transaction-intensive business models possible, and motivated many DeFi and Web3 projects that began on Ethereum, to branch out to the Solana blockchain.
One of these projects is The Graph. Known as an “indexing protocol”, the job of The Graph is to efficiently access data across multiple blockchains and storage networks, meaning that it plays an important part in the nuts and bolts of many DeFi and Web3 applications.
For example, the Uniswap DEX manages its own APR or “subgraph”, using it to retrieve data to display on its Analytics page. Services like CoinMarketCap and CoinGecko can then access the Uniswap subgraph to display up-to-date Uniswap price information.
In February 2022 The Graph announced upcoming support for Solana and several additional blockchains, like Binance Smart Chain and Polygon, allowing for faster and more real-time data access, and subgraph capability across multiple chains.
Another project that needs to deliver data quickly is Chainlink. Like the ancient Greek oracles who delivered messages from the gods to the people, the Chainlink oracle provides real-world data that makes smart contracts more powerful. Chainlink is the runaway leader in this niche, largely because it’s decentralized. Other oracles available to blockchains are usually centralized, which negates the advantages that a blockchain offers. This was demonstrated by the 2019 Synthetix oracle attack.
Chainlink’s partnership with Solana began in 2020. Because oracle data is provided via blockchain transactions, the speed of updates is dependent on the block time. For Solana, this is 0.4 seconds, compared to a full 15 seconds on Ethereum. The LINK token is available on several blockchains.The version that’s “wrapped” for Solana is known as so LINK.
Another example is… Audius is a decentralized music hosting and streaming service that gives content and monetization control back to the artists. Launched in late 2019, Audius is growing fast, with more than 5 million listeners and 100,000 artists, including Deadmau5, 3LAU, and Rezz, and a seamless integration with TikTok videos.
In July 2021, Audius and the Solana Foundation partnered to create a wrapped version of its AUDIO token on Solana, and a fund that encourages artists to embrace decentralized technology. AUDIO holders can now use the Wormhole Bridge to move their tokens from Ethereum to Solana.
Last but not least we have USD Coin, a vital addition to the Solana ecosystem. USDC, developed by Circle and supported by the Coinbase ecosystem, is a stablecoin pegged 1:1 to the U.S. dollar. Each token in circulation is backed up by $1, held in reserve as a mix of cash and U.S. Treasury bonds. As of February 2022, more than $1.8 trillion in USDC had been traded, and the stablecoin is a vital and trusted tool for all kinds of DeFi transactions, from staking in liquidity pools to savings accounts.
Thanks to the integration, USDC can be used directly on all Solana DEXs, including Raydium, Serum and Mango Markets, and the Solana ecosystem can keep on growing!
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