Applications and tokens of the Solana ecosystem have become available to users of the tool

Binance Web 3.0 wallet has integrated the Solana blockchain

15.03.2024 - 11:10

103

4 min

What’s new? The non-custodial Web 3.0 wallet for working with the decentralized finance ecosystem (DeFi) from the largest crypto exchange Binance has completed the integration of the Solana blockchain. Its users can now manage and trade tokens, as well as access various decentralized applications (dApps) in the Solana ecosystem. Recently added Solana-based dApps include Drift, Dual Finance, Jito, Jupiter, Magic Eden, MarginFi, Orca, PsyOptions, Pyth Network, and Raydium.

The exchange’s announcement

What else is known? To activate and back up your Solana wallet in the Binance App you need to select “Wallets” > “Web3” > “More” > “Networks” and then click “Activate” next to the Solana blockchain. To access DApps via a web browser, you need to go to the website of the Solana-based protocol of interest, select “Connect Wallet” and then “Binance Web3 Wallet.” If this option is not available, users can use WalletConnect and scan a QR code with Binance Web3 Wallet.

QCP analysts explained the growth of the BNB rate by the activity on Binance Launchpool

QCP analysts explained the growth of the BNB rate by the activity on Binance Launchpool

The platform allows exchange users to earn tokens of new projects in exchange for blocking BNB

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Binance Web3 Wallet, launched last November, is a DApps portal where users can manage and move cryptocurrencies between different blockchains, generate revenue, and interact with blockchain platforms.

Users can create a wallet through the Binance mobile application, which will also allow for such operations with DeFi as staking and providing loans.

Notably, the wallet is not only created through the exchange’s app but is also linked to an account to monitor transactions for potential violations of laws, including fraud and sanctions evasion.

The Solana (SOL) native token reacted to the news with a 15,4% rise and hit its highest since late December 2021 at $185,56. By the time the news was written, the rate had partially corrected to $172,75. Despite this, the asset has added 18,6% for the week and 68,49% since the beginning of the year. SOL is the fifth place in the ranking of cryptocurrencies with a capitalization of over $76,64 billion.

Earlier, Solana-based NFT marketplace Tensor announced the launch of the TNSR governance token. The platform transacted over $2 billion in NFT transactions, accounting for over 70% of NFT trading volume on Solana over the past 90 days.

NFT sales volume on the Solana network has exceeded $5 billion

NFT sales volume on the Solana network has exceeded $5 billion

In addition, the total number of NFT transactions has almost reached the 43 million mark

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It has also become known that hedge fund Pantera Capital wants to raise $250 million from investors to buy SOL from bankrupt crypto exchange FTX at a 39% discount and a lockup period of 4 years. FTX was one of Solana’s largest investors, holding 10% of SOL’s total supply.

Additionally, members of the Solana-based “dog” meme token community Dogwifhat (WIF) raised over $700 000 to advertise the project on the famous MSG Sphere building in Las Vegas. In the last month, WIF has grown by more than 580%.

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