Solana’s current situation: ETF, Actions and Blinks, TipLink application

Source: DODO Research

This week's crypto market still did not break the downward trend, and the overall market continued to be sluggish. Many people began to doubt whether the future and potential of cryptocurrencies are still bright. To explore the future, whether it can really achieve large-scale adoption is definitely the key. The development direction of the SOLANA roadmap, which has been supported by ETF news recently, is currently the project that has made the most efforts in this regard.

In this issue of Cryptosnap Dr.DODO, we will take you to understand the latest updates of the SOLANA public chain and its various applications for large-scale adoption.

Solana ETF

Speaking of Solana's recent major events, VanEck's application for the first Solana ETF must be mentioned. Although the market generally believes that the news is more symbolic than practical, it still gives Solana a shot in the arm. VanEck believes that it is wrong for the U.S. Securities and Exchange Commission (SEC) to regard $SOL as an unregistered security. Instead, it believes that SOL is a commodity similar to Bitcoin and Ethereum. After Bitcoin and Ethereum ETFs have been approved, the application for $SOL ETF is also reasonable.

Most people in the market think that this application is unlikely to be approved under the current environment. The SEC has previously made it clear that $SOL is a security. VanEck is more about making predictions in advance for the U.S. election in the second half of the year. The current SEC Chairman Gary Gensler will step down at that time. Cryptocurrency voters may play a key role in the election, and the regulatory environment in Washington is moving in the direction of supporting cryptocurrencies.

Source: https://www.sec.gov/Archives/edgar/data/2028541/000162828024030249/vanecksolanatrusts-1.htm

Actions and Blinks

After talking about the major news at the token market level, another big news in the Solana ecosystem is Solana Actions and Blinks. Actions and Blinks is a new type of on-chain interaction function launched by the Solana Foundation in collaboration with Dialect.

In short, Actions is a set of standardized APIs for transactions on the Solana blockchain for developers, and any project can adapt its own protocol based on the documentation; and Blinks is an interactive front end for users, which can convert any Solana Action into a shareable, metadata-rich link. You can put the link on X (Twitter) or Discord to generate a button option for on-chain interaction.

The launch of Actions and Blinks is the best portrayal of Solana's efforts towards mass adoption, lowering the threshold for blockchain use by one level. Retail investors only need to swipe on social media and click buttons to complete on-chain operations, without the need for website jumps to connect wallets, etc.

Source: https://x.com/eli5_defi/status/1805877572238295296

Tiplink

When talking about Solana's route to large-scale adoption, we have to mention the wallet application TipLink. The author believes that TipLink is the most user-friendly and has the lowest usage threshold among all wallets. TipLink is also a project strongly supported and sponsored by the Solana Foundation. In 2023, it received financing from Multicoin, Solana Venture, Sequoia Capital, and two major stablecoin companies Paxos and Circle.

TipLink is a custodial wallet. Users do not need to write down notes. They only need to register and log in with a Google account, which is very similar to the experience of many Web2 applications. There is no need to install plug-ins or apps. Just open the web page and connect to the Google account. In the early days, TipLink was a reward application that only supported payment functions, but now it has become a very mature wallet product comparable to Phantom. With the latest function update of TipLink Adaptor and mainstream applications on the Solana chain, they can connect to the wallet and interact with it, which is no different from other wallets.

Source: https://tiplink.io/

Author's opinion

I think Solana is indeed the most suitable chain for beginners to use. Low transaction fees, quick-to-use wallets and simple and clear front-end interactive interfaces can basically be used easily by intuition. In addition, the clear route of the Solana Foundation can drive a number of ecological applications on the chain to keep up with the pace. This time, the function of Blink is the best example. Basically, at the same time when the Solana Foundation issued a tweet announcement, all projects on the chain, big or small, forwarded the tweet. Phantom/Solflare/Backpack wallets supported Blink interaction at the first time, and Jupiter/Tensor/Sanctum Defi Dapps also prepared Actions APIs early, and users can use them immediately.

The Solana Foundation’s clear development path and its strong partnership with ecosystem projects are what I believe to be Solana’s strongest moat. At the same time, I also agree with Solana’s development direction towards large-scale adoption. Compared to hot topics such as exquisite financial products, advanced technology, or the pursuit of artificial intelligence, the current priority of the blockchain community is to lower the threshold and allow more people to join!