{"id":571336,"date":"2024-01-25T01:00:26","date_gmt":"2024-01-25T01:00:26","guid":{"rendered":"https:\/\/www.wncen.com\/?p=571336"},"modified":"2024-01-24T18:49:26","modified_gmt":"2024-01-24T18:49:26","slug":"solana-unveils-token-extensions-as-sol-bounces-back-surging-5","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/solana\/solana-unveils-token-extensions-as-sol-bounces-back-surging-5\/","title":{"rendered":"Solana Unveils Token Extensions As SOL Bounces Back, Surging 5%"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Solana Foundation, a non-profit organization dedicated to decentralization, adoption, and security on the Solana network, has launched <\/span><a href=\"https:\/\/www.wncen.com\/news\/solana\/solana-corrects-1000-rally\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">token extensions.\u00a0\u00a0<\/span><\/a><\/p>\n<h2><span style=\"font-weight: 400\">Solana Token Extensions Gains Traction<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to a January 24 <\/span><a href=\"https:\/\/x.com\/solana\/status\/30307870?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">announcement<\/span><\/a><span style=\"font-weight: 400\">, token extensions provide developers, enterprises, financial institutions, and Solana-native development teams with a comprehensive suite of turnkey solutions for advanced token functionality.\u00a0<\/span><span style=\"font-weight: 400\">Anatoly Yakovenko, co-founder of Solana and CEO of Solana Labs, commented on the launch, stating:\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">Token extensions build on the characteristics that make Solana the ideal destination for developers. Solana is the first network to offer this level of integrated developer and user experience in a single token program. We&#8217;re already seeing the potential to build using token extensions via deployments from some of the most recognizable names in crypto.<\/span><\/p><\/blockquote>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-goes-to-the-doctor-5-key-metrics-for-btc-in-2024\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Goes To The Doctor: 5 Key Metrics For BTC In 2024<\/a><\/div>\n<p><span style=\"font-weight: 400\">Industry giants Paxos and GMO-Z.com Trust Company Inc. (GMO Trust) are leading the way in adopting token extensions. As announced by the Solana Foundation, these companies are \u201cleveraging the benefits\u201d of token extensions to issue stablecoins on the Solana blockchain.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As previously <\/span><a href=\"https:\/\/bitcoinist.com\/solana-paxos-stablecoin-expansion-january-2024\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">reported<\/span><\/a><span style=\"font-weight: 400\">, Paxos, a regulated blockchain and tokenization infrastructure platform, expanded its stablecoin issuance to the network in December. Similarly, GMO Trust announced the launch of the first regulated Japanese yen stablecoin and their own US dollar stablecoin on the Solana network.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">New Standards For Blockchain Compliance?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Sheraz Shere, Head of Payments at the Solana Foundation, emphasized the appeal of the Solana network for enterprise-grade companies entering the <\/span><a href=\"https:\/\/www.wncen.com\/news\/solana\/solana-dominates-ethereum-bitcoin-nft-activity\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">web3 space<\/span><\/a><span style=\"font-weight: 400\">. Shere stated:\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">Companies like Visa, Worldpay, Stripe, Google, and Shopify have already seen the performance advantages inherent to the Solana network and have launched solutions and applications that are only possible on Solana. With token extensions, we are expanding what is possible for enterprise adoption of blockchain by natively enabling features that matter to large regulated enterprises.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Token extensions, designed to cater to builders across diverse industries such as stablecoins, real-world assets (<\/span><a href=\"https:\/\/www.wncen.com\/altcoin\/aave-v3-ready-solana-crucial-vote-passed\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">RWA<\/span><\/a><span style=\"font-weight: 400\">), and payments, offer a range of interesting features:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400\">Transfer Hooks: Enables token issuers to exert control over token interactions, empowering developers to create intricate and flexible token mechanisms. <\/span><\/li>\n<li><span style=\"font-weight: 400\">Transfer Fees: Provides the ability to charge fees for each token transfer, offering sustainable revenue models for different types of tokens built using token extensions.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Confidential Transfers: Utilizes zero-knowledge proofs to encrypt the transfer amount while publicly sharing the source, destination, and token type. This ensures compliance while preserving privacy.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Permanent Delegate Authority: Grants token issuers absolute authority over their tokens, particularly for those requiring revocation ability, such as licenses or credentials.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Non-transferability: Restricts token transfers to the issuer only, making it ideal for unique user identification and credentialing purposes.<\/span><\/li>\n<\/ul>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/crypto-carnage-okb-flash-crash-wipes-25-off-value-in-minutes-heres-what-happened\/\" target=\"_blank\" rel=\"noopener \">Crypto Carnage: OKB Flash Crash Wipes 25% Off Value In Minutes \u2013 Here\u2019s What Happened<\/a><\/div>\n<p><span style=\"font-weight: 400\">Ultimately, with the launch of token extensions, Solana aims to position itself as a force in<\/span><a href=\"https:\/\/www.wncen.com\/news\/from-highs-to-lows-solanas-price-journey-can-it-recover-from-fomo-fumble\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> blockchain development<\/span><\/a><span style=\"font-weight: 400\">, offering builders the tools to create new applications across various industries.\u00a0<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/xoVlBsTg\/\" alt=\"Solana\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows SOL&#8217;s bounce over the past 24 hours. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">SOLUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">The SOL token experienced a sharp drop of over 28% in the past 30 days, leading to a decline to the $79 level. However, the token has recovered in the past 24 hours with a 5% bounce, leading to a current trading price of $87.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Solana Foundation, a non-profit organization dedicated to decentralization, adoption, and security on the Solana network, has launched token extensions.\u00a0\u00a0 Solana Token Extensions Gains Traction According to a January 24 announcement, token extensions provide developers, enterprises, financial institutions, and Solana-native development teams with a comprehensive suite of turnkey solutions for advanced token functionality.\u00a0Anatoly Yakovenko, co-founder of Solana and CEO of Solana Labs, commented on the launch, stating:\u00a0 Token extensions build on the characteristics that make Solana the ideal destination for developers. Solana is the first network to offer this level of integrated developer and user experience in a single token program. We&#8217;re already seeing the potential to build using token extensions via deployments from some of the most recognizable names in crypto. Related Reading: Bitcoin Goes To The Doctor: 5 Key Metrics For BTC In 2024 Industry giants Paxos and GMO-Z.com Trust Company Inc. (GMO Trust) are leading the way in adopting token extensions. As announced by the Solana Foundation, these companies are \u201cleveraging the benefits\u201d of token extensions to issue stablecoins on the Solana blockchain.\u00a0 As previously reported, Paxos, a regulated blockchain and tokenization infrastructure platform, expanded its stablecoin issuance to the network in December. Similarly, GMO Trust announced the launch of the first regulated Japanese yen stablecoin and their own US dollar stablecoin on the Solana network.\u00a0 New Standards For Blockchain Compliance?\u00a0 Sheraz Shere, Head of Payments at the Solana Foundation, emphasized the appeal of the Solana network for enterprise-grade companies entering the web3 space. Shere stated:\u00a0 Companies like Visa, Worldpay, Stripe, Google, and Shopify have already seen the performance advantages inherent to the Solana network and have launched solutions and applications that are only possible on Solana. With token extensions, we are expanding what is possible for enterprise adoption of blockchain by natively enabling features that matter to large regulated enterprises. Token extensions, designed to cater to builders across diverse industries such as stablecoins, real-world assets (RWA), and payments, offer a range of interesting features: Transfer Hooks: Enables token issuers to exert control over token interactions, empowering developers to create intricate and flexible token mechanisms. Transfer Fees: Provides the ability to charge fees for each token transfer, offering sustainable revenue models for different types of tokens built using token extensions. Confidential Transfers: Utilizes zero-knowledge proofs to encrypt the transfer amount while publicly sharing the source, destination, and token type. This ensures compliance while preserving privacy. Permanent Delegate Authority: Grants token issuers absolute authority over their tokens, particularly for those requiring revocation ability, such as licenses or credentials. Non-transferability: Restricts token transfers to the issuer only, making it ideal for unique user identification and credentialing purposes. Related Reading: Crypto Carnage: OKB Flash Crash Wipes 25% Off Value In Minutes \u2013 Here\u2019s What Happened Ultimately, with the launch of token extensions, Solana aims to position itself as a force in blockchain development, offering builders the tools to create new applications across various industries.\u00a0 The SOL token experienced a sharp drop of over 28% in the past 30 days, leading to a decline to the $79 level. However, the token has recovered in the past 24 hours with a 5% bounce, leading to a current trading price of $87. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":571337,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[6664,1558,88733,14737,16334,89406,86420,89779,83626,84595,90234,86813,87683,84031,88093,89405,85361,86410,83627,11164,89255],"class_list":["post-571336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-crypto","tag-cryptocurrency","tag-defi-stablecoin","tag-paxos","tag-paxos-trust-co","tag-sol-news","tag-sol-price","tag-sol-price-chart","tag-solana","tag-solana-blockchain","tag-solana-decline","tag-solana-defi","tag-solana-ecosystem","tag-solana-foundation","tag-solana-labs","tag-solana-news","tag-solana-price","tag-solusd","tag-solusdt","tag-stablecoin","tag-stablecoin-news"],"acf":[],"yoast_head":"\n<title>Solana Unveils 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