Solana Breakpoint 2024: A Retrospective

The fourth Solana Breakpoint, taking place in Singapore on 20-21 September 2024, was not just a conference: it was a declaration of the blockchain ecosystem’s further evolution and development. Co-located with themes of innovation and partnerships, this year’s event amassed titans of industry, key stakeholders such as financial players, developers, and enthusiasts from all over the world to demonstrate Solana’s momentum and future outlook.

From major updates and new developments to investments and partnerships, Solana Breakpoint 2024 showed that the network is determined to change the world of finance, technology and Web3. To get right into it, here are some of the best moments that came out of this thrilling occasion.

1. Seeker: Solana Mobile’s Next Chapter

In July, Solana Mobile announced a new product called ‘Seeker’ to represent a new generation of mobile blockchain solutions at the Token2049 conference. This is a significant step up in adopting blockchain characteristics into usual mobile interactions which shows Solana’s determination to expand its utilization in the digital world.

Solana Mobile introduced Seeker to become the first global mobile manufacturer to actively challenge the current incumbents such as Apple, Google, and Samsung to the market with its primary focus on crypto users equipped with built-in protected digital asset custody and support for dapps.

Due to be released mid-2025, Seeker has caused much anticipation, Solana Mobile reporting 140,000 pre-orders. There are only five phones allowed per household, a feature designed to prevent resales. Solana Mobile also teased that the distribution of this phone might be different across markets based on the reception.

2. PayPal Chooses Solana for Payments

PayPal’s José Fernández sparked a significant conversation at Breakpoint by stating that Ethereum might not be the best solution for payments. He announced that PayPal is now launching on Solana, highlighting Solana’s ability to process 1,000 transactions per second, lower transaction costs, and support for token extensions. This move positions Solana as a more scalable and efficient option for mainstream payment solutions.

3. Bridging Traditional Finance with Digital Assets

A key theme at Solana Breakpoint was the convergence of traditional financial institutions and blockchain technology. Major players like Citi, Franklin Templeton, Securitize, and Societe Generale FORGE showcased their efforts to integrate digital assets into their operations.

• • Franklin Templeton

Franklin Templeton, a top-20 asset manager with $1.7 trillion in assets under management, announced its plan to launch a money market fund on Solana. Their existing on-chain BENJI product is already the second-largest tokenized treasury product, valued at $435 million. The firm’s Mike Reed highlighted Solana’s speed, low cost, and innovative architecture as the reasons behind their choice.

• • Securitize

Securitize, the leading tokenization platform, has brought over $950 million in value on-chain and is now adding native support for Solana. Partnering with Wormhole for interoperability, Securitize aims to facilitate seamless cross-chain transfers while maintaining regulatory compliance. This development promises to expand the reach of tokenized assets on Solana’s network.

• • Societe Generale Forge

Societe Generale’s digital assets subsidiary, SG FORGE, is incorporating Solana into its ecosystem, beginning with the launch of the EUR CoinVertible (EURCV) stablecoin. As the first MiCA-compliant stablecoin issued by a bank, this initiative establishes a new benchmark for regulated digital currencies, with possible plans to introduce additional tokenized securities to Solana in the future.

• • Citi

Citi’s focus on blockchain-based solutions was evident at Breakpoint. The bank’s Mark Attard discussed the launch of the Citi Integrated Digital Assets Platform (CIDAP), designed for internal money transfers. He emphasized Citi’s research into Solana’s technology, signalling a future where more of their financial infrastructure could leverage the Solana ecosystem.

4. Token Extensions and Permissioned Environments

Solana introduced unique solutions like token extensions and Solana Permissioned Environments to make it easier for institutions to build on their blockchain. These tools aim to provide more flexibility and security for developers looking to integrate Solana’s technology into their financial products.

5. Travala and Jambo Embrace Solana

Travala, led by CEO Juan Otero, announced its support for Solana, allowing users to book flights and accommodations using stablecoins like USDC and USDT on Solana’s network. Meanwhile, Jambo expanded its partnership with Solana by launching the JamboPhone 2, a web3 mobile phone priced at just $99, highlighting the growing importance of mobile technology in the crypto space.

6. Innovations from Jupiter Exchange and Phantom

Jupiter Exchange stole the spotlight with the launch of Jupiter Mobile, a gasless, mobile-first platform that offers one-tap swaps and zero fees. This new app aims to make decentralized finance (DeFi) more accessible to mainstream users.

Phantom, another key player, introduced embedded wallets to simplify user onboarding, offering seedless sign-ins and a full-featured user interface for a seamless experience.

7. Financial Products and Stablecoins on Solana

Fuse Wallet introduced Fuse Pay, a virtual Visa card that enables users to spend stablecoins directly from their wallets on Solana. In addition, Societe Generale FORGE announced the introduction of its EUR CoinVertible stablecoin on Solana, while Coinbase revealed plans to bring cbBTC to the network, further expanding Solana’s reach in the digital asset space.

8. Firedancer and Frankendancer: Pushing the Limits

Solana’s Firedancer and Frankendancer validator clients were a major highlight at Breakpoint. Firedancer is now live on Solana’s mainnet in non-voting mode, while Frankendancer has already achieved over 1 million transactions per second in synthetic tests. These advancements mark significant progress in Solana’s journey toward scaling and improving its blockchain infrastructure.

9. Gaming and Entertainment on Solana

The Gamer Village at Breakpoint was abuzz with live on-chain games like Star Atlas and The Backwoods Sol, showcasing Solana’s growing presence in the gaming industry. This interactive experience highlighted the potential of blockchain technology to revolutionize gaming by enabling true ownership of in-game assets.

10. Migration of Projects to Solana

A key takeaway from Breakpoint 2024 was the trend of projects from other ecosystems, especially Ethereum, migrating to Solana. Notable developments include:

• • Sky from MakerDAO: Plans to launch its decentralized stablecoin USDS and governance token SKY on Solana.

• • Molecule: Introducing pump.science, focusing on tokenized longevity experiments.

• • Unlonely: A streaming platform transitioning from Base to Solana.

• • Worldcoin: Announcing support for World ID on Solana.

• • Huma Finance: Expanding its operations to include Solana in its ecosystem.

11. Innovation Across Financial Products and Services

Solana Breakpoint 2024 showcased cutting-edge innovations in financial products and services, underscoring its position as a leader in digital finance:

• • Debit Cards: Squads (in collaboration with Bridge) and Sanctum (with Visa) announced Solana-based debit card launches.

• • Creator Coins: Sanctum introduced a staking system allowing users to earn yield by staking SOL tokens with creators.

• • Prediction Markets: Jupiter unveiled FOX, a tokenization platform pushing the boundaries of decentralized finance.

12. Solana as the Hub for Digital Asset Innovation

Solana continues to be a beacon of digital asset experimentation, with teams unveiling groundbreaking crypto products that leverage the blockchain’s unique capabilities:

• • Dialect: Released Blinks, a seamless way to connect and transact on-chain through specialized URL links.

• • MetaDAO: Experimenting with governance via futarchy, a system using prediction markets to drive decision-making.

• • Perena: Launching a stablecoin aggregation layer to reduce liquidity fragmentation on Solana.

• • Forma: Developing Solana economic zones in emerging markets to foster collaboration between governments and blockchain businesses.

• • Bonk: Introducing an exchange-traded product (ETP) to extend the reach of its community token beyond crypto enthusiasts.

13. Sanctum’s New Innovations: Cloud Card and Wonderland Season 2

During Solana Breakpoint 2024, FP Lee, Co-Founder of Sanctum, announced new initiatives beyond ‘Creator Coins.’ Sanctum is collaborating with BasedApp and Jupiter to launch the world’s first SOL card, known as ‘Cloud Card.’ This card aims to provide users across more than 100 countries with the ability to use SOL and stablecoins for various transactions. Additionally, the eagerly awaited Wonderland Season 2 was also confirmed for launch, adding another layer of excitement for the Sanctum community.

14. Solayer’s Yield Stablecoin SUSDC

Solayer, a prominent player in the Solana ecosystem, announced its collaboration with OpenEden to launch a new yield stablecoin called SUSDC. This follows their recent $12 million seed funding round, which was led by Polychain Capital and included several notable investors like Big Brain Holdings, Hack VC, and Race Capital. With this backing, Solayer’s valuation has reached $80 million, underscoring the project’s growing influence in the DeFi space.

15. Jupiter’s Expansion with Coinhall Acquisition

Jupiter, a key figure in Solana’s DeFi ecosystem, revealed the acquisition of Coinhall, a leading DEX aggregator on the Cosmos blockchain. This move aims to deepen Jupiter’s cross-chain capabilities, allowing for more seamless trading experiences across multiple blockchains. Coinhall currently boasts over 225,000 users across 23 chains, indicating a significant user base that Jupiter aims to tap into.

Looking Ahead: Solana Breakpoint 2025

The excitement doesn’t end here—Solana Breakpoint 2025 is set to take place in Abu Dhabi from December 11-13th. With tickets already available, anticipation is building for what promises to be another groundbreaking event for the Solana community.

Solana Breakpoint 2024 proved that the ecosystem is rapidly evolving, with major players from both the traditional financial world and the crypto space choosing to build on Solana. With advancements in technology, partnerships, and community engagement, Solana continues to solidify its position as a leader in the blockchain industry.

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Disclaimer: Not financial advice. Cryptocurrency and blockchain investments are high risk, can incur substantial losses, and are not suitable for everyone. Please consult a professional before considering investment in any cryptocurrency. This article does not encourage or support any specific investments, use of applications or technology, or financial direction. This article is for informational purposes only and should be verified and validated externally for 100% accuracy.