Solana and the Solana ecosystem are constantly growing and moving forward. To help you not miss any news & movements of the ecosystem in the last 7 days, here is your Solana Weekly Recap.
Key Takeaways
- Magic Eden expanded NFT market share to Ethereum Blockchain and competed directly with OpenSea.
- STEPN has announced the partnership with LINE Blockchain and launched $GMT Earning Plans.
- Nansen Query has supported Solana raw events data and Solana NFTs, with detailed & aggregated data such as the number of active users & projects.
- Binance added SOL token to the list of supported assets on Locked Savings.
Ecosystem Updates
Despite the recent problems relative to the Solana network, the NFT market has always been the bright spot that makes Solana stand out. Let’s take a look at some key information from the big projects below:
Magic Eden has landed on Ethereum Chain
A successful year for Magic Eden as it continuously holds the top position in the NFT Marketplace market share on Solana. In the last week, Magic Eden has expanded its NFT market share to Ethereum Blockchain and competed directly with OpenSea.
In case you missed it, this past April, OpenSea also jumped to capture Solana’s NFT market share. After only 1 quarter, Magic Eden did the same thing with Ethereum.
It can be seen that Magic Eden is the first NFT exchange outside of Ethereum to jump into the Ethereum NFT market to compete for market share.
Does Magic Eden have a strategy or not? We will keep updating this NFT marketplace Wars in future newsletters. Stay tuned for more updates.
STEPN has announced the partnership with LINE Blockchain and launched $GMT Earning Plans
A big announcement from STEPN – Project conducted in a partnership with LINE Blockchain, which aims to continue to have more engagements in this Japan – one of the largest consumer markets of LINE.
After Solana, BNB Chain, and Ethereum, LINE Blockchain is the #4 ecosystem selected by STEP as a development site.
In addition, STEPN also announced that it will increase use cases for GMT (Governance Token) through the GMT Earning plans.
Some highlights you need to know about this event.
STEPN’s goals
The loyal users should be rewarded as they stay with the project for the long term
-> Offering its users new types of gameplay they could enjoy
-> Serving other features that could better connect them
The Rules for $GMT Earning
• Any user will need at least 3 energies (in any Realm) to be eligible for GMT earning
• The GMT earning is logarithmically diminishing every day and will halve after 3 years
The Keywords to note
• GMT Earning Pools & Timeline
• How to get Rainbow Series Sneakers
• The Rainbow Gems
More updates from STEPN
• A few additional use cases of GMT in the upcoming app update
• The $GMT earning will start its countdown after these updates are live
Nansen Query has supported Solana raw events data and Solana NFTs, with detailed & aggregated data such as the number of active users & projects.
In the context of NFT on Solana growing too hot, Solana is the first fully supported non-EVM blockchain from Nansen. With this new update, Nansen promises to be an indispensable tool for NFT users on Solana.
Binance added SOL token to the list of supported assets on Locked Savings.
Binance Locked Savings is a value-added service for users who hold idle digital assets. In the context of a lot of bad news coming to Solana Ecosystem and SOL token, this move by Binance is a great move to increase the use case of SOL. Users can send their SOL Token to Locked Savings with APR up to 35%:
Additional Notable Events
- Solana Foundation released Validator Health Report: August 2022
- Solend launched the AMM isolated pool
- Tulip Protocol integrated Chainlink Price Feeds on Solana
- NFTScan has officially integrated SNS lookup
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