Solfate
Welcome to the first edition of the Solfate Snapshot newsletter, where we’ll be diving into some of the biggest updates from Solana ecosystem teams and builders from the last week! Last week we saw many new product launches, NFT standards, and protocol features entering the space.
Snapshot
- Switchboard: Introduces On-Demand for Solana, offering cost-effective data requests and improved security.
- Marginfi: Enables loan repayment using existing deposits, reducing friction with flash loan implementations.
- Metaplex: Launches Core NFT standard on Solana, reducing costs and complexity for developers.
- Helius: Releases Automatic Private Nodes globally, allowing customizable node setups.
- Circle: Unveils Solana support for the Cross-Chain Transfer Protocol (CCTP), enabling seamless USDC transfer across 8 blockchains.
- Kamino: Upgrades Lend & Multiply with improved transparency, UI enhancements, and oracle infrastructure.
Switchboard
The Switchboard team recently announced the launch of Switchboard On-Demand for Solana devnet!
Switchboard On-Demand looks to offer a more user-centric solution compared to its previous push model with:
- Cost Effective Data Requests: Removes high gas fees associated with old push model
- Simplified Integration Process: No need to manage on-chain feed definitions or rely on the oracle for periodic updates
- Improved Security Features: Now utilizing Intel’s Software Guard Extensions
Marginfi
A new feature has been introduced to the marginfi platform, allowing users to repay their loans using their existing deposits on the platform. This new feature utilizes flash loan implementations to help reduce the friction of repaying active loans.
Metaplex
Metaplex recently introduced Core, a new NFT standard on Solana, now live on devnet. The new Core standard aims to reduce costs and simplify the development experience for builders.
Here is how Core looks to benefit the NFT developer experience and the overall Solana ecosystem:
- All key data can be stored on a single on-chain account
- Reduces complexity for devs, resulting in the cheapest minting cost vs. programmable NFTs
- Makes digital asset interactions lighter on the Solana network
- Integrated a highly flexible plugin system
- Allows users to expand upon the functionality of Core assets without waiting for updates of the standard
- Will be fully supported by the Metaplex Developer Platform, ready to integrate with a variety of SDKs and utility programs
Helius
Helius recently released Automatic Private Nodes, allowing users to spin up their own RPC or Geyser nodes globally! Through the Helius dashboard, you are able to select and modify: node size (24 CPU cores & 256 GB of RAM or 32 CPU cores & 1TB of RAM), location, Solana Client, and optional Geyser plugins.
After selecting your preferences, your node will be available immediately if inventory is available, and if not email notifications are sent for status updates as the Helius team orders new nodes.
Circle
Circle launched their Cross-Chain Transfer Protocol (CCTP) on Solana, allowing protocols and users to transfer their $USDC seamlessly across 8 different blockchains with 1:1 capital efficiency.
Utilizing the CCTP’s native burn-and-mint process, Solana devs should have a much more seamless experience in creating cross-chain onboarding flows. CCTP will enable protocols and exchanges to accept USDC on any of the supported chains, and rebalance their final holding behind the scenes.
Currently Supports: Solana, Ethereum, Avalanche, Arbitrum, Base, Optimism, Polygon, & Noble
Kamino
The Kamino Lend & Multiply products have been upgraded, improving the transparency and UX of the platform.
- Kamino Lend: Interest earned is now displayed on the Lend UI
- Live price-impact data has been integrated into the Kamino UI, providing more clear price impact estimates for the Multiply product
- Improved Multiply experience due to an upgrade with oracle infrastructure
Thanks for tuning into this week’s edition of the Solfate Snapshot! We’re excited to see all the new innovations and improvements to protocols in the Solana ecosystem, be sure to subscribe for your weekly Solana ecosystem update!