PayPal stablecoin, Sanctum's tokenomics, 21BTC, and Keystone in Backpack

Teague Kaylor
Teague Kaylor

6 days ago

Welcome back to the Solfate Snapshot, the premier destination for all the latest updates in the Solana ecosystem! Over the past few weeks, we’ve seen some massive announcements from TradFi on Solana, new product launches, and much more from ecosystem teams. Let’s dive into the latest in Solana, first with a quick update from our team at Solfate.

PayPal stablecoin, Sanctum's tokenomics, 21BTC, and Keystone in Backpack

Updates from Solfate

Solfate on DRiP

We’re extremely excited to be bringing the Solfate Podcast and Snapshot to the DRiP platform! We’ll be releasing our ecosystem content through the DRiP starting very soon, so be sure to subscribe early!

New Podcast Episodes

New episodes of the Solfate Podcast are now available! Over the past few weeks, we had the pleasure of speaking with Lixin Liu, the CEO of Keystone Wallet, and Vibhu Norby, the CEO of DRiP!

Be sure to check out the latest episodes as we dive into topics like hardware wallets, security, and the creator economy:

PayPal Launches Native Stablecoin on Solana

PayPal has launched its stablecoin, PayPal USD (PYUSD), on the Solana blockchain, marking a significant move in the digital payment landscape for both TradFi and Solana!

This integration is designed to leverage Solana’s high-speed and low-cost infrastructure, aiming to enhance transaction efficiency for users and developers. $PYUSD, which is pegged to the US dollar, was previously available on Ethereum, but the expansion to Solana opens up new opportunities for broader adoption and usage in DeFi applications.

Sanctum’s $CLOUD Tokenomics Released

Users have been waiting for the release of the Sanctum token, and we’ve recently gotten the official announcement for the $CLOUD tokenomics!

Here is the breakdown of the upcoming CLOUD tokenomics:

Ticker: $CLOUD Total supply: 1,000,000,000 (1B) Initial circulating supply: 180M (18%)

Launch Liquidity (18%)

Community Reserve (30%)

Strategic Reserve (13%)

JUP LFG (1%)

Team (25%)

Investors (13%)

The Sanctum team plans to launch the CLOUD token soon on the LFG Launchpad, with more details to come soon. Check out the announcement here!

Entangle Integrates with Solana

Entangle has integrated Solana into its omnichain ecosystem, marking a significant milestone in blockchain interoperability. This integration includes the launch of the NGL-Solana Bridge and Photon Messaging, which facilitate asset and message flow across diverse blockchain ecosystems.

Notably, it enables Solana dapps to communicate seamlessly with EVM ecosystems, opening up possibilities for omnichain gaming, unified liquidity pools, and cross-chain DAO voting. Entangle aims

21BTC Launches on Solana

21BTC has announced its launch on Solana, offering a new native Solana token giving users access to native Bitcoin.

With this launch, the 21BTC aims to offer Solana users: • BTC that's native to Solana • No Lock-And-Mint technology • 100% Backed by BTC

Solana Collective Branches Out

The Solana Collective recently announced their branching out from the Solana Foundation, as they aim to continue to empower, uplift, support, and amplify the voices within the Solana Content Creator community.

The Solana Collective has supported many ecosystem members through content-athons, commissioned work, public exposure, and many other events. Be sure to check out the Solana Collective community on Discord!

Keystone x Backpack Wallet

The Keystone Wallet team has recently announced an upcoming partnership with the Backpack wallet, offering new and improved experiences for both product users.

During our recent discussion with Lixin, the CEO of Keystone, we discussed an overview of Keystone Wallet, the design philosophy and user experience features of Keystone, and the versions and evolution of Keystone. Be sure to check out the episode here!

SphereBot Launches

The team at Sphere Labs introduced the latest product in the Sphere ecosystem, called SphereBot!

SphereBot is a Telegram-based bot that allows users to on-offramp their fiat to crypto right from Telegram, giving you easy access to payment solutions. The initial rollout for SphereBot will be for US/European banks, with more updates to come from the Sphere team soon.

Solana Speedrun 3: Solana Game Jam

MagicBlock has released the details for the upcoming Solana Game Jam, Speedrun 3! Speedrun is a competition where developers will build games from scratch based on a certain theme, utilizing the SVM.

The event is currently scheduled for June 29th - July 5th as a virtual event with 3 IRL venues in New York City, Istanbul, and London. There is a $10k prize for the Main Track, with multiple Special Tracks coming soon! Be sure to check out the official site for more details on the event.

That’s all for this edition of the Solfate Snapshot! Be sure to subscribe for all the latest in the Solana ecosystem, keeping you up-to-date with new protocol updates, token & product launches, fundraises, and more!

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