Solfate
Welcome to another 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! Over the last few weeks, we’ve seen a number of token launch announcements, Solana integrations, new fundraising, and more.
Snapshot
- Stripe demos crypto payments with USDC/Solana; estimated for summer 2024
- Jupiter acquires Ultimate Wallet; sunsets May 22, 2024
- Only1 secures $1.3M in funding for "OnlyFans of Solana"
- Coinbase integrates new DEX for 50,000+ Solana SPL tokens
- Drift announce governance token for multi-branch DAO; plans airdrop of 100 million $DRIFT
- Zeta announces $Z token launch for governance; plans to airdrop 10% of supply
Stripe Crypto Payments
During a live demo at Stripe Sessions on April 25th, Stripe Co-Founder John Collison demoed the upcoming crypto payments product which utilizes USDC payments via Solana!
In a post by Stripe's Head of Crypto John Egan, the product is said to be coming to the Stripe Optimized Checkout Suite this summer. Users will be able to pay for items via USDC, and merchants will be able to instantly cash out these crypto payments to fiat currency.
Jupiter x Ultimate Wallet Acquisition
Jupiter has recently announced their acquisition of Ultimate Wallet and its mobile team. The current Ultimate App will sunset on May 22, 2024, and after the closing date users will only be able to recover their Ultimate Wallet recovery phrases.
With the Ultimate Wallet team acquisition, the Jupiter team looks to expand on their mobile product, offering a better user experience for new and existing users.
Only1 Strategic Funding Round
Only1 has announced its $1.3M strategic funding round led by Newman Group to continue building the “OnlyFans of Solana”, offering creators a decentralized payment settlement layer for membership-gated content. The team is said to be actively partnering with agencies in Japan, SEA, and LA to bring more creators onto the platform.
Coinbase Wallet x Solana
Coinbase Wallet has released a new Solana DEX integration, allowing users to access and trade over 50,000+ SPL tokens. This opens the door for more CEX users to gain access to the Solana ecosystem, past a restrictive token list.
Token Launch Announcements
Drift Protocol
The Drift Foundation announced the launch of the Drift governance token and is set to airdrop 100 million $DRIFT tokens to previous and current users.
The governance token will be used to power the Drift DAO, a first-of-its-kind multi-branch DAO with a:
- Standard Realms DAO for protocol development and security council elections
- Security Council for protocol upgrades and parameterization
- Futarchy DAO in charge of funding ecosystem projects and offering developer grants
Zeta Markets
Zeta announced the upcoming launch of $Z, the token that will power the upcoming governance and protocol growth of Zeta Markets. 10% of the total token supply is set to be airdropped to users which is broken down to:
- 5% for traders based on Z-score (points)
- 1% for other Solana community groups
- 4% for $Z stakers
Stay tuned on both Drift and Zeta socials for more info on the token launch dates and any other additional information.
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 launches, fundraises, and more!