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US Regulation Wins, Multiple Acquisitions, Trident Fuzzer, BONK in NYC

Teague Kaylor
Teague Kaylor

May 25, 2024

Welcome back to another edition of the Solfate Snapshot, bringing you the latest from the Solana ecosystem and our team! Over the past few weeks, we’ve had many exciting updates from ecosystem protocols, new product launches, and wins in the USA regulatory landscape! Let’s dive into the latest 👇

US Regulation Wins, Multiple Acquisitions, Trident Fuzzer, BONK in NYC

Snapshot

USA Regulatory Updates

The United States House of Representatives passed a bipartisan, pro-crypto bill earlier this week called FIT 21. FIT 21 aims to provide a more coherent framework for the way digital assets are treated in the USA, focusing on the token’s use as a determining factor in whether it is a security or commodity. The CFTC would regulate tokens classified as commodities, whereas the SEC would rule over those deemed as securities.

The House also passed the CBDC Anti Surveillance State Act, banning the Federal Reserve from adopting any CBDC initiative proposed, or creating a CBDC.

The SEC approved the first Ethereum ETF this past Thursday, signaling a major win for crypto in the USA! After the announcement, many began to speculate on the next crypto to land an ETF, with a few guests from CNBC mentioning Solana.

Phantom Acquires BitSki

Phantom released an announcement on X earlier this week, covering their recent acquisition of the Bitski wallet and team! The Bitski acquisition is one step in Phantom’s plan to onboard more users into the Web3 industry, supporting many ecosystems past Solana. Phantom plans to utilize the Bitski developers’ skills to create rich wallet experiences, email sign-in, improved security, and other new use cases.

Sphere’s Offload Wallet

The team at Sphere recently announced the release of their new feature, the Offload Wallet. The Offload Wallet allows users to off-ramp their stable coins into fiat through a seamless interface on the Sphere platform. The wallet allows users to generate a wallet address linked to a bank account, which then allows you to send stables to receive USD quickly in your bank account.

Whales.Meme

Whales Market is a trustless OTC DEX built on Solana, commonly used for selling and buying upcoming airdrop tokens and protocol incentive points. Their new offering is whales.meme, a memecoin launch platform with gamified liquidity bootstrapping. The product works very similar to the popular project Pump.fun, which recently went through a major exploit with a former team member.

Trident Launch

The first open-source fuzzer for Solana programs, written in Anchor, is now live! Trident, built by the Ackee Blockchain Security team and supported by the Solana Foundation, previously won the Marinade community prize during the 2022 Riptide Hackathon, and a development grant from the Solana Foundation in 2023.

The fuzzer will be able to do:

Squads Labs Partially Acquires Fibonacci Finance

An announcement on X by the Squads Labs team outlines their recent partial acquisition of the Fibonacci Finance codebase. Fibonacci Finance is used by many large protocols in the industry for its liquidity and risk management services.

Part of the Fibonacci Finance codebase is its risk assessment model for governance in DAOs. This is the part acquired by Squads, as they look to utilize the codebase for future offerings from Squads. Apart from the codebase, the previous Fibonacci Finance Co-Founder Shimon Newman has joined the Squads team as the Head of Governance.

Colosseum's Inaugural Accelerator Cohort

The first group for the Colosseum accelerator has been released! The accelerator program will provide these teams with funding and other various forms of support as they develop their products, bringing them devnet to mainnet.

Congrats to the first batch of projects:

BONK Available on Coinbase for NYC Residents

Get ready NYC traders! Coinbase Assets has recently announced that it will be enabling BONK transfers, buying, and selling for NYC residents on its platform! The token is currently live for trading and storage on iOS and Android devices.

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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