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- The TipLink team raised $6 million earlier last year led by Sequoia and Multicoin to unlock the mainstream adoption of Solana Dapps.
- The Solana network has been developing the necessary infrastructure to enhance scalability amid heightened competition in the layer-one blockchains.
Solana (SOL) network, a fast-growing layer one (L1) blockchain that has over $4.4 billion in total value locked (TVL), has been preparing to go mainstream in the recent past through strategic developments. After registering a plethora of retail crypto investors through its dozens of meme coins, currently valued at about $8.5 billion, Solana’s core development team has been working on scalability products.
Solana Network and TipLink Wallet
The Solana network is now ready for mass adoption through the use of the TipLink wallet adapter, a product that allows users to log in with just a Google account and immediately begin signing transactions. Essentially, the TipLink product allows users to send crypto or non-fungible tokens (NFTs) through the use of a link.
Earlier last year, TipLink wallet received $6 million in seed funding from Sequoia Capital, Multicoin Capital, and other investors to build the necessary infrastructure for the seamless adoption of digital assets. At its launch, the TipLink Wallet Adapter was integrated with dozens of Solana-based web3 protocols such as Drip, and Jupiter, among others.
Meanwhile, web3 developers on the Solana network have been urged to integrate with the TipLink Wallet Adapter as it takes less than 20 minutes and is valuable to the crypto industry.
Solana apps are ready for the masses — the @TipLinkOfficial wallet adapter is here pic.twitter.com/WRaJafNWLo
— Solana (@solana) June 11, 2024
Why The Integration Now?
The Solana network has attracted notable attention from web3 investors due to its robust potential to directly compete with the Ethereum (ETH) ecosystem. As Crypto News Flash previously noted, the Solana network has registered notable cash inflows in the recent past, particularly through token creation.
The recent approval of spot Ethereum exchange-traded funds (ETFs) in the United States has increased the chances of other altcoins following the same path. Moreover, the crypto regulatory landscape in different global jurisdictions has significantly improved in the past year.
With the ongoing crypto bull market, the Solana team has continued to work on enhancing liquidity and scaling its overall throughput with the help of network upgrades.
Impact on SOL Price Action
Solana price has been one of the best-performing altcoins in the past year despite the pullbacks triggered by the FTX blowup. The large-cap altcoin, with a fully diluted valuation (FDV) of about $92 billion and a daily average traded volume of around $2.1 billion, has been preparing for a rally toward its all-time high.
After an impressive rally late last year and earlier this year, the SOL price against the US dollar has been consolidating in a triangular pattern between $123 and $212. The ultimate altcoin’s bullish trigger is expected to be the listing of spot Ether ETFs in the United States and a Bitcoin rally towards $80K.
Meanwhile, SOL price has dropped 8% in the past week to trade at about $158 on Wednesday, June 12, 2024.
