The crypto custody firm adds Solana support
Fireblocks, a crypto custody firm has opened up support for the Solana blockchain. This means the decentralized finance , or DeFi, developers in the Solana ecosystem,NFT applications, and other web3 activities will all see some support from Fireblocks.
Fireblocks is used by thousands of businesses to access web3 services according to Solana co-founder Anatoly Yakovenko.The platform was developed in May and is headed by CEO Michael Shaulov.
Solana has seen growth in many sectors of the web3 community despite a bearish market. The NFT ecosystem is still thriving and doing more than that of its other blockchain counterparts. Analysts at JP Morgan have even spoken on Solana outpacing Ethereum when it comes to NFTs.
Solana still places in the top ten of blockchains pacing only behind Ethereum at this point. Ethereum is still leader as there are Ethereum Virtual Machine compatible blockchains as well. Recently the focus of the Solana blockchain is security , scalability, and support.
The Solana blockchain has had a recent upgrade and many issues that plagued the network before have now supposedly been addressed. DeFi is certainly at the center of the Solana ecosystem as Solana Ventures launched a $100 million fund supporting DeFi startups in South Korea. The ecosystem of Solana is home to over 70 active DeFi protocols and there is a current TVL of $1.43 billion. Currently Solana ranks as the sixth largest chain for DeFi.
The support from Fireblocks will see the company build upon their original support for Solana based stablecoins. The company boasts a “Web3 Engine” that will offer enhanced key-sharing wallet technology. The technology can be used by an operations team managing the treasury ,or retail web3 applications all while being secure and enabling vault connections to non-EVM chain dApps.
WalletConnect2 offers a more stable,secure, and scalable way to connect with dApps and this new support from Fireblocks will enable Solana to get this support that will aid in the scalability and stability of the Solana ecosystem.