Solana is included into the Binance Web3 Wallet as network activity soars
The Solana network has been integrated into Binance’s Web3 Wallet, the company has announced.
According to a recent press release from the exchange, Binance hopes to integrate the Solana network into its Web3 Wallet in order to make it a multi-chain, all-inclusive, self-custodial wallet that can accommodate its users’ various Web3 requirements.
Users now have access to a wider variety of blockchain networks, such as those built on Bitcoin (BTC), Ethereum, and Cosmos (ATOM), thanks to this integration.
Binance Web3 Wallet Will Enable Solana Token Swaps
Users of the Binance Web3 Wallet can now transfer and receive tokens over the Solana network.
They can also experiment with and use different decentralised applications (dApps) built on Solana.
Ten Solana-based decentralised applications (dApps) are now available on the Binance Web3 Wallet: Drift, Dual Finance, Jito, Jupiter, Magic Eden, MarginFi, Orca, PsyOptions, Pyth Network, and Raydium.
The exchange stated that more dApps will be gradually introduced in the future.
As part of the integration, Binance also unveiled the redesigned user interface (UI), known as “dApp Hub”.
The redesigned user interface makes it easier for consumers to discover and safely engage with popular dApps by combining them all into a single tab.
The incorporation of the Solana network coincides with Binance’s recent spate of enhancements to the Web3 Wallet.
These include the introduction of the Inscriptions Accelerator to shorten transaction wait times, the Binance Inscriptions Marketplace for minting and trading inscriptions, the support for ERC-404 tokens, network integration, and the addition of other dApps to increase service offerings.
DEX Activity on Solana Soars
Known for its speed and efficiency, Solana has surpassed well-known networks like Binance Smart Chain and Arbitrum to become the second-largest DEX trading volume.
Solana DEXes came in second place on the list with nearly $2.27 billion in trading activity during the previous day.
According to DeFi TVL aggregate DeFiLlama, the astounding trend persisted throughout the week, with the total weekly volume surging to $11.56 billion.
There are a variety of reasons for the increase in Solana trade volume, one of which is the rise in on-chain transactions.
The increase in trading activity has been attributed to the flood of users and the congestion that follows on the Solana network.
The increase in Solana DEX trade volume coincides with the network’s general growth in interest and participation.
Additionally, the Solana Foundation reports that there are currently over 2,500 active developers in the Solana ecosystem each month.
The network has consistently had between 2,500 and 3,000 active developers each month for the past year, according to the foundation, which is evidence of the ecosystem’s capacity to draw and keep talent.
The surge in developer activity coincides with Solana’s ongoing success in the cryptocurrency space, having hit some noteworthy benchmarks.
For the first time ever, the network’s 7-day stablecoin trading volume has topped that of Ethereum (ETH).
As previously mentioned, Solana outperformed all other networks in the first week of January with a startling $103 billion worth of stablecoin transfers.
