MEGA Summary of Solana Breakpoint 2024: Fireside Chats, Technical Talks, Product Keynotes, Key Debates
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Solana Breakpoint 2024 showcased major advancements in the ecosystem, including the launch of the Firedancer validator, capable of processing over 1 million transactions per second, and the introduction of the Solana Seeker, a Web3-optimized mobile device. Fireside chats with Raj Gokal and Balaji Srinivasan explored Solana’s role in powering decentralized infrastructure, while PayPal highlighted its integration of PayPalUSD (PYUSD) on Solana for cross-border payments. Key innovations like ZK Compression promise to significantly reduce data storage costs, and USDC’s adoption on Solana continues to accelerate, with nearly $8 trillion in transactions processed in 2024. New projects, including EURCV (a MiCA-compliant stablecoin) and Bybit's liquid staking derivative BBSOL, further expand Solana's financial ecosystem. Phantom introduced Embedded Wallets for easier user interaction, while Cube and Jupiter enhanced DeFi functionalities. The event emphasized Solana’s growth across multiple fronts, including infrastructure, scalability, mobile, and DeFi, with a strong focus on decentralization and user experience.
Solana Updates
The full Firedancer validator client is live on testnet.
Firedancer Networking Stack has been optimized to process up to a million transactions per second using the full leader pipeline.
The Firedancer Networking Stack demo showcased its capability to handle high network traffic, processing transactions at 1.04 million transactions per second under optimal conditions.
Kevin Bowers, Chief Scientist at Jump Trading Group, delivered a talk at Breakpoint summarizing two years of development by the Firedancer team, focusing on the evolution from Frankendancer to Firedancer, a new high-performance Solana validator. Firedancer aims to provide a second, independent validator to improve Solana's robustness, performance, and decentralization. Firedancer's Evolution: Initially planned as a hybrid validator (Frankendancer), Firedancer evolved through modular development. The team applied expertise in distributed computing to push Solana's performance to its physical limits.
Solana Mobile launched the Solana Seeker, a mobile device designed for Web3 with enhanced hardware and security features.
Solana Seeker introduces the Seafault Wallet, a mobile-first wallet integration for enhanced user experience.
Helium Mobile is providing four free months of coverage and exclusive earning opportunities for Solana Seeker users.
Moonshot, powered by DexCreator, launches a token platform with Seeker-only optimizations for token creation and distribution.
Alethea.ai integration allows Solana Seeker users to create tokenized AI agents for on-chain interactions.
Helius launches Airship, a CK compression tool to drastically reduce airdrop costs on Solana Seeker.
Raj & Balaji fireside chat on the potential of Solana as essential infrastructure for Network States.
In this conversation between Raj Gokal and Balaji Srinivasan at Breakpoint 2024, the two discussed various topics, including the potential of Solana as essential infrastructure for network states, decentralized physical infrastructure (DePIN), and the importance of self-improvement in the tech space. Balaji praised Solana for its efficiency and role in powering decentralized networks, particularly highlighting its practical applications like USDC and TipLink. They also explored the concept of network states, drawing parallels between crypto innovation and physical real estate, and discussed how decentralized systems can bridge the gap between cloud and land. Balaji emphasized that the next step for Solana and similar ecosystems is to build moral and social innovations that challenge conventional societal structures. The conversation touched on building secure real estate networks, the future of DePIN projects, and how blockchain could eventually transform industries like banking, contracts, and governance.
PayPalUSD fireside on PYUSD and adoption on the Solana blockchain.
The discussion at Breakpoint in Singapore featured key insights from Jose Fernandez Da Ponte, SVP of Digital Currencies at PayPal, and Sheraz Shere, focusing on PayPal's venture into stablecoins and their decision to issue PayPalUSD (PYUSD) on the Solana blockchain. PayPal, a major player in payments for 25 years, has ventured into digital currencies to innovate payment rails, which have seen little fundamental change compared to UX and fraud prevention. PayPal brings significant assets to the table, such as its large user base (400 million users), merchant network (30 million), and various platforms including Venmo and Xoom, which can help integrate and distribute the stablecoin. The company is focusing on cross-border payments, B2B, and enterprise use cases for the stablecoin, aiming for mainstream adoption by leveraging its existing platforms and networks. PayPal Ventures is actively investing using PYUSD on the Solana blockchain. An example provided is PayPal's investment in Chaos Labs using the stablecoin.
ZK Compression to scale Solana.
In this talk, Nicolas Pennie (Helius) and Swen Schaeferjohann (Light Protocol) introduced "ZK Compression," a solution to significantly reduce the cost of storing data on Solana by up to 1,000 times and address the blockchain's state growth issue. They explained that while compute on Solana is cheap, data storage is expensive, and ZK Compression helps compress large amounts of account data into small on-chain fingerprints, storing the bulk off-chain. Zero-knowledge (ZK) proofs are then used to verify the validity of the off-chain data, ensuring scalability and security.
The talk also covered how developers can use this system with a fully open-source indexer (Photon) and introduced tools like AirShip for mass airdropping compressed tokens. They demonstrated how ZK Compression could lower costs and unlock new possibilities for Solana developers, including scaling applications while maintaining security and efficiency.
USDC Growth on Solana.
Jeremy Allaire, CEO of Circle, provided an update on the growth and success of USDC, particularly within the Solana ecosystem. Since its launch in 2018, USDC has processed over $16.2 trillion in transactions, with adoption accelerating on Solana. In 2024 alone, USDC on Solana has handled nearly $8 trillion in transactions. USDC plays a critical role in Solana’s infrastructure, supporting applications such as payments, on-chain FX, treasury management, and cross-chain liquidity. A new launch of EasyUSDC using Jito restaking was announced, showcasing the use of USDC in securing networks within the Solana ecosystem.
Franklin Templeton announced its plans to launch a money market fund on Solana.
Franklin Templeton is integrating its money fund operations on the Solana blockchain. The initiative involves tokenizing a money fund to enhance operational efficiencies and leverage blockchain technology. Initially, they developed a digital wallet infrastructure and an on-chain transfer agent, allowing for greater transaction volume with a daily paying money fund. Interest in the fund grew as interest rates rose and regional banks experienced volatility, attracting clients like VC funds in blockchain and Web3 sectors. These clients sought to use the fund for seamless asset transfers. Franklin Templeton built additional functionalities, including transferability and purchasing capabilities with digital assets like USDC. They decided to develop natively on Solana due to its speed, cost efficiency, modern architecture, and excellent development tools, which also align with their objective of creating industry standards. The launch on Solana signifies an authentic on-chain approach, without reliance on third-party or off-chain record-keeping; the record of ownership is directly tied to the token in users' wallets.
Societe Generale Forge launched a stablecoin named EURCV, which is the first MiCA-compliant stablecoin issued by a bank.
Societe Generale Forge has tokenized securities including Smart Cash, a structured product similar to a money market fund.
Bybit has introduced BBSOL, a new Solana-based Liquid Staking Derivative (LSD) product that allows users to earn yield while trading.
Product Updates
Phantom: Launches Embedded wallets.
Bonk: Bonk launches ETP with Osprey Funds in the US
Jupiter (Siong): Launches Jupiter RFQ, Jupiter v2, and new trading terminal, Ape Pro.
Cube (Bartosz Lipinski): Launches an Isometric Intent Network. Release of implied order books for cross-book arbitration order routing across multiple chains on the Cube Exchange.
Jito: StakeNet is live on Solana, operating Jito's decentralized stake pool and rebalancing validators.
Sanctum (FP Lee): Introduces creator coins and a global Solana debit card for spending stables and SOL across 100 countries.
Sky (Rune Christensen): Launches upgraded USDS stablecoin and SKY governance token with liquidity incentives on Solana.
Kamino (Marius C.): KaminoLend V2 expands markets for risk profiles and simplifies liquidity provisioning with new leveraging tools.
Marinade Finance (Michael Repetny): Launches Marinade v2 with non-custodial staking and a Stake Auction Marketplace for maximizing SOL staking rewards.
Pyth Network (Mike Cahill): Introduces Oracle Integrity Staking for accurate price feeds with staked publisher participation.
Flash Trade (Anas Khader): Launches a token with governance and yield generation, alongside an efficient Margin Engine v2 and limit orders.
Squads Labs (Stepan Simkin): Develops Squads Protocol v5 and introduces Fuse Pay, a global Visa prepaid card powered by Solana.
FluxBot (Scott Hague): Launches Fluxbeam Infinity, enhancing trading through data terminals and algorithmic trading platforms.
Zeta Markets (Tristan Frizza): Launches ZEX DEX and Bullet, a real-time L2 solution for low-latency applications on Solana.
Polaris (Sunny Aggarwal): Launches a token portal and vault system for cross-chain liquidity aggregation and complex trade automation.
Ranger (FA2): Introduces a smart order router for large DEX orders and spot margin trading with up to 10x leverage.
Wormhole (Robinson Burkey, Dan Reecer): Launches Intents protocols and upgrades Portal for multi-chain asset transfers with improved speed and cost.
Obligate - Margarita Finance (Nadine Gisdon, Daniel Killenberger): Offers a platform for users to choose their risk-return profile and customize yield boosters.
Eclipse (Vijay Chetty): Launches liquid restaking tokens and partners with Solana DeFi platforms for innovative applications.
SphereNet: Connects fintechs and banks using the Solana Virtual Machine for enhanced financial interoperability.
Filecoin (Juan Benet): Launches Project Yellowstone for decentralized Solana data archiving with compressed data indices.
Dabba (Karam Lakshman): Expands broadband connectivity in India and introduces a reward system for global users supporting local infrastructure.
Roam (Yan Zhang): Provides a decentralized Wi-Fi network with e-SIM packages and partners for buy-now-pay-later services in developing regions.
Pipe Network: Launches a hyperlocal content delivery network in private beta to reduce latency and improve data access.
Project Zero (Alan Chang): Aims to decarbonize the energy grid with a decentralized energy network and solar-battery marketplace.
Gradient Network (Yuan Gao): Introduces the Sentry Node for peer-to-peer connections, enhancing Solana’s decentralized connectivity.
Render Network (Trevor Harries Jones): Completes Solana integration with its Burn Mint Equilibrium model and simplifies artist workflows with one-click tools.
CrunchDAO (Jean Hérelle): Launches Pi to generate unique forex datasets and process questions for previously inaccessible data insights.
Moonwalk Fitness (Caitlin Cook): Prepares for the launch of its iOS and Android apps with fiat payment rails for game entry.
dVIN Labs (David Garrett): Launches a champagne NFT with VinCoin airdrop, now tradable on Solana's Jupiter platform.
Perena (Anna Yuan): Introduces a stable swap product for efficient liquidity management on Solana with plans for diverse stablecoin support.
Solayer (Jason Li): Launches yield-bearing tokens backed by real-world assets and a self-rebasing stablecoin on Solana.
Coins.ph (Wei Zhou): Introduces PHPC stablecoin backed by cash, with USDC and USDT liquidity pools coming to Solana.
Securitize & Wormhole: Collaborates to enhance cross-chain interoperability for tokenized securities across multiple blockchains.
ZAR (Brandon T): Launches a stablecoin wallet for emerging markets with on-ramp services and a debit card for everyday use.
Rally (Chris Maddern, Christine Hall): Develops a mobile-first Web3 wallet with social engagement and gas-free transactions.
Reap (Felix Chung, Raphael Dieu): Launches a Visa card and B2B payment system using stablecoins, integrating with Solana.
Sling (Mike Hudack): Expands global money transfer services using Solana stablecoins with self-custodial wallet features.
WalletConnect (Jess Houlgrave): Introduces the WalletConnect token for governance and payment and launches developer toolkits for Solana.
CodeWallet (Tanner Philp): Launches 'tip card', a tool for creators to monetize their social media presence.
Bridge (Marco Mahrus): Allows users to spend stablecoins directly via card with integration into Apple Pay.
Debridge (Alex Smirnov): Introduces gasless bridging and Bitcoin trading on Solana, plus social-fi applications.
Huma (Erbil Karaman): Launches the most advanced real-world asset protocol on Solana with a focus on sustainable yields.
Kast Finance (Raagulan Pathy): Offers a 0% commission Solana validator and interest-free PayFi product, with a premium Solana card.
Pump.science (Paul Kohlhaas): A marketplace for testing longevity compounds in live experiments, with tokenized data streams for trading.
Magic Eden (Jack Lu): Expands to multi-chain trading and introduces quests, rewards, and a central utility token.
DRiP (Vibhu Norby): Launches a mobile app and Creator Studio for publishing collectible content on Solana.
Parallel (Kohji Nagata): Introduces 'Colony', a survival sim game optimized for mobile devices on Solana.
Tensor (Richard Wu): Open-sources NFT protocols and offers an API for developers with a new 50-50 fee-sharing model.
FrodoBots (Michael Cho): Launches Earth Rovers, a browser-based scavenger game with real-world navigation.
Photo Finish Live (Ian Cummings): The first real-money horse racing game approved by Apple, launched on Solana.
Bonk for Paws (Veets, Tendies): A charitable initiative using BONK for donations to animal charities with matching and burning programs.
CryptoHouse (Derek Chia): Launches a free blockchain analytics service powered by ClickHouse and Goldsky.
Powerledger: Migrates products to Solana, releasing POWR token and NFT airdrop for liquidity pools.
Zeus (Jim Ironaddicteddog, Dean Little): Launches BTC yield earning platform and Bitcoin-Solana interaction explorer.
Stacks (Muneeb Ali): Works on bringing Bitcoin (sBTC) to Solana's faster programmable platform.
Jambo (James Zhang, Sam Kang): Launches Jambo V2 with ChatGPT access, shipping to 128 countries, and integrated airdrops.
Blinks (Chris Osborn): Enhances URLs to enable direct actions on Solana, expanding functionality across multiple platforms.
Risc Zero (Jacob Everly): Introduces zkVM for infinite proof generation and Web2 integration with blockchain security.
BonkBot (Nom): Moves to a non-custodial platform with fashion line and BONK-backed charitable initiatives.
MetaDAO: Launches decision markets to evaluate proposals based on their token impact.
Mantis (Omar Zaki): Launches Solana network extension L2 focused on intent processing across Ethereum and Solana.
Travala (Juan Otero): Integrates Solana for zero-fee transactions and launches loyalty rewards powered by the AVA token.
Legion.cc (Fabrizio Giabardo): Launches a compliant fundraising platform with a reputation system for high-quality participation.
Kinobi (Loris Leiva): Developer tool for creating interoperable IDLs for Solana programs and generating clients.
Forma (Farhaj Mayan): Launches Solana Economic Zone in Argentina and facilitates Solana payments for small businesses.
Arcium (Yannik Schrade): Launches ARC-OS, a decentralized encrypted operating system powered by Solana.
Ottersec (Robert Chen): Discovers and addresses a pervasive bug in the Solana Rust compiler, improving smart contract security.
Finternet (Siddharth Shetty): A system for tokenizing assets and giving individuals control over their assets using universal ledger infrastructure.
Streamflow (Malisha imprfekt): Launches permissionless token staking and a milestone-based unlocking mechanism for Solana tokens.
Bonsol (Austin Adams): Launches off-chain compute framework extending Solana program capabilities.
World ID on Solana (Ian Dilick): Launches World ID integration on Solana for secure sign-on and
Full and detailed list here.
Key Industry Debates
The Solana Foundation should be dissolved
Crypto’s only use-case is speculation
Most DePIN is overhyped and capital inefficient
NFTs have no future
100 validators are sufficient to run a decentralized L1
Every large app should inevitably launch its own L1 or L2
Western crypto has technology with no users & Eastern crypto has users with no technology
SVMs on Ethereum are competitive to Solana mainnet
Non-custodial wallets are overrated
Wall Street doesn’t need blockchain
Scams should be actively reported to the SEC
The future of Web3 games will rely on SVM L2s
Bring back ICOs
The tradeoff of institutionalization is network centralization
Full debate notes here.
AI-Generated podcast here.
This is the end of our 3 part series on Breakpoint summaries 2024.
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