Tuesday, the firms announced that cryptocurrency custodial provider Fireblocks has started supporting the Solana blockchain’s network of decentralized finance (DeFi) programmers, non-fungible token (NFT) apps, and many more Web3 activities.
As per researchers from JP Morgan, Solana has recently outperformed Ethereum in terms of NFTs, notwithstanding a gloomy market scenario in cryptocurrencies. Solana ranks in the top 10 blockchains by use and market valuation, but it is the second-largest network when all Ethereum Virtual Machine (EVM)-compatible blockchains are considered together, according to Fireblocks CEO Michael Shaulov.
Also on platform, Fireblocks formerly supported Solana’s native token (SOL) and stablecoins like USDC. Currently, the firm’s “Web3 Engine” provides Solana users an improved version of the app’s key-sharding wallet functionality.
Shaulov stated in a statement, “It’s a highly scalable wallet solution with several applications. It may be utilized by an operations department to handle the institution’s treasury, or for Web3 retail apps, where a videogame could establish wallets for a million players and service them as a custodian, with all the necessary connections, restrictions, and safety to issue tokens and NFTs.”
Fireblocks links to over thirty-five blockchain systems and collaborates with a variety of Web3 firms, such as Animoca, MoonPay, Xternity Games, Griffin Gaming, Wirex, and Utopian Game Labs. As stated in a media release, the most recent Solana implementation employs WalletConnect V2, an improved covenant for connecting decentralized applications, to allow vault connectivity to non-EVM chain dApps.
“This incorporation also expands support for the WalletConnect2 covenant across the Solana network, according to Shaulov. It is just a superior, more safe, more scalable method of connecting to decentralized apps. Prior to it, you had to implement several proprietary, non-scalable systems.”
