Binance has announced the integration of the Solana network into its Web3 Wallet, aiming to enhance its capabilities as a comprehensive, multi-chain, self-custodial wallet. This move expands users’ access to a wider range of blockchain networks, including those based on Bitcoin (BTC), EVM, and Cosmos (ATOM).
With this integration, users of the Binance Web3 Wallet can now seamlessly send, receive, and swap tokens on the Solana network. Additionally, they gain access to various Solana-based decentralized applications (dApps). The wallet currently supports ten Solana-based dApps, including Drift, Dual Finance, Jito, Jupiter, Magic Eden, MarginFi, Orca, PsyOptions, Pyth Network, and Raydium, with more dApps slated to be added gradually.
As part of the integration, Binance has introduced the ‘dApp Hub,’ a user interface (UI) overhaul that consolidates trending dApps into a single tab, providing users with an intuitive experience to explore and interact with popular dApps securely.
The integration of the Solana network follows several enhancements introduced to the Binance Web3 Wallet in recent months, including the launch of the Binance Inscriptions Marketplace, the Inscriptions Accelerator, support for ERC-404 tokens, integration of various networks, and the addition of multiple dApps to expand service offerings.
Solana DEX Activity Surges
Solana has emerged as a prominent network for decentralized exchange (DEX) trading, ranking second in terms of trading volume behind Ethereum (ETH). Solana DEXes recorded over $2.27 billion in trading volume over the past day and continued to witness significant trading activity throughout the week, with the total weekly volume exceeding $11.56 billion.
The surge in Solana DEX trading volume can be attributed to factors such as the increasing number of on-chain transactions and the growing user base, resulting in network congestion and heightened trading activity.
The Solana ecosystem has seen remarkable growth, with over 2,500 monthly active developers contributing to its development. This consistent developer activity underscores Solana’s ability to attract and retain talent, further solidifying its position in the crypto community.
Solana’s achievements include surpassing Ethereum in 7-day stablecoin trading volume, with stablecoin transfers on Solana reaching $103 billion in the first week of January. These milestones highlight Solana’s growing prominence and potential within the crypto space.
