Solana (SOL), an Ethereum Layer-1 competitor, is making substantial gains to the north. The price of SOL has risen 10% in the last 24 hours and is now trading at $104. The price of SOL has surpassed $100 for the first time in over a month.
Solana has now increased its weekly gains to more over 20% as a result of the current rise. The latest price increase coincides with several significant changes in the SOL environment. Despite recent SOL price volatility, the team has continuing to grow its network at a rapid pace.
In addition, there have been some significant changes in the ecology.
Solana announced the introduction of Solana Pay, its first permissionless decentralized payments network, on March 23.
This will make it simple for businesses to accept transactions in digital currencies like the USDC at a fraction of the cost of traditional currencies, and without the need for any intermediaries at the point of sale. More than 600 retailers have already signed up for the Solana Pay environment, according to SOL. Others are attempting to integrate Solana Pay into their payment processes.
The following is an excerpt from the announcement:.
“Autonomous.ai built an ecommerce experience, including escrow smart contract functionality”
“and on-chain dispute resolution, using Solana Pay (read here about the integration).”
Solana Pay, according to SOL Labs, will alter the “future of payments.” “A new feature is coming to increase the capabilities of Solana Pay QR codes much beyond basic transfers,” the release continued. It enables an interactive request between a checkout app and a mobile wallet to fuel practically any SOL transaction, including NFT minting, dynamic discounts, and DeFi-powered loyalty programs.”
In contrast, South Korea’s largest game producer, Krafton, the parent company of PUBG, has announced an agreement with Solana Labs to develop blockchain- and NFT-based games for the platform.
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