The blockchain community received several groundbreaking announcements at Singapore’s highly anticipated Solana Breakpoint 2024 event. One of the most significant was Franklin Templeton’s decision to launch a mutual fund on the Solana blockchain. Franklin Templeton, a global asset manager with $1.3 trillion in assets under management, revealed its plans to leverage Solana’s blockchain technology for the fund.
🚨BREAKING BIG: $1.3 trillion asset manager Franklin Templeton (@FTI_US) plans to launch a Mutual Fund on @Solana blockchain.
Source: Solana Breakpoint 2024 pic.twitter.com/F7c5KdEspF
— SolanaFloor (@SolanaFloor) September 20, 2024
Institutional Confidence Grows
This announcement shows that big financial institutions are backing the Solana blockchain platform. With more people adopting Solana, it is clear that Solana is a highly scalable, fast, and secure network for financial transactions. This could be the case since Franklin Templeton’s decision to choose Solana may create a domino effect and make other institutional players follow suit.
Jupiter Exchange, a prominent decentralized exchange (DEX) on the Solana network, made a series of announcements to strengthen Solana’s ecosystem. Jupiter has acquired SolanaFM, a native Solana data explorer, and Coinhall, a leading Cosmos aggregator.
We’re also proud to acquire @SolanaFM, a native Solana explorer who has been chewing glass for 3 years
No one better than an explorer to 10x our data and infrastructure capabilities.
We’re excited to see what this team of chads can do! https://t.co/Sgh1nKyMo7
— Jupiter 🪐 (@JupiterExchange) September 20, 2024
Jupiter Mobile Launch
This will benefit Jupiter as it gets these two major platforms to improve the functionality of its DEX and make it more competitive in the Solana ecosystem. Also, Jupiter unveiled the plans to launch a new platform known as Jupiter Mobile in the near future. This will include zero-fee crypto trading and straightforward SOL purchases through Apple Pay and Google Pay.
Following the series of positive news, the market responded positively. The price of Solana went up by 7.56%, trading at $150.48 as of press time. Jupiter also reported a 7.52% increase in activity attributed to the company’s new acquisitions and the release of Jupiter Mobile.
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Solana’s Technological Momentum
These developments support the existing trends in Solana’s ecosystem, the continuous inflow of institutional investments, and improvements on the existing technology. The platform’s features make it ready to compete with other platforms in the future of blockchain technology.
Reown (formerly WalletConnect) launched the Solana Appkit to support its ongoing growth. This developer toolkit is designed to simplify building on Solana, improve connectivity, and broaden Solana’s developer base. With over 15 million monthly wallet connections across 100+ blockchains, Reown’s tools would further strengthen Solana’s ecosystem and enhance its potential for long-term success.
