Maker Co-Founder Proposes Future Protocol Implementation on Solana Fork

Rune Christensen, a co-founder of Maker, the Ethereum-based stablecoin protocol, has proposed to reimplement the protocol on a new chain forked from Solana. This move would be the final part of “Endgame,” an update to the protocol that seeks to grow the stablecoin dai by enhancing “efficiency, resilience, and participation.

Timeline of Solana

Solana has set out into the new week with a vivid bullish outlook—1.6% in 24-hour gains to highs almost at $20. This competitive smart contracts token, like many of its peers, continues to deal with a rather dilapidated market structure, as losses accumulate to 14% in 30 days.

In the volatile cryptocurrency market, large financial movements often trigger fear among investors. Such is the case with the recent $10 million transfer of Solana (SOL) tokens from the bankrupt crypto exchange FTX's Solana wallet to the Ethereum network via the Wormhole bridge.

Cryptocurrency exchange FTX, which underwent a significant change in management following its bankruptcy in November 2022, is drawing attention due to the movement of its substantial Solana (SOL) holdings. Recent data shared on Twitter revealed that FTX's cold storage wallets, identified through the blockchain explorer Solscan, began transferring SOL tokens.

As the bullish sentiment around the Bitcoin ETF started to fade, the crypto market witnessed a sudden downturn in a majority of prominent digital coins. The price drop recuperated the bearish momentum in the market indicating the downward trend may continue in the coming days.

A widely followed crypto analyst says that Solana (SOL) has enormous upside potential in the next bull cycle. In a new video update, Coin Bureau host Guy Turner says that Solana could go on a huge rally as other digital asset projects compete against SOL in the crypto space.

“The more broken a staking model and design is,” Chorus One chief information officer Xavier Meegan says, “the more urgent a liquid staking solution is needed for that network.”

In an unexpected turn of events, the brains behind the brilliant Solana-based innovative contract automation program, Clockwork, have revealed their decision to remove critical platform infrastructure.

Over the last six weeks, the Solana coin has undergone a notable correction phase. Commencing from its peak at $32.13, the cryptocurrency's value has declined 36.8%, leading to its present trading price of $21.39.

Leading e-commerce platform Shopify will now allow users to make USDC payments thanks to its recent integration of the Solana Pay app. Seamless Integration with Shopify Shopify, a cornerstone of global e-commerce facilitating transactions worth a staggering $444 billion worldwide, has opened its doors to Solana Pay.

Finnish fintech company Membrane Finance has launched the first euro stablecoin on the Solana blockchain. Named EUROe, the stablecoin is expected to be fully MiCA-compliant, aligning with the Markets in Crypto Assets regulations set to take effect in 2024.