Recent Updates on Solana Exploring Innovative Applications of ETFs Actions and Blinks and TipLink

Coin World Report:
Source: DODOResearch
This week, the cryptocurrency market has continued its downward trend, with overall prices remaining low. Many people have begun to doubt the future prospects and potential of cryptocurrencies. To explore the future prospects, the key point is whether it can be widely adopted on a large scale. Recently, the SOLANA project, bolstered by ETF news, has shown the most effort in this regard.
In this issue, Cryptosnap Dr.DODO will bring you updates on the current situation of the SOLANA public chain and its various applications for large-scale adoption.
Solana ETF
Speaking of recent developments in Solana, it is worth mentioning the news of VanEck’s proposal for the first Solana ETF. Although the market generally believes that the news is more symbolic than practical, it has given a boost to the price of Solana. VanEck believes that the US Securities and Exchange Commission (SEC) viewing $SOL as an unregistered security is incorrect and considers SOL to be a commodity similar to Bitcoin and Ethereum. After Bitcoin and Ethereum ETFs have been approved successively, it is reasonable to apply for a $SOL ETF.
Most people in the market believe that this application is unlikely to be approved in the current environment. The SEC has previously stated that $SOL is a security. VanEck’s actions are more of an early prediction for the upcoming US elections in the second half of the year. The current SEC chairman, Gary Gensler, will step down at that time, and cryptocurrency voters may play a crucial role in the elections. The regulatory environment in Washington is also moving towards supporting cryptocurrencies.


Source: https://www.sec.gov/Archives/edgar/data/2028541/000162828024030249/vanecksolanatrusts-1.htm
Actions and Blinks
After discussing the major news at the token market level, another big news in the Solana ecosystem is Solana Actions and Blinks. Actions and Blinks are new types of on-chain interactive functions launched by the Solana Foundation in collaboration with Dialect.
Simply put, Actions are a standardized API for Solana blockchain transactions targeted at developers. Any project can adapt their own protocol based on the documentation. Blinks, on the other hand, are interactive front-ends for users. Blinks can convert any Solana Action into a shareable link with rich metadata. These links can be placed on platforms like Twitter or Discord and generate options for on-chain interaction with the click of a button.
The launch of Actions and Blinks is the best representation of Solana’s efforts towards large-scale adoption. It lowers the threshold for using blockchain by allowing retail investors to complete on-chain operations with a simple click of a button on social media, without the need for website redirects or wallet connections.


Source: https://x.com/eli5_defi/status/1805877572238295296
Tiplink
When discussing Solana’s path to large-scale adoption, it is necessary to mention the wallet application called TipLink. In my opinion, TipLink is the most user-friendly wallet among all wallets, with the lowest entry barrier. TipLink is also a project heavily supported and sponsored by the Solana Foundation. It received funding in 2023 from Multicoin, Solana Venture, Sequoia Capital, and two major stablecoin companies Paxos and Circle.
TipLink is a hosted wallet that does not require users to remember mnemonic phrases. Users only need to register and log in using their Google account, which is very similar to the experience of using many Web2 applications. There is no need to install plugins or apps. Users only need to open a webpage and connect their Google account. In the early days, TipLink was an application for tipping and only supported payment functions. But now, it has become a mature wallet product that can rival Phantom. With the latest functionality update of TipLink Adaptor, it can connect with mainstream applications on Solana’s chain and interact with wallets just like any other wallet.


Source: https://tiplink.io/
Author’s Opinion
In my opinion, Solana is indeed the most suitable blockchain for beginners to use at the moment. It has low transaction fees, easy-to-use wallets, and a simple and clear front-end interface. It can be easily used based on intuition alone. In addition, Solana Foundation’s clear roadmap can drive the development of various on-chain applications. The recent introduction of Blink is the best example. Almost at the same time as the Solana Foundation’s tweet announcement, all projects on the chain retweeted it. Wallets like Phantom/Solflare/Backpack immediately supported Blink interaction, and Defi Dapps like Jupiter/Tensor/Sanctum also prepared for Actions API, allowing users to use them immediately.
Solana Foundation’s clear development roadmap, combined with the cooperation with ecological projects, is what I believe to be the strongest moat for SOLANA at the moment. At the same time, I strongly agree with Solana’s development direction towards large-scale adoption. Compared with fancy financial products, advanced technology, or chasing hot topics such as artificial intelligence, the current urgent task in the blockchain community is to lower the threshold and allow more people to join in!