Highlights from Solana Breakpoint Day Two

With crucial announcements from Coinbase, Magic Eden, and Sanctum, Breakpoint Day Two continued where Day One left off.

Author: Finn Miller
Published: September 22, 2024 at 14:45

Solana Breakpoint Day One set a rapid pace, with milestone announcements about Firedancer, key product updates from Jupiter, and trillion-dollar asset manager Franklin Templeton disclosing its intention to build a mutual fund on Solana.

Despite the high expectations following a blistering Day One, Day Two kept the momentum alive and delivered plenty of showstopping announcements.

Coinbase to Launch cbBTC on Solana

Coinbase, one of the industry’s most popular centralized exchanges, announced its intention to deploy its wrapped version of Bitcoin on the Solana network. Since launching on Ethereum and Base just a few weeks earlier, cbBTC has quickly climbed the ranks to become the third-largest wrapped Bitcoin token in the market.

[https://x.com/SolanaFloor/status/1837337260531810347]

The move is expected to bring more of Bitcoin’s deep liquidity to Solana, where cbBTC can be integrated into various DeFi applications and increase capital efficiency on the network.

Firedancer Live on Mainnet for Non-Vote Transactions

FireDancer may have stolen the show on Day One, but the Jump Crypto developers weren’t content to stop there. Firedancer’s Research and Development Architect, Phillip Taffet, and Production Engineer Anway De announced that the full Firedancer validator client was now live on the Solana mainnet for non-vote transactions.

[https://x.com/SolanaFloor/status/1837362446786289910]

But that wasn’t all that the Firedancer team had in store. A live demo also demonstrated the Frankendancer client executing 1.04M transactions per second.

Magic Eden Unveils New Features

Magic Eden, the blockchain industry’s largest NFT marketplace across all chains in terms of trading revenue, outlined some of its future plans.

Showcasing a more composable cross-chain ecosystem Magic Eden teased new features like the ability to swap fungible assets on one chain for non-fungible assets on a completely different network.

In a move that didn’t surprise anyone, Magic Eden also announced that its upcoming $ME token will be launched on Solana.

deBridge Announces TGE

The deBridge ($DBR) token airdrop has been one of the most anticipated TGEs (Token Generation Event) in recent months.

To thunderous applause from a captivated audience, deBridge co-founder Alex Smirnov announced that $DBR is scheduled to go live on the 17th of October.

Smirnov also used his time in the spotlight to share a wealth of new product features coming to the deBridge application, including gasless bridging and the integration of new chains live Bitcoin and Tron.

BONK ETP

One of Solana’s favorite memecoins, BONK made its presence known at Breakpoint. But beyond the BONK boxing ring, BONK core contributor Nom highlighted the prolific growth of the Bonk brand, which has secured impressive partnerships across the Web2 world, like its sponsorship of Borussia Dortmund.

Affirming BONK’s rise from memecoin, to cultural movement, to financial entity, Nom also announced the team’s intention to launch a BONK ETP. The move is believed to be a precursor to an eventual BONK ETF.

Sanctum Announces Big Updates

Sanctum, the Solana DeFi powerhouse bringing greater flexibility to LST (Liquid Staking Tokens), announced several exciting updates.

First, Sanctum co-founder FP Lee introduced ‘Creator Coins’, a novel spin on LSTs that provides new tools for individuals, communities, and businesses to build, grow, and monetize their audiences.

Lee also announced the upcoming launch of a Sanctum card. Conceived in collaboration with BasedApp and Jupiter, the Cloud Card is expected to facilitate real-world payments using Solana-based crypto assets.

Finally, the Sanctum founder also shared that the platform’s polarizing incentives campaign, Wonderland, would be making its return soon with a second season of rewards.

What to Expect from PYTH v3

Pyth Network, the most prominent oracle on the Solana blockchain, announced its next steps into the future. The oracle introduced OIS (Oracle Integrity Staking), which promotes data accuracy and implements on-chain slashing mechanisms for unreliable data providers.

Pyth Network’s new product boasts considerable improvements over previous versions, offering protected price feeds on over 75 different blockchains. Additionally, $PYTH stakers can now enjoy staking rewards, sourced by a variety of DeFi products that rely on Pyth Network’s price feeds.

Kamino to Launch Spot Leverage

Solana’s second-largest DeFi protocol by TVL (Total Value Locked), Kamino Finance introduced another useful financial tool to its expansive product suite.

Arguing that “Institutions are just degens in suits”, Kamino founder Marius Ciubotariu revealed that Kamino would launch Spot Leverage trading within the application in the coming weeks.

Breakpoint Closes For Another Year

Beyond the day’s landmark keynotes and announcements, Breakpoint attendees also enjoyed the event’s thought-provoking debates and fireside chats. Topics included compelling themes like the divide in usage, mentality, and trends of crypto between the East and the West, and whether or not the Solana Foundation should be dissolved.

Closing the event, Solana Foundation Executive Director Dan Albert delivered one final announcement: Planning for Solana Breakpoint 2025 is already underway, with next year’s event set to bring the Solana faithful together in Abu Dhabi, from December 11-13.