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Binance Web3 Wallet Integrates Solana as Network Activity Soars

Binance crypto wallet Solana

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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March 15, 2024

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Binance has announced the integration of the Solana network into its Web3 Wallet. By integrating the Solana network, Binance aims to transform its Web3 Wallet into a comprehensive, multi-chain, self-custodial wallet capable of meeting the diverse Web3 needs of its users, the exchange said in a recent press release. With this integration, users gain access to a broader range of blockchain networks, including those based on Bitcoin (BTC), EVM, and Cosmos (ATOM).

Binance Web3 Wallet to Allow Token Swaps on Solana

Binance Web3 Wallet users con now send, receive, and swap tokens on the Solana network. Additionally, they can explore and utilize various Solana-based decentralized applications (dApps). Binance Web3 Wallet now includes ten Solana-based dApps, including Drift, Dual Finance, Jito, Jupiter, Magic Eden, MarginFi, Orca, PsyOptions, Pyth Network, and Raydium. More dApps will be progressively added over time, the exchange said. Binance also introduced the ‘dApp Hub,’ a user interface (UI) overhaul, as part of the integration. The UI redesign consolidates all trending dApps into a single tab, providing users with a seamless experience to explore and interact with popular dApps securely. The integration of the Solana network comes as Binance has introduced numerous improvements to the Web3 Wallet over the past few months. These include the launch of the Binance Inscriptions Marketplace for minting and trading inscriptions, the Inscriptions Accelerator to reduce transaction waiting times, support for ERC-404 tokens, integration of various networks, and the addition of multiple dApps to expand service offerings.

Solana DEX Activity Soars

Solana, known for its speed and efficiency, has become the second-largest in terms of DEX trading volume, surpassing popular networks like Binance Smart Chain and Arbitrum.Solana DEXes recorded over $2.27 billion in trading volume over the past day, coming second in the list. The remarkable trend continued throughout the week, with the total weekly volume skyrocketing to $11.56 billion, according to DeFi TVL aggregator DeFiLlama.The surge in trading volume on Solana can be attributed to various factors, one of which is the increasing number of on-chain transactions taking place. The influx of users and the resulting congestion on the Solana network have contributed to the heightened trading activity.The rise in Solana DEX trading volume comes as the overall interest and engagement within the network continues to grow. Furthermore, the Solana ecosystem now boasts more than 2,500 monthly active developers, according to the Solana Foundation. The foundation highlighted that the network has maintained a consistent range of 2,500 to 3,000 monthly active developers throughout the past year, a testament to the ecosystem’s ability to attract and retain talent. The increased developer activity comes as Solana continues to make waves in the crypto community, achieving several significant milestones.The network has surpassed Ethereum (ETH) in 7-day stablecoin trading volume for the first time ever. As reported, the value of stablecoin transfers on Solana reached a staggering $103 billion in the first week of January, outperforming all other networks.