Like BRZ, many projects seek the Solana blockchain to escape the high prices and slow operations at Ethereum. In addition to the stablecoin pegged to the Real, other cryptocurrencies are making their launches in Solana. Audius, a kind of decentralized Spotify, is one of them. See below some of the names that migrated to the FTX blockchain.
In January 2021, it was announced that the BRZ would also be available on Solana. Transfero Swiss, the token creator, mentioned lower cost and more speed when explaining the decision’s reasons. “We want to bring to our users what’s new in the cryptoasset ecosystem”, said Transfero CEO Thiago Cesar at the time.
However, the BRZ is not the only stablecoin in Solana. The USDC – pegged to the dollar — was initially released on Ethereum, but in October 2020, the company behind it announced the change. Like Transfero’s stablecoin, the company justified the launch at Solana due to transaction speed and “extremely low cost transaction fees”.
Importance of stablecoins
Another stablecoin to join Solana was the South Korean Earth. The cryptocurrency is part of a larger project by TMON, an e-commerce company, including a payment network. This network includes the CHAI app, through which many other stablecoins pass.
There is also the UDSt, or Tether Dollar, which announced joining Solana in September 2020. According to Tether, the new blockchain facilitates “the construction of high-speed, low-cost DeFi applications”.
At the time of the announcement of the project launch in Solana, the blockchain team spoke of the importance of this type of currency in the network. “By bringing stablecoins to our network, we seek to dramatically expand the developer design space, making room for new applications that demand stable price payments”, Solana wrote on its website.
One of the projects to arrive at Solana, Kin promises reward to users and creators
Another project that took its services to Solana was Audius, which is similar to Spotify, but with decentralization. Audius is a music streaming platform but allows the artist to define his terms. The platform has its own token, the $AUDIO, which enables users to unlock premium functions of the service. In addition, with the token, the user is also entitled to give an opinion on the platform’s governance.
Another initiative that started at Ethereum and arrived at Solana was the Kin ecosystem, which has more than 3 million active monthly users. The project presents itself as “a new way to engage, grow and monetize your digital community”. It allows, for example, free and instant transfers. There are several apps, ranging from games to travel and health and fitness. In addition, developers of these apps, creators, and even users can gain resources by using platforms