Solana Institutional - October 2024

Institutional updates from Solana ecosystem

VanEck launches PYTH Exchange Traded Note (ETN) in Europe 

Ecosystem Events

The institutions are here, and they’re building on Solana.

A terrific conversation on RWA tokenization at the Federal Reserve Bank of Philadelphia with Cynthia Lo Bessette @Fidelity, Patrick Murck, Justin Schmidt @OndoFinance,  @nitingaur & Hilary Allen
Lily Liu, the President of the Solana Foundation speaks about Buy Now Pay later

Ecosystem Updates

Maple: An institution-grade lending platform

Maple crossed 500M in TVL off the growth of the Syrup USDC and USDT pools which launched exciting new partnerships this month including with Pendle and OKX.

Maple & Syrup loans are fully collateralized by large digital assets like SOL and BTC, and more recently with more exotic assets including Orca stablecoin LP tokens. This allows institutional Solana power users to borrow against existing DeFi positions and unlock yield like never before.

The protocol is gearing up for the launch of the SYRUP token on November 13th which will mark the beginning of the next growth phase for the Maple & Syrup teams!

Ondo Finance: Institutional-Grade Finance, Now Onchain

Ondo Finance is proud to work with Libeara, backed by Standard Chartered Ventures, and sub-advised by Wellington Management to provide intraday redemptions for the Delta Wellington Ultra Short Treasury On-Chain Fund (“ULTRA Fund”), a new tokenized US Treasury Fund. Tokenized units of the fund will soon be available on Solana

As we gear up for our live trading launch this November, Margarita Finance is making significant strides through strategic partnerships! 🚀 

By collaborating with Pyth Network, we gain access to high-quality market data, while Hacken’s expertise enhances the security of our offerings. This is just the beginning of an exciting journey! 🌟

Drift: Bet on the future

Key updates from the Drift ecosystem below

  • Managed over $45b in total trading volume

  • Open interest ~$150m

  • Launched Drift LST dSOL ($50m TVL)

  • Launched BET prediction market, over $30m Volume transacted

  • $25m series B raise led by Multicoin Capital

  • Launched 50x Leverage

The team is currently focused heavily on shipping upgrades to improve liquidity & both maker and taker experience on Drift.

Obligate: Structured products on Solana

A pivotal moment at Solana Breakpoint as we revealed Margarita.finance—bringing TradFi sophistication to DeFi innovation with structured products on-chain! Powered by Obligate and built on Solana, this is the future of finance:

Pyth: Smarter data for smarter contracts

Parcl: Institutional grade ecosystem for real-time real estate data, analytics and liquidity

In October, Parcl launched SOL/USD and BTC/USD Token Perps on dApp.

Etherfuse: Institutional-grade blockchain bonds

In October, Etherfuse introduced UK Gilts, providing APY access through British bonds. On November 1st, Etherfuse will expand this offering with the launch of European Stablebonds, bringing new yield opportunities from bonds across Europe to the Solana Ecosystem. 

Agridex - Bringing the $2.7 Trillion Agricultural Market On-Chain

Bridge and its founder have announced further tie ups with Agridex, as Agridex increase their scope in emerging markets

Metawealth Expansion Update

We're excited to share two major developments in MetaWealth's mission to make real estate investing accessible to the masses.

🇬🇷 Greece Expansion: MetaWealth has officially launched its first asset in Greece, marking. This move opens up exciting new opportunities for our investors to access the thriving Greek real estate sector.

🇬🇧 First Tokenized Co-working SPace in London: We're proud to announce our role as a founding partner of The Square - London's first tokenized co-working space. In collaboration with Superteam UK, this groundbreaking project will:

  • Serve as a dedicated hub for Solana's growing UK community

  • Launch in February 2025

  • Offer fractional Investment opportunities for Web3 investors

  • Combine physical real estate returns with Web3 innovation

The Square perfectly blends our core strengths: prime real estate, technological innovation, and accessible investment opportunities.

Solana Top Headlines of the month

General

  • Over $600 million has been bridged from other chains to Solana throughout October.

    More than 90% of this amount came from Ethereum alone.