Adopting any technology is based on the strength of its community, and Solana has proven that with its African community.
Oladotun Wilfred Akangbe, the chief
marketing officer of Flincap — a platform for African over-the-counter
crypto exchanges — has highlighted the cryptocurrency industry’s
remarkable growth and maturity, focusing mainly on Solana’s resilience
and community efforts in Africa.
Akangbe told Cointelegraph that
the crypto industry is steadily maturing, demonstrating its ability to
withstand various challenges that would have previously triggered a
market downturn.
Crypto industry resilience
Despite challenges such as the regulatory issues surrounding Binance and
Binance founder, Changpeng Zhao, pleading guilty in November 2023 to
violating United States money laundering laws, the industry continues to
grow.
According to Akangbe, the strength and adoption of any technology heavily depend on the vigor of its community. Crypto projects’ continuous focus on solving community problems, particularly in remittances and international payments, indicates positive
year-on-year growth.
“With the kind of communities built around several crypto projects, we’re closer to mainstream adoption than ever before.”
Akangbe’s sentiment follows a recent series of Solana Allstars Nigeria community meetups in
different parts of Nigeria, showcasing Solana’s thriving community in
Africa.
Solana leads African Web3 adoption
The Solana Foundation has initiated several activities, such as meetups,
hackathons and educational workshops, that have effectively onboarded
many Africans into the Solana ecosystem. The initiatives bolster community engagement and drive the practical adoption of blockchain technology. Various decentralized groups worldwide promote Solana, with the Solana Allstars team in Nigeria recently emerging
as one of the most active Web3 adoption groups. Akangbe noted that
these efforts shift user focus from price movements to the real-world
utility of Solana’s projects.
Related: Crypto investor doubles Solana donations to pro-crypto PAC
Speculation has increased recently around the approval of a spot Solana exchange-traded
fund (ETF) in the United States. According to Bloomberg analyst Eric
Balchunas, the ETF might only become feasible with a change of US administration and the leadership of the Securities and Exchange Commission.
Several ETF issuers have submitted applications for a spot Solana ETF. On June 28, 21Shares filed an S-1 application with the SEC just a day after ETF issuer VanEck filed.
SOL dropped over 15% in 48 hours to a low of $121 on July 1. SOL’s weekly losses stand around 10% and 23% in the last month.
Source: @Cointelegraph
