Text by: Shigeru
Blinks technology, as a revolutionary innovation in the Solana ecosystem, allows users to interact directly with the blockchain through a simple URL or QR code, without the need for complex wallet settings or transaction processes. This innovative way of interaction greatly reduces the threshold for users to enter the blockchain world, expands the application boundaries of blockchain technology, and promotes the in-depth integration of the Solana ecosystem and the Internet world.
"Solana Internet" is not just a new concept, it represents a brand new network ecology. As the slogan of Blinks' official website says: It's time to connect Solana to the entire internet. Through Blinks technology, Solana's vision of connecting the entire internet is slowly being realized.
The CGV research team deeply analyzed the intrinsic connection between Solana Actions and Blinks technology and its application potential in multiple scenarios, and looked forward to how this technology can promote the wider adoption of Solana and blockchain technology.
Before understanding Blinks, why is Solana Actions indispensable?
Before exploring how Blinks technology can revolutionize the way we interact with blockchain, we must first understand the technical backbone behind it - Solana Actions. Just as a tall building needs a solid foundation, the convenience and powerful functions of Blinks are inseparable from the support of Solana Actions.
(1) Actions allow APIs to build transaction messages using complex business logic (on-chain and off-chain), which can be previewed, signed, and sent by the client. Actions can be launched by native buttons, QR codes, or URLs (Blinks).
Examples of Actions:
Stake SOL to help secure the Solana network, including liquid stake tokens
Allow customers to pay in retail stores using QR code scanning
Token-Gated minting experience, where only verified users can participate or enjoy specific resources and benefits
Enables e-commerce sites to accept cryptocurrency payments directly from product pages
Fund your trading account before a margin call
Integrate blockchain functionality into gaming platforms for in-game asset purchases and transactions
(2) Blinks is a way to interact with Action. Blinks allows users to perform blockchain transactions directly from a URL, making decentralized applications accessible from any platform or device.
Blinks example:
Tip content creators on social media without complicated wallet setup
Mint custom NFTs or participate in governance votes directly from a URL
Let users vote on community policies via a link in the newsletter
(3) About the relationship between Actions and Blinks
Imagine Actions is a "kitchen". In this kitchen, you can prepare all kinds of complex and delicious dishes (i.e. blockchain transactions). You can add various ingredients (on-chain and off-chain logic) and cook according to the recipe (API specification). This kitchen is very flexible and can make a variety of dishes to meet different needs.
Blinks is like a "takeout service". When you prepare dishes in the kitchen, you can deliver them to customers (users) through a takeout service (Blinks). Customers don't need to come to the kitchen in person, nor do they need to know how the dishes are prepared. They only need to use a simple link or QR code to enjoy these delicacies directly.
In short, the relationship between Actions and Blinks is like a "kitchen" and a "takeout service". Actions is responsible for preparing transactions, while Blinks is responsible for delivering these transactions to users, allowing them to execute these transactions easily and quickly. This approach greatly simplifies the user experience and makes blockchain technology more accessible and usable.
Blinks’ “Reduced Jumps”: Will Solana Get the Secret Key to Massive Crypto Adoption?
From a first-principle perspective, Blinks simplifies user operations by "reducing jumps", improves user experience, expands the application scenarios of blockchain technology, and promotes the popularization of decentralized applications. These features significantly enhance the convenience and usability of the crypto ecosystem and promote wider application of blockchain technology.
(1) From the user's psychological perspective, "reducing redirects" helps:
Simplify the decision-making process: Every additional step or click increases the user’s cognitive load and decision-making time. Simplifying the process reduces the user’s thinking time and enables them to make purchasing decisions faster.
Reduce churn points: Every step of the operation is a potential churn point. Users may give up purchasing due to reasons such as long page loading time and complex operations. Reducing jump steps can significantly reduce this churn.
(2) From the successful cases of Internet products, see how "reducing jumps" can significantly improve conversion rates and user experience:
TikTok's video shopping function allows users to purchase products directly in the video by embedding shopping links or shopping carts in short videos.
In 2023, shopping volume among TikTok’s U.S. users increased by 72.3% to 23.7 million; 67% of TikTok users said they were inspired to buy products through content on the platform without any shopping intent; and 68% of Generation Z consumers said they would prefer to buy products directly on TikTok.
Amazon has significantly improved its conversion rate after introducing the One-Click Purchase feature. Industry experts estimate that this feature increases conversion rates by at least 70%. This way of simplifying the purchasing process has also been imitated by many other e-commerce platforms.
About 70% of shopping cart abandonment rates are partly due to the complicated checkout process. After introducing the "one-click purchase" function, the average user's consumption increased by 28.5%, the user's purchase frequency increased by 43%, and the types of purchased goods increased by 36%.
The best is the right one: Blinks typical application scenario recommendation
1. Social media tipping:
Example 1: A well-known YouTuber like MrBeast posted a charity challenge video on his channel. Viewers can directly use the Solana wallet to tip the relevant charity by clicking the Blinks link in the video description.
Example 2: Ethereum founder @VitalikButerin shared his views on the future development of Ethereum through a tweet. Fans can directly tip through the Blinks link in the tweet to express their support.
2. Crowdfunding campaign:
Example 1: GoFundMe launched a charity crowdfunding campaign to support refugees in Ukraine. Supporters can donate instantly to the cause they care about through the Solana Actions button on the project page.
Example 2: The Reddit community launched a crowdfunding project to restore a historic monument. Community members can participate in the crowdfunding through the Blinks link in the Reddit post.
3. On-chain voting:
Example 1: Well-known blockchain projects on Twitter, such as Uniswap, initiate community voting through tweets to determine the development priority of new features. Community members can participate in the vote through the Blinks link in the tweet.
Example 2: A discussion in the Reddit community about whether new rules should be introduced. On-chain voting was conducted through the Blinks link in the post to ensure the transparency and fairness of the voting process.
4. NFT Minting and Bidding:
Example 1: Artist Beeple posted his latest work on Twitter and provided a Blinks link allowing fans to mint and bid on the NFT directly.
Example 2: SEND is currently the first application of the Blinks ecosystem and has been called many times by the founder of Solana. The series of NFTs is the first freemint NFT project of Blinks. The transaction volume once surpassed well-known NFTs such as BAYC and Punks, becoming the first in the entire network; the token $SEND was oversubscribed by more than 700 times, setting a Solana pre-sale record. Of course, as a community token that powers the Blinks ecosystem, SEND still needs more content and time to enrich its story and development.
5. Cryptocurrency Trading:
Example 1: In Facebook Marketplace, a user finds a post selling cryptocurrency. Using Solana Actions in the post, the buyer can directly purchase the seller’s cryptocurrency.
Example 2: @CryptoCobain, a well-known trader on Twitter, shared information about a meme token that is about to explode through a tweet, and fans can directly purchase it through the Blinks link in the tweet.
6. Token-Gated Content:
Example 1: Netflix launched a Token-Gated series where only members holding specific tokens can watch certain exclusive content. Members can verify their token holdings through Solana Actions integrated within the Netflix app.
Example 2: The well-known blogging platform Medium allows authors to set up Token-Gated content, where only readers holding specific tokens can access premium articles.
7. Advertising and Promotion:
Example 1: Airbnb posted an ad on Instagram promoting its latest travel experiences. Users clicked on the Blinks link in the ad to book the experience directly or learn more details.
Example 2: Tesla released its latest electric car model on Twitter. Through the Blinks link in the tweet, users can directly make a reservation or learn more about the product.
8. Game Interaction:
Example 1: Gaming company EA Sports announced new features for FIFA 23 on Twitter. Fans can experience some of the game’s interactive features directly on Twitter by clicking on the Blinks link in the tweet.
Example 2: The blockchain gaming platform Decentraland launched a virtual world exploration event on social media, where users can directly enter the game and participate in the event through a Blinks link.
9. Enhanced community interaction:
Example 1: The LinkedIn professional community is hosting a discussion on blockchain technology. Participants can participate in on-chain Q&A or share their own insights through the Blinks link in the LinkedIn post.
Example 2: A discussion about cryptocurrency investment in the Reddit community, where on-chain voting is conducted through the Blinks link in the post to decide the community's investment strategy.
10. One-click on-chain operation:
Example 1: The charity UNICEF launched an emergency fundraising campaign on its official website. Supporters can make donations with one click through the Solana Actions button on the official website to support global children's education projects.
Example 2: Decentralized autonomous organizations (DAOs) such as Bankless DAO publish events through social media, and members can participate in voting or donations with one click through the Blinks link, simplifying the participation process.
PayFi and Blinks: The perfect combination of financial innovation and user experience
What I want to emphasize here is that the financial innovation direction of the Solana ecosystem, PayFi, and the user experience optimization of Blinks are highly compatible.
PayFi, as defined by Solana Foundation President Lily Liu, is a breakthrough financial concept that focuses on optimizing settlement time. It is different from DeFi and focuses more on the advantages of instant settlement, which is of great value to investment transactions and financial markets.
Combined with blinks’ capabilities, it will help drive PayFi’s growth in creator monetization, invoice financing, payment processing risk management, and the cultivation of global private credit pools on Solana.
Creator monetization: Creators can monetize their content through Blinks links, and users can reward or purchase content without complicated wallet settings, which facilitates PayFi's creator monetization scenarios.
Invoice financing: With Blinks, companies can quickly complete invoice financing operations, simplifying the financing process and improving efficiency.
Payment Processing Risk Management: Blinks’ instant transaction capabilities can help PayFi achieve more efficient settlement and risk control in payment processing risk management.
Credit loans: Users submit credit loan applications through the Blinks link, and the credit pool automatically assesses credit status and makes loan decisions in real time.
Invoice financing: Enterprises submit invoice financing applications through the Blinks link, and the credit pool quickly evaluates the enterprise's credit data and provides financing services.
Cross-border credit services: Users in different countries and regions can apply for and be assessed for credit through Blinks links, thus achieving globally consistent credit services.
Through these application scenarios, we can see that Blinks is not only a technical tool, but also a bridge connecting users, creators, enterprises and financial markets. The combination of Blinks and PayFi heralds the arrival of a new era of more efficient, convenient and secure financial transactions.
In mid-July, the Solana Foundation announced a major initiative: to provide $400,000 in funding to open source developers of Solana Actions and Blinks Tools. This funding program has now officially started, soliciting innovative projects from developers around the world. At the same time, the Send project has also launched the "Blinkathon" hackathon series for developers. The event aims to inspire developers' creativity and build and promote the Blinks ecosystem powered by SEND. These initiatives not only provide financial support for developers, but also provide a broad stage for the innovation and application of Blinks technology.
The CGV team believes that the “Solana Internet” is not only a fusion of technologies, but also an innovation of concepts. It represents the perfect combination of blockchain technology and the spirit of the Internet, and heralds the arrival of an open, interconnected, and shared digital world.
As Blinks technology continues to mature and its application scenarios continue to expand, we are witnessing the beginning of a new blockchain era. Let us wait and see how the "Solana Internet" will reshape our digital lives.
