Tuesday saw the launch of Solana support by the crypto asset custody platform, Fireblocks. The aim behind the integration is to provide thousands of users with access to the infrastructure and tools of the Solana network. In January, Fireblocks released limited support for Solana; as of right now, the new integration offers total support. Users will now have access to features including Web3 applications, non-fungible tokens(NFTs), and decentralized finance (DeFi).
Over 1,000 coins and 30 protocols are presently supported by Fireblocks, and more integrations are constantly welcome. Additionally, Fireblocks previously supported the USDC stablecoin as well as the Solana native token SOL on its network.
Solana, the second-most popular layer one smart contract platform after Ethereum, is rapidly increasing its network even during the current bear market. According to the analysts at JPMorgan, the network is growing and has outpaced Ethereum lately when it comes to NFTs.
While Solana places easily within the top 10 blockchains by usage and market capitalization, it’s really the second-largest ecosystem if you take all the Ethereum Virtual Machine (EVM)-compatible blockchains together — says the Fireblocks CEO Michael Shaulov.
Fireblocks and Solana’s previous connections.
Fireblocks, the blockchain unicorn, created a web3 engine as a developer suite tool designed for developers to build products and services in the Defi, GameFi, and NFT ecosystems. Launching the tool on the Solana sphere will offer Solana users the platform’s key-sharing wallet technology.
The development started in January when Fireblocks offered limited support for Solana. The support allows customers to store and trade Solana’s native token SOL tokens and SPL tokens on its network. Back then, Fireblocks allowed users to store and transfer their SOL tokens on its network and helped launch the Solana token support for retail customers and users with its REST API.
Fireblocks now supports Solana! @solana is a decentralized high-performance blockchain with notably low fees, over 40 user-friendly dApps, and the fastest block times in the industry. Here's how you can work with $SOL on Fireblocks: https://t.co/OF1B7pDIvR #crypto #blockchain pic.twitter.com/aLdV8mvXXU
— Fireblocks (@FireblocksHQ) January 20, 2022
What exactly is the web3 Engine all about?
Fireblocks web3 engine is a smart contract development kit that allows developers to build high-quality and secured DeFi, GameFi, and NFT products. The tool allows developers to revolutionize their ideas quickly and easily, thus helping to foster and swiftly develop the web3 ecosystem.
Fireblocks‘ new web3 support will also make it easier for developers to construct DApps on top of Fireblocks’ tech stack. It also allows the dApps and projects to access the full breadth of existing Web3 applications securely. The tool possesses high security, enabling Web3 firms like Animoca, Xternity Games, Griffin Gaming, Wirex, Celsius, and Utopian Labs to protect their project from human error and hackers.
Furthermore, the Fireblocks web3 engine tool allows developers with low technical knowledge about coding to build on top of an already secured infrastructure. The tool also contains features like the creation of millions of secured wallets, automating operations, and establishing global controls for DeFi transactions. The tool has also opened up the world of web3 to innovation and massive adoption.
1/ Fireblocks CEO Michael Shaulov at @Permissionless: “Over the last couple of months, we’ve partnered with quite a few institutions and projects in this space to build a #web3 engine that allows us to do for web3 developers what we did for #DeFi developers.” pic.twitter.com/Rgmh2fKEEI
— Fireblocks (@FireblocksHQ) May 19, 2022
The web3 Engine includes three unique suites;
The DeFi suite is a great tool to help you manage your finances on a peer-to-peer basis. The tools help to build new DeFi-enabled Web3 services to generate yield for users. It is connected with Fireblocks’ DeFi API that allows a wide range of connections across 30+ blockchain networks like OpenSea, Uniswap, Cardano, Solana, Stellar, and more. Also, it grants access to 35+ protocols, 1,100+ tokens, and all ERC20 tokens.
— Fireblocks (@FireblocksHQ) May 17, 2022
The NFT suite offers secure NFT services to your customers. The complete dev toolkit also contains features to mint, store, and transfer NFTs, with full support for ERC721 and other EVM chains.
The GameFi suite helps expand your gaming offerings using Fireblocks Web3 Engine to perform out-of-the-box minting and manage gaming assets across top blockchains. The system is built on multi-layer security and enterprise-grade operations to scale to millions of wallets.
For alternative asset managers
This tool helps to access DeFi and NFT markets with an enterprise-grade solution Securely. It helps your team meet regulatory requirements, automate operations and establish global controls for DeFi transactions.
Simplify day-to-day Web3 operations
One of the powers of this tool is that it helps you to ensure control over transactions, vaults, and transfers. It helps to enable flexible policies and multi-approver workflows. The tool is a great solution to create policies to secure DeFi transactions, including amount caps and customizable limits by smart contract to limit your risk.
Effect of the launch on Solana
Today, Tuesday, 30th of August 2022, Fireblocks announces that its users now have direct access to various Solana’s decentralized finance(DeFi), non-fungible token (NFT) applications, and web3 applications. This is a move claimed by the company to help “alternative asset managers” and “capital market participants.”
“Thousands of enterprises employ Fireblocks to access new Web3 products and services. These companies will get direct access to the depth and breadth of the Solana ecosystem beginning today.” —said Solana’s co-founder Anatoly Yakovenko.
The Fireblocks web3 engine was launched in May of this year. The integration with Solana will enable Fireblocks to add Solana assets on its platform seamlessly, integrate its DeFi protocols, e.t.c. Fireblocks launched with Solana will help accelerate the development of the Web3 ecosystem.
One of the problems underlying the Solana blockchain is security. The blockchain has suffered high-profile security breaches this year — the most recent of which resulted in losses of $8 million for 7,000 ecosystem wallets. The Web3 suite will offer Solana network developers a higher level of security when developing products, reducing the cyberattack rate.
What is fireblocks?
Fireblocks is a blockchain unicorn platform that helps to build digital asset businesses. It provides a secured network for moving, storing, and issuing digital assets using a secure MPC-based Wallet. Fireblocks combines the latest breakthroughs in MPC cryptography with hardware isolation to protect customers from cyber-attacks.
Fireblocks also support decentralized apps (DApps), exchanges, NFT marketplaces, and more for alternative asset managers and capital market participants. You can seamlessly create Web3 apps across multiple blockchain networks on its platform. It currently manages over 1,100+ tokens and is used by 1,200 financial institutions.