- Solana (SOL) to offer device with vault for secure private key storage.
- Solana to carry more Web3 apps, games and NFT collections.
- Coinbase adds Solana token deposits directly, expands wallet for access to multi-chain dApps.
Solana, one of the leading L1 solutions to compete with Ethereum, revealed a goal to build Saga, a smartphone specifically powered for Web3 applications.
Solana’s move recalls an earlier attempt to build Finney, a special smartphone with blockchain functions. In the meantime, Samsung also tested native wallets on its phones.
Along with the flagship device, Solana also builds its Mobile Stack, a layer specifically created for faster and easier building of Web3 apps.
The Saga device already has open pre-orders with a price of 100 USDC. As with other smartphones, it will have a purpose-built vault to hold private keys safely.
Solana Shifts from DeFi
The Solana network was one of the big hubs for decentralized finance. This brought the network significant value, at one point locking in above $13B.
However, DeFi proved highly risky and led to risky lending practices. At the same time, Web3 began to attract more interest as a source of more viable products. The Solana network also became overwhelmed with transactions, leading to several freezes in the course of three months.
Solana was also one of the most active NFT networks, represented on OpenSea. The blockchain still carries only a few play to earn games, with DeFi Land the most popular one. Solana games are still far from the fame of Axie Infinity, Crabada, Pegaxy and others.
SOL Has Trading Advantage
SOL, the native token of Solana, is widely traded on most exchanges. SOL uses Sollet, as well as Phantom Wallet, and works similar to AVAX and other L1 tokens.
SOL is available to purchase from most major exchanges, opening a world of NFT and decentralized apps. Recently, Coinbase also added direct Solana support for its new multichain approach.
Coinbase also expanded its app to host Web3 assets, building a new wallet that would also host Web3 dApps. With a more complex space of L1 solutions, Coinbase offers consolidation and easier access, moving away from the simpler MetaMask wallet that offers basic approach to several blockchains, but requires manual setup.