Major Binanace Announcement Related to the Solana Network

TL;DR

• Binance’s Web3 Wallet now supports the Solana network, improving user access to dApps and security features.
• SOL’s price surged over 20%, reaching a two-year high, outperforming most major cryptocurrencies which have seen significant losses in the last 24 hours.

Binance’s Update

The world’s leading cryptocurrency exchange announced that the Binance Web3 Wallet has completed the integration on the Solana network. The update allows users to “effortlessly manage and trade tokens and access various dApps” within the Solana ecosystem.

The newly added decentralized applications include Jito, Jupiter, Drift, Dual Finance, Magic Eden, MarginFi, Orca, PsyOptions, Raydium, and Pyth Network.

Launched in November last year, Binance’s Web3 Wallet enables users to swap thousands of cryptocurrencies across multiple networks, conduct swift transfer funds, explore a variety of dApps, earn a yield on their holdings, and more. 

“We want our users to be assured that they are interacting with Web3 within a secure and protected ecosystem. That is why we have incorporated MPC technology as well as Binance’s trusted security infrastructure within the Web3 Wallet,” CEO Richard Teng said at the time.

There was another interaction between the two parties earlier this month. Binance temporarily halted SOL withdrawal due to “the increased volume of transactions on the network.” The service was supposed to be restored on March 9.

SOL Defies the Ongoing Trend

Speaking of Solana, it is worth mentioning the impressive price performance of its native token lately. Its value has surged by over 20% on a weekly scale, briefly reaching a two-year high of $185. SOL has retraced in the past few hours, currently hovering at the $172 mark, but it has remained well in the green for the last 24 hours. 

In comparison, most leading cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many more, have tumbled significantly. The global crypto market cap shed by over $200 billion in a day, standing at approximately $2.7 trillion as of writing these lines.

Those willing to check if SOL’s price is ready for another substantial rally in the near future, feel free to watch our dedicated video below: