Meanwhile, the ecosystem is here with another significant development. Transfer between non-custodied (DeFi) and custodied (CeFi) accounts can now occur on the Solflare wallet. With the help of FTX integration, users can switch between accounts easily.
On June 7th, Solflare announced a new connection with cryptocurrency exchanges FTX.us and FTX.com. The partnership aims to simplify the management of portfolios for Solana users.
According to Solflare, this would allow users to handle FTX money directly from their mobile and Solflare browser extension. This will simplify transfers between one’s non-custodial and custodial balances.
However, to link one’s exchange accounts with Solflare, FTX KYC guidelines would still be applicable.
Additionally, liquidity is provided from FTX rather than Solana. Therefore, Solana’s network congestion would not impact token swapping on FTX using Solflare.
However, there may be a delay in withdrawals and deposits on the Solana network. Also, the wallet can handle deposits, withdrawals, and viewing FTX NFTs.
New Improved Capabilities For Solflare
The connection would enhance Solflare’s capacity to organize coordinated yield incentives and airdrops for DeFi users. Solflare co-founder, Filip Dragoslavic, said:
“Among the famous centralized exchanges (CeX) for DeFi users, particularly on Solana, is definitely FTX. By combining the two, users control their FTX accounts without ever exiting Solflare. This development might open new Web 3.0 opportunities.”
Solflare is a Solana-specific wallet designed by the community. Both native SOL tokens, like Solana’s ERC-20 tokens, can be sent and received via the wallet.
Additionally, it enables dApp alerts, staking of Solana tokens, and complex NFT interactions. It also supports hardware wallets and the usage of DeFi protocols.
Solana Ecosystem Survives Amid Crypto Crash
The ongoing market downturn has harmed many crypto firms and projects. However, Solana is not suffering as much as its colleagues in the crypto market.
Magic Eden, a Solana NFT market, recently raised over $130 million in a Series B round of investors. Additionally, the blockchain recently saw sales of NFTs reach an ATH of $2 billion.
Last month, The Solana Ventures and Solana Foundation unveiled a $100 million program. The initiative aimed to help South Korean Web3 firms.
Meanwhile, these changes suggest that the Solana ecosystem is thriving. However, only time will prove if it can live up to expectations.