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Solana news: ZK Compression, Blinks, ETFs, and UFC

The Solana platform has implemented new technical innovations called ZK Compression and Blinks. Solana ETF applications have also been made in the United States and Canada. Blockasset is building a digital platform for UFC fans on Solana.

The smart contract platform Solana has received a lot of exciting news lately. Let’s start reporting technical updates. ZK Compression is an innovative update to Solana’s blockchain, enabling data compression significantly more efficiently. The abbreviation ZK refers to zero-knowledge technology, which can reliably verify the integrity of the compressed data.

ZK Compression enables enormous savings in data storage and creating new accounts. It’s not just about 5x or 50x savings; we’re talking about scaling benefits of a different size category. See the example below (source: X)

take an airdrop to 1,000,000 users
this today would cost over $260,000 for state alone
now, it’s $50 — 5,200x cheaper

but a token account is just one example of this — *everything* on Solana is an account, meaning everything can be scaled

Many competing smart contract platforms aim to scale with Layer 2 implementations. Solana strives to build a scalable Layer 1 that does not require new layers. ZK Compression is a significant step in this direction. Solana clients will also receive a significant Firedancer update later this year.

Another exciting update is called Blinks. It enables Solana transactions to be easily implemented into mobile apps or websites. The X embed below shows a video of how Blinks works in practice.

You can use Blinks to create a button on a website or mobile app to execute a Solana transaction. It can be, for example, a tip to the site developer or a token purchase button. The end user can complete a transaction on Solana’s blockchain without leaving the app or website.

Such functions bring cryptocurrencies closer to ordinary users. The downside is, of course, the increasing number of scams. Blinks also requires users to have a Phantom or Backpack browser extension wallet.

Solana ETF filings in the US and Canada

Bitcoin and Ethereum have received spot ETF approval in the US this year. Analysts expect that Solana is next in line. At the end of June, steps were taken in this direction in both the United States and Canada.

Asset management company 3iQ has applied for a Solana ETF in Canada. A fund possibly trading with the QSOL ticker also includes staking yields, currently about 6-8 percent on Solana. The more significant news, however, was VanEck’s Solana ETF application in the US.

This is how VanEck’s Head of Digital Assets, Matthew Sigel, commented on the news in X.

Asset manager 21 shares followed suit and submitted a Solana ETF application one day later.

The approval of Solana ETF applications does not seem realistic at the moment. The SEC has not clearly defined Solana’s status, while it has already made significant concessions to the crypto industry with Bitcoin and Ethereum spot ETFs. A realistic schedule for a spot Solana ETF is probably 2025-2026.

Finally, we will also mention the news related to the UFC. The UFC is an American fighting organization with extremely popular match events. Blockasset is building a digital platform for UFC fans on Solana. It will bring interactivity to UFC matches, allow active fans to meet UFC fighters, and offer exclusive prizes. You can read more about it in this official UFC news.

AboutBitcoin Team

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