DePIN XYO starts on Solana
XYO Decentralized Physical Infrastructure Network (DePIN) has bridged Ethereum to Solana, citing the Layer-1 blockchain network's “high resource availability, low transaction costs and elasticity,” XYO said in a blog post on October 31.
“The XYO token is now available on both Solana and Ethereum, allowing for greater cross-chain accessibility and flexibility,” the article stated.
Depin's native XYO token is now traded as tokens on Solana-native decentralized exchanges (DEXs) Jupiter and Radium, including Solana (SOL) and USD Coin (USDC), the post said.
“Bringing XYO to Solana [decentralized finance] ecosystem, and anyone on platforms like Jupiter and Radium can hold a Solana-based token or memecoin. […] To seamlessly move in and out of XYO and access the Deep Data ecosystem,” XYO co-founder Marcus Levine told Cointelegraph on Nov. 1.
Launching on Solana is part of a broader goal of making XYO accessible across multiple blockchain networks, Levin added.
Source: XYO
XYO is a DePIN designed for Web2 and Web3 projects to verify location and other real-world data.
It operates more than 8 million nodes in 150 countries, according to XYO's website.
DePINs are blockchain protocols aimed at decentralizing real-world infrastructure and systems, including communication networks, data warehouses, energy markets, and more.
They will be Web3's “next big use case,” with the potential to onboard “significant numbers of new users into the crypto space,” according to a September 5 report by MV Global, a Web3 investment firm.
According to MV Global, the ecosystem currently consists of more than 1,000 projects and represents more than $50 billion in total market capitalization.
Source: MV Global
Solana's low average fee per transaction — $0.00064 — makes the Layer-1 network attractive to DPin projects, including Helium, io.net and Render, XYO said.
MV Capital analyst Johannes Fuchs told Cointelegraph that Solana's strength lies in its “parallel processing architecture and low overhead.”
“We expect the upcoming FireDinner upgrade to further enhance its appeal as a top choice for future DPin projects,” said Fuchs.
Magazine: 10 Most Missed Crypto Theories Like ‘Peter Todd is Satoshi'
