Oladotun Wilfred Akangbe, the chief marketing officer of Flincap, a platform that facilitates African over-the-counter crypto exchanges, has emphasized the impressive growth and maturity of the cryptocurrency industry, with a specific focus on Solana’s resilience and community efforts in Africa.
Akangbe explained to Cointelegraph that the crypto industry is steadily evolving and demonstrating its ability to withstand various challenges that would have previously caused a market downturn.
Despite the regulatory issues surrounding Binance and its founder, Changpeng Zhao, pleading guilty to violating US money laundering laws in November 2023, the industry continues to thrive.
According to Akangbe, the strength and adoption of any technology heavily rely on the dedication of its community. The continuous efforts of crypto projects to address community issues, particularly in remittances and international payments, indicate positive year-on-year growth.
Akangbe’s sentiment aligns with the recent series of Solana Allstars Nigeria community meetups held in different parts of Nigeria, which showcased Solana’s thriving community in Africa.
The Solana Foundation has implemented various activities, including meetups, hackathons, and educational workshops, to effectively onboard many Africans into the Solana ecosystem. These initiatives enhance community engagement and drive the practical adoption of blockchain technology.
The Solana Allstars team in Nigeria has emerged as one of the most active Web3 adoption groups globally, receiving support from decentralized groups worldwide. Akangbe noted that these efforts shift users’ focus from price movements to the real-world utility of Solana’s projects.
There has been recent speculation surrounding the approval of a spot Solana (SOL) exchange-traded fund (ETF) in the United States. Bloomberg analyst Eric Balchunas suggests that the ETF may only become feasible with a change in US administration and the leadership of the Securities and Exchange Commission.
Several ETF issuers, including 21Shares and VanEck, have submitted applications for a spot Solana ETF. SOL experienced a drop of over 15% in 48 hours, reaching a low of $121 on July 1. Its weekly losses stand at around 10%, with a 23% decrease in the last month.
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