Hassan Maishera
On Thursday, the Solana team announced via X that Backpack Securities is bringing real stocks onchain via the Solana network.
Every share is bought through the U.S. brokerage system, then withdrawn onto Solana as a token that moves freely across the ecosystem. Deposit it back, and it redeems one-to-one for the underlying security entitlement.
The first stock to go onchain is $TTWO. It is now listed on Solana with Sunrise. Take-Two reports earnings tomorrow before market open, with GTA 6’s release timeline and full-year outlook in focus.
Solana is an integrated, open-source blockchain that synchronizes global information at the speed of light. The network is focused on fast transactions and high throughput to encourage mass consumer adoption of blockchain technology.
Solana is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.
The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.
SOL is down 1.5% in the last 24 hours and trades at $72.85.
