- Meme coins have been on a run in the first half of 2024, and their utility may be improving thanks to new technology from the Solana Foundation.
- Solana is introducing Blinks and Actions, a pair of tools that will allow blockchain transactions to be finalised at the click of a button.
- This will allow crypto users to stake, purchase, swap and donate tokens from their social media feeds.
2024 has been a sparkling year for meme coins, if not somewhat obscured by the discourse around Bitcoin and spot ETFs. In this timeframe, Solana has cemented itself as the go-to network for new meme coin projects, with tokens like Book of Meme and Bonk taking flight.
Now, the popular DeFi ecosystem intends to leverage this position by bringing meme coins – among other features – to a mainstream audience.
How?
Welcome to the era of blockchain links (or Blinks for short) and Actions.
Related: Investment Manager Files Proposal for First Solana ETF in North America
The nitty-gritty of blockchain links is a little complex (you can read up on the technical side of things via the Solana document). But, in simple terms, they act as a portal between a decentralised ledger and a third-party client – a social media feed, a crypto wallet or even an application like Discord.
A Solana Action creates an API that supports transactions on Solana via simple means such as “QR codes, buttons + widgets and websites”. From there, the blockchain link transforms that Action into a user-facing piece of data that can be interacted with.
Actions and blinks on Solana allow any website and application on the internet to be a distribution point for on-chain interactions, furthering the goal of mainstream adoption.
Jon Wong, Head of Solana Ecosystem EngineeringWhat Will Blinks and Actions Look Like in Practice?
It’s easy to see why Blinks and Actions could be so effective. A huge barrier to cryptocurrencies being used as intended – as a mainstream alternative to fiat – is the difficulty of setting up a wallet and finalising transactions.
Although users will still need to create and maintain a Solana-friendly wallet, imagine being able to send small amounts of cash at the click of a button. Donate to a cause using digital currency, or compensate a content creator directly without worrying that someone else is getting a slice of their pie?
Integrating convenient payment options could entice a whole new wave of users while improving how internet personalities are rewarded for their work.
The founder of Dialect – a development team that worked alongside Solana to create Blinks and Actions – touched upon some of the use cases of the new tech.
From your X feed, you can buy an NFT, tip a creator, receive money, vote, stake, swap and so much more.
Chris Osborn, founder of DialectCredit: Source link
