Solana has impacted Africa’s crypto market maturity

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Oladotun Wilfred Akangbe, the chief marketing officer of Flincap, a platform for African OTC crypto exchanges, has highlighted the cryptocurrency industry’s remarkable growth and maturity, focusing mainly on Solana’s resilience and community efforts in Africa.

Akangbe told Cointelegraph that the crypto industry is steadily maturing, demonstrating its ability to withstand various challenges that would have previously triggered a market downturn.

Crypto industry resilience

Despite severe challenges like the regulatory issues surrounding Binance, the delisting of BUSD, and the resignation and sentencing of Binance’s founder, CZ, the industry remains robust.

According to the executive, the strength and adoption of any technology heavily depend on the vigor of its community. Crypto projects’ continuous focus on solving community problems, particularly in remittances and international payments, indicates positive year-on-year growth.

“With the kind of communities built around several crypto projects, we’re closer to mainstream adoption than ever before.”

Akangbe’s sentiment follows a recent series of Solana Allstars Nigeria community meetups in different parts of Nigeria. Solana, a prominent blockchain platform, exemplifies this community’s strength. Despite market fluctuations, Solana’s community in Africa thrives.

Solana leads African Web3 adoption

The Solana Foundation has initiated several activities, such as meetups, hackathons, and educational workshops, that have effectively onboarded many Africans into the Solana ecosystem. These initiatives bolster community engagement and drive the practical adoption of blockchain technology.

Various decentralized groups worldwide simultaneously promote Solana, with the Solana Allstars team in Nigeria recently emerging as one of the most active Web3 adoption groups. Akangbe noted that these efforts shift user focus from mere price movements to the real-world utility of Solana’s projects.

Related: Crypto investor doubles Solana donations to pro-crypto PAC

There have been speculations over the emergence of a spot Solana (SOL) exchange-traded fund (ETF) in the United States. According to Bloomberg analyst Eric Balchunas, the ETF may only be possible with a change in the administration and the head of its securities regulator.

Several ETF issuers have submitted applications for the Solana ETF so far. On June 28, 21Shares filed an S-1 application with the United States Securities and Exchange Commission for a spot Solana (SOL) ETF just a day after ETF issuer VanEck made a surprise move to file for a spot.

Solana SOL, the native cryptocurrency of the Solana network, dropped over 15% to reach a low of $121 on July 1. SOL’s weekly losses stand around 10% and 23% in the 30-day timeframe.

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