Visit Solana Foundation presented the “ token extensions “providing functionalities to the SPL tokens on its network.
This Wednesday, Solana Foundation announced the launch of the ” Token extensions “to offer “advanced and ready-to-use” token functionalities for enterprises and developers.
The token extensions build on the features that make Solana the ideal destination for developers. Solana is the first network to offer this level of integrated experience. […] We’re already seeing the potential using token extensions via deployments of some of the best-known names in crypto,” trumpeted Solana co-founder Anatoly Yakovenko.
Several major crypto players have indeed been leveraging the solution for some time, including Paxos to issue stablecoins on Solana.
Token extensions have been designed specifically for stablecoins, but also for RWAs and payments. They include various features such as “Transfer hooks”, which give token issuers control over how tokens and users interact, or “Confidential transfers”, which publicly share the source, destination and type of token, but use ZK proofs to encrypt the transfer amount.
A growing number of companies want to ensure that they can adopt blockchain technology in a responsible way that adheres to their internal compliance processes. One of the many benefits of token extensions is that they simplify these processes,” explained Amira Valliani of the Solana Foundation.
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