Solana (SOL), one of the most popular layer1 solutions in 2021, has experienced significant losses due to the collapse of FTX, the crypto giant. The TVL of the network, which was largely abandoned by institutional investors, has greatly eroded. On the other hand, due to the lack of interest from investors, the price has been unable to surpass $27 for a long time. However, today Solana shows signs of life with an important announcement.
Speed and low fees were the most important features of the Solana network. However, the bear market and the blow from FTX’s collapse have led to a decrease in interest in this popular altcoin. Moreover, many collections on the network, which are highly active in the NFT field, have died because they could not find investment. For example, the NFT project House of Sparta recently announced that they could not find investment due to lack of interest and had to pause the project. All of these deepen the losses of investors in the Solana ecosystem.
Today, Solana announced that its payment solution, Solana Pay, has integrated with the e-commerce giant Shopify. Josh Fried, Head of Business Development at Solana Foundation, said the following in his statement:
“Solana Pay on Shopify offers millions of sellers a more dynamic and efficient payment option, while consumers gain the privilege of shopping with cryptocurrency from Shopify’s extensive network of merchants.”
In February 2022, Solana Labs launched Solana Pay as a way to enable businesses to accept crypto payments. Solana Pay allows buyers and sellers to interact directly with USD stablecoins compatible with Solana.