Solana Blockchain Achieves Record 120 Million Active Addresses in October
Solana reached a significant milestone in October, recording over 120 million active addresses—the highest user activity in the network’s history. This surge highlights Solana’s increasing prominence in the blockchain and cryptocurrency sectors, driven by its high trading volume and low transaction fees.
In parallel, major financial institutions Citi and Fidelity have advanced their blockchain initiatives by introducing a proof of concept for a digital foreign exchange (FX) swap integrated within an on-chain money market fund (MMF). This innovation, set to be featured at the Singapore Fintech Festival from November 6-8, allows traders to settle multi-asset positions in real time. The approach facilitates access to diversified money market funds across different currencies, potentially offering higher yields than standard foreign cash funds.
Developed under the Monetary Authority of Singapore’s (MAS) Project Guardian, this initiative seeks to establish common tokenization standards for financial assets. If widely adopted, Citi and Fidelity’s project could revolutionize global financial markets by cutting cross-currency settlement times from days to mere seconds, showcasing the transformative potential of blockchain technology for international finance.
This proof of concept signals the growing interest from traditional financial institutions in leveraging blockchain to optimize financial processes.
*This is not investment advice.
