Adopting any technology hinges on the strength of its community, and Solana has demonstrated this through its growing African community. Oladotun Wilfred Akangbe, Chief Marketing Officer of Flincap—a platform for African over-the-counter crypto exchanges—recently highlighted Solana’s role in the cryptocurrency industry’s growth and maturity in Africa.
Strength of Community Drives Adoption
Akangbe shared with Cointelegraph that the crypto industry is maturing, showcasing its resilience by overcoming challenges that once would have caused significant market downturns. He emphasized that the strength and adoption of any technology depend heavily on the community supporting it. He pointed out that crypto projects focusing on community issues, especially in remittances and international payments, are experiencing 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 said.
Solana’s Community Initiatives in Africa
Solana has made significant strides in Africa through various initiatives that engage and educate the community. The Solana Foundation has organized meetups, hackathons, and workshops to onboard many Africans into the Solana ecosystem. These efforts have bolstered community engagement and driven the practical adoption of blockchain technology.
The Solana Allstars Nigeria community has emerged as one of the most active Web3 adoption groups. Akangbe noted that these community efforts shift the focus from price movements to the real-world utility of Solana’s projects.
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Resilience Amid Regulatory Challenges
Despite regulatory challenges, such as issues surrounding Binance and its founder Changpeng Zhao, who pled guilty to violating US money laundering laws in November 2023, the crypto industry continues to grow. Akangbe’s observations underscore the industry’s resilience and ability to sustain growth despite such obstacles.
Potential for Solana ETF Approval
There is growing speculation about the approval of a spot Solana exchange-traded fund (ETF) in the United States. Bloomberg analyst Eric Balchunas suggested that the ETF might only become feasible with a change in US administration and Securities and Exchange Commission leadership. Several issuers, including 21Shares and VanEck, have submitted applications for a spot Solana ETF, indicating significant interest and potential for mainstream financial integration.
Despite recent market fluctuations, with SOL dropping over 15% in 48 hours to a low of $121 on July 1, the broader outlook remains positive. Solana’s initiatives in Africa and potential ETF approval reflect its growing influence and the maturing state of the cryptocurrency market in the region.
