blockchainreporter.net
The SFT Protocol has migrated the SFT Chain successfully to Solana, reaching 100% completion by 13:30 on the 29th of April 2024. It is a critical departure for the protocol, as it will allow it to expand on the Solana ecosystem and explore previously unavailable paths.
🚀 Exciting Update! 🚀
— SFT Protocol (@SFTProtocol) April 29, 2024
We're thrilled to announce the successful migration of SFT Chain to Solana, completed on April 29, 2024, at 13:30 (UTC+8)! Here’s what’s new:
🌉 rSPD-SOL cross-chain bridge is now live!
🚀 Launch of Solana-Launchpad and temporary pause on SMH rewards for… pic.twitter.com/5fNQY8jaLc
SFT Protocol Enhances DeFi Influence with Solana Integration
SFT Protocol seeks to provide a decentralized service as the Chain of Chains, integrating physical infrastructure with Web3 technologies to operate a platform that combines storage, computing, and edge CDN. Therefore, this migration allows the SFT Protocol to grow its services and influence in the decentralized finance sector.
The most critical component of the migration is now accessible, the rSPD-SOL cross-chain bridge is operational and can be utilized. Due to this bridge, a seamless network connection between the SFT Chain and the Solana blockchain is established via which assets can be transferred between the networks.
SFT Protocol Enables 2000 rSPD Daily Rewards with Solana-LP Farm Staking
In addition to this, the Solana-Launchpad, a specialized platform for launching new projects and ventures developed on the Solana network, has been launched by the SFT Protocol. Thus, the SMH rewards for FEVM-Launchpad will be halted for several days as the protocol allocates its focus to Solana network projects.
The migration will be accompanied by the introduction of Solana-LP farm staking, which will start from May 1st. This type of staking allows users to earn rewards by providing liquidity to particular pools on the Solana chain known as the liquidity pools or LPs in this case. Participants of the Solana-LP farm staking will have the chance to earn as much as 2000 rSPD tokens daily as rewards. The user can use this migration to learn more about the use of Web3 applications for next-generation decentralized finance.