- Solana Labs has introduced an update to the SPL standard.
- This is a set of extensions designed to make new tokens more programmable.
Solana Labs has recently unveiled an update to the SPL standard, which includes a range of extensions aimed at enhancing the programmability of tokens. These updates are a significant step forward for the Solana network, providing businesses, institutions, and developers with powerful capabilities to build tokenized assets.
In response to questions from CoinDesk, a representative from the Solana Foundation, which oversees the blockchain foundation, expressed that these extensions will enable crypto asset issuers to adapt to the dynamic regulatory environment.
The software package includes 13 plugins, each offering unique functionalities:
- Ability to cancel a transaction if it does not meet specified parameters
- Built-in royalty system to collect commissions
- Integration of zero-knowledge evidence
- Partial control over issued tokens, primarily beneficial for stablecoin issuers
- Ability to block fund transfers
These are just a handful of the innovations that come with the update. Solana Labs plans to continuously enrich the library of extensions with more features in the future.
Paxos and GMO Trust have already recognized the potential of the update and are planning to issue stablecoins on the Solana network, as stated in a press release.
Additionally, the foundation has announced a grant competition to fund expansion projects. As we previously reported, the Solana ecosystem witnessed a surge in active developers, reaching 2,500 per month in 2023.