Originally published on: November 01, 2024
XYO, the decentralized physical infrastructure network known as DePIN, has made a significant move by transitioning from Ethereum to Solana. The decision was fueled by Solana’s impressive features such as high throughput, low transaction costs, and scalability, as reported in a recent blog post by XYO on Oct. 31.
With the XYO token now seamlessly available on both Solana and Ethereum, users have gained broader cross-chain access and flexibility, marking a new era for decentralized finance. The native XYO token of DePIN is now open for trading against various tokens including Solana’s SOL and USD Coin USDC on Solana-native decentralized exchanges like Jupiter and Raydium.
Markus Levin, the co-founder of XYO, highlighted the significance of bringing XYO into the Solana decentralized finance ecosystem, stating that it enables easy trading for anyone holding Solana-based tokens or memecoins. This move will provide access to the XYO DePIN data ecosystem.
The incorporation of XYO into Solana is just a step towards the broader goal of making XYO accessible across multiple blockchain networks, according to Levin.
XYO’s DePIN is designed to authenticate locations and other real-world data for both Web2 and Web3 projects. Operating over 8 million nodes across 150 countries, XYO is a strong player in the decentralized infrastructure realm.
DePINs, like XYO, are pivotal in decentralizing real-world infrastructure and systems, offering potential use cases such as communications networks, data warehouses, and energy markets in the Web3 space. With the ecosystem expanding rapidly, it represents over $50 billion in aggregate market capitalization with more than 1,000 projects in play, as stated by MV Global.
Solana’s attractiveness to DePIN projects like XYO lies in its low median fee per transaction of $0.00064, making it a preferred choice alongside projects like Helium, io.net, and Render. Analysts, including Johannes Fuchs from MV Capital, commend Solana’s parallel processing architecture and low fees, predicting that the upcoming Firedancer upgrade will further enhance its appeal for upcoming DePIN projects.
As XYO embarks on its journey with Solana, the future looks promising for the decentralized infrastructure and the broader DeFi ecosystem. The possibilities are endless as more DePIN projects explore the potential of blockchain networks like Solana.
