2021 marked the year that crypto gained mainstream appeal and businesses began expanding into DeFi.
2021 marked the year that crypto gained mainstream appeal and businesses began expanding into DeFi. Despite the crypto market beginning 2022 on a stagnant note, that hasn’t slowed down any exciting developments to channel crypto into the zeitgeist. Undeniably, two of the most exhilarating headlines so far include Solana (SOL) launching Solana Pay on Tuesday. The digital payment platform is expected to facilitate point-of-sale transactions for crypto. Secondly, HUH Token (HUH) announced the completion of Phase 1 of its roadmap, about a week after hundreds of influencers began promoting HUH across social media.
Whereas the early days of crypto were marked by lengthy processes to buy Bitcoin (BTC) and excessive waiting times, Solana Pay presents a game-changing buildout to the rapidly evolving market. Designed to transform e-commerce, crypto might become the default way to facilitate point-of-sale transactions for retailers and customers.
Solana Pay allows retailers to accept and move any number of stablecoins that are compatible with the Solana blockchain anywhere, at any time with virtually non-existent transaction fees. Merchants can gain real-time access to their money, with improved working capital management, liquidity and liability protection, and direct access to their money in seconds. Additionally, the platform appears alluring as it involves no middlemen, no holding periods, and no bank transfer fees.
Furthermore, according to Solana, retailers can establish a two-way communication channel with their customers by connecting directly to a blockchain wallet address. This would enable retailers to send offers, issue NFTs and reward loyalty.
Solana Pay’s competitive edge is its decentralised payment structure, which is exceedingly quick due to Solana blockchain’s scalability of 65,000 transactions per second, “near-instantaneous” settlement of 400 milliseconds, and low transaction fees of only $0.00025. In comparison, Bitcoin (BTC) can only handle 7 TPS while Ethereum (ETH) can only process 13 TPS.
Another benefit of using Solana Pay is its convenience, through which customers can make payments by activating a barcode on the retailer’s website or at the point-of-sale. Likewise, a retailer can use the Solana Pay SDK to establish a peer-to-peer connection with the millions of crypto wallet users who can pay in stablecoins like USDCs or other cryptocurrencies compatible with the Solana blockchain. Solana is apparently also seeking to attract larger retailers as well as more POS providers and e-commerce platforms.
Moreover, HUH Token (HUH) are celebrating the completion of Phase 1 of their roadmap, which has enabled the uti-meme to gather over 17,000 holders, onboard hundreds of well-known social media influencers and experience a 6000% price increase a month after their launch. HUH has been rumoured to be the next big thing in crypto, and has been likened to Shiba Inu (SHIB) and SafeMoon (SFM), both of which saw ground-breaking ROIs last year.
HUH is drawing closer to creating its long-awaited social platform, the MetHUH. Described in the White Paper as a ‘decentralized metaverse’, the aim is for users to gain from the data they generate – a refreshing alternative to social media. Like Solana Pay, the MetHUH would also offer competitive advantages to businesses as well as influencers. Without the need for an intermediary in the MetHUH, social influencers will be able to engage with each other and companies interested in collaborating with them.
The MetHUH will also house a social media marketplace for NFTs, where users can bid, auction, and buy NFTs from their favourite social influencers. Influencers will be able to create NFTs from their own content and media, set their own price, and then auction these NFTs on the MetHUH. Within the MetHUH, users can buy, collect, and resell these NFTs.
DeFi appears to be taking over the crypto scene at lightning speed. As demonstrated by developments from SOL and HUH, DeFi can be utilized to improve both e-commerce and social media to increase its efficiency. Which crypto projects will be next to follow suit and propose thrilling advancements to DeFi?
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