Solana’s (SOL) price has increased rapidly following the introduction of a new open-source protocol for the latest generation merchant payments. ‘Solana Pay’ offers additional functionality to its current and potential users. In particular, users may be able to send their USDC or other stablecoins directly to the merchant, thus maintaining close communication between all parties involved.
The costs declared by Solana should be within a fraction of a penny, contributing to the unique cost advantage in the crypto and real market. Merchants will also be able to send digital assets directly to customers, facilitating the process of fulfilling their obligations.
Solana Pay allows integrating all currencies and using them on-chain, resulting in maximum flexibility for all stakeholders involved in this process. Ownership of the customer relationship, zero fraud liability, and DeFi revenue generation constitute the major benefits that can be enjoyed by all merchants.
The reliance on such a decentralized payments solution will allow companies to reach the broadest possible audience within the minimum timeframe and effectively utilize their competitive advantage. Customers are also expected to respond to such innovative opportunities in a positive manner as Solana Pay enables economizing funds as well as minimizing the time required for purchasing digital products and services.
The market reactions to Solana’s innovations are manifested in the rapid increase of the SOL price that constitutes 20% positive dynamics in regards to the previous day. $SOL has reached the local max of $110.93, thus indicating the end of the correction observed in the Solana market during the past several weeks.
However, the future dynamics of this cryptocurrency will largely depend on the following factors: its ability to meet the existing expectations and successfully integrate the interests of different stakeholders involved; the future rates of Solana Pay’s audience expansion; competitors’ reactions and innovations; and regulatory changes and the Federal Reserve’s monetary policy changes that may occur within the following weeks.
In any case, Solana has introduced one of the major crypto innovations in the market this year and strengthened its positions in the industry. The further development of Solana Pay’s project and related initiatives may have a proportional impact on Solana’s capitalization and its growing ability to challenge Ethereum’s dominance as the leading altcoin. Overall, the competition in the sphere of decentralized payment networks may considerably intensify in the near future as it may become the main determinant of consumer demand for DeFi solutions.
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