The decentralized physical infrastructure network (DePIN) XYO has launched on Solana, making its native XYO token tradable on Solana’s ecosystem. XYO’s token can now be exchanged with tokens like Solana (SOL) and USD Coin (USDC) on decentralized exchanges (DEXs) native to Solana, such as Jupiter and Raydium, according to an Oct. 31 blog post by XYO.
By bridging from Ethereum to Solana, XYO aims to leverage Solana’s “high throughput, low transaction costs, and scalability,” enhancing cross-chain functionality and accessibility. “The XYO token is now natively available on both Solana and Ethereum, enabling broader cross-chain access and flexibility,” the post explained.
The move integrates XYO’s DePIN into Solana’s DeFi landscape, allowing users holding Solana-based tokens or memecoins to easily trade into and out of XYO and participate in its data ecosystem. “Bringing XYO into the Solana DeFi ecosystem, and onto platforms like Jupiter and Raydium, enables anyone holding a Solana-based token […] to seamlessly access its DePIN data ecosystem,” said Markus Levin, XYO’s co-founder, in a Nov. 1 interview with Cointelegraph.
This expansion onto Solana aligns with XYO’s strategy to become accessible across multiple blockchain networks, Levin added.
About XYO’s DePIN and the Role of Decentralized Physical Infrastructure Networks
XYO’s DePIN network enables the verification of real-world data, such as location, for applications in both Web2 and Web3 ecosystems. With over 8 million nodes operating in 150 countries, XYO serves as a decentralized network for gathering and verifying real-world information for various projects.
DePINs are designed to decentralize traditional infrastructure, covering sectors like communications, data storage, and energy markets. The ecosystem currently comprises around 1,000 projects with a combined market capitalization of over $50 billion, and MV Global, a Web3 investment firm, recently highlighted DePINs as “crypto’s next big use case” with the potential to bring a large influx of new users into the crypto space.
Solana’s Appeal for DePIN Projects
Solana’s affordability and efficiency make it an appealing platform for DePIN projects. The layer-1 blockchain’s low median transaction fee of $0.00064 and parallel processing capabilities offer a strong foundation for high-performance decentralized applications. DePIN projects such as Helium, io.net, and Render have also joined Solana for these reasons.
Johannes Fuchs, an analyst at MV Capital, noted Solana’s potential with its “parallel processing architecture and low fees.” He added that the upcoming Firedancer upgrade is expected to further solidify Solana as a top choice for new DePIN initiatives.
With this integration, XYO is poised to expand its reach within the Solana ecosystem and contribute to the growing cross-chain potential of decentralized infrastructure projects.
