Solana price could recover from slump as SOL introduces new functionality for business needs

• Solana introduced token extensions, a functionality that will help developers build a customized experience. 
• Solana’s new functionality is designed for businesses to adopt the SOL blockchain. 
• SOL price could recover from its 14% weekly decline. 

The Solana blockchain added a new functionality to serve businesses looking for Real World Asset tokenization. With token extensions, developers will be able to build customized token experiences for businesses, drawing more users to the SOL blockchain and likely driving Solana’s adoption higher. 

Solana price has been in a slump with nearly 14% weekly decline. At the time of writing, Solana price is $88.28. 

Also read: Bitcoin price could comeback above $40,000 as traders decide where BTC is headed next

Solana unveils token extensions to aid businesses in real world asset tokenization

Solana’s latest functionality can help developers gate token transfers by digital assets like NFTs or loyalty cards. This would make it easier for businesses to update tokens tied to Real World Assets.

Solana dropped the details of token extensions in a recent tweet, labeling it “ready-to-use” and advanced. This functionality can be considered a secure tool for digital and real world assets that seek the high-throughput low cost features of the SOL blockchain. While public blockchains make it difficult to control access to digital assets, SOL’s latest functionality helps businesses gate access to their assets through customizable token extensions. 

Solana mentions that key use cases for its functionality are building better stablecoins, leveling up gaming assets, governance for Real World Asset issuance, among others. The functionality has been audited and the protocol has invited businesses to utilize the blockchain for their RWAs. 

SOL yielded nearly 14% losses to holders in the past week. The developments lined up for 2024 could catalyze a recovery in Solana, when the market wide correction grinds to a halt.