Trezor Wallet Integrates Solana and SPL Tokens
Trezor Wallet, a leading Web3.0 hardware wallet has announced its support for Solana (SOL) and tokens designed using the Solana Program Library (SPL) on its platform.
Strategic SOL and SPL Token Integration
SOL is the native token of the Solana blockchain while SPL is the token standard on designed for the ecosystem, similar to Ethereum’s ERC-20 token standard. Based on the new development, Trezor Wallets Model T and Safe 3 now support SOL as well as all SPL tokens, per the announcement by Trezor on the X app.
These Trezor Wallets collectively support as much as 8,000 coins and they also facilitate the sales and transfer of digital assets for users. Furthermore, the Safe 3 which is worth approximately $79 has a special chip that provides an additional layer of security. Model T, on the other hand, costs $179 and has a touchscreen interface.
The decision to integrate these tokens comes amid a recent surge in the market value of Solana. Within the last 24 hours, the popular altcoin has recorded almost a 15% increase in its market value. According to the current market outlook, SOL is trading at $83.28, a level that marks its highest for the year.
This recent price surge has placed Solana as the 5th largest cryptocurrency by market capitalization.
The SOL price rally contributed to a flip which helped the coin to surpass XRP while also achieving a milestone in which it led Ethereum (ETH) in 24-hour DEX volume. Meanwhile, it is perceived that the recent price surge of Solana is a function of the rising popularity of the memecoin, BONK, which will also be supported by Trezor Wallet.
Trezor Wallet Grabs Opportunity to Grow
The decision to add Solana and its associated tokens may be a strategy for Trezor to take advantage of a recent unfortunate incident in the Decentralized Finance (DeFi) landscape that saw the exploit of Ledger.
Ledger’s ConnectKit suffered a rug pull about a week ago which affected versions greater than 1.1.4, according to Web3 security firm, Blockaid. At the time of the security breach, approximately $150,000 was reportedly lost, a figure that has now soared above $600,000.
The protocol has promised to reimburse all affected wallets but Ledger users may likely consider exploring other platforms as a loss of faith in the security of the attacked wallets. Trezor comes off as one of the top favorites should Ledger users choose to cross-carpet.
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