Virtuals Protocol expands to Solana with strategic SOL reserve
Virtuals Protocol (CRYPTO:VIRTUALS), an AI agent platform, has announced its expansion into the Solana (CRYPTO:SOL) ecosystem, aiming to foster innovation across various blockchain environments.
This integration is expected to have a significant impact, as industry participants suggest it could enhance participation and scalability within the crypto space.
The protocol is transferring 50,000 ETH, valued at approximately $165 million, to establish a strategic SOL reserve.
This reserve will be funded by converting 1% of trading fees into SOL, which will support and reward agents and creators in the Solana community.
Virtuals Protocol is already operational on Ethereum's (CRYPTO:ETH) layer-2 network Base and believes that expanding to Solana will help attract developers and users from that ecosystem.
“Solana, known for its speed, scalability, and vibrant community, is the perfect place for us to grow and bring our vision to life,” the organisation stated.
In addition to the reserve, Virtuals plans to launch a Meteora pool aimed at improving liquidity and an expanded grants program for early-stage builders on Solana.
Industry figures have expressed optimism about this move. Sam Steffanina of WolvesDAO remarked that the integration is “bigger than most realise,” emphasising the importance of multichain strategies in the future of crypto.
Despite the positive outlook, both SOL and VIRTUAL tokens have experienced recent declines.
As of now, SOL trades at $250.92 after a 6.29% drop in a day, while VIRTUAL has seen significant losses over the past week.
Virtuals Protocol launched in October 2024 and is currently valued at approximately $1.6 billion.
The expansion into Solana marks a strategic effort to enhance its presence in the DeFi space while addressing liquidity challenges and fostering community engagement.
At the time of reporting, the Virtuals Protocol (VIRTUAL) price was $2.14 and the Solana (SOL) price was $237.26.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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