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Solana logo. Solana Announces Extensions That Enhance Token Functionality

Solana Announces Extensions That Enhance Token Functionality

The Solana foundation has launched token extensions that allow developers to enhance the functionality of the tokens they create on the Solana Network.

The functionality offered by token extensions includes:

Confidential Transfers

Confidential transfers use zero-knowledge (zk) proofs to encrypt the value of transactions while providing the source, destination, and token type. The issuer of the token has certain audit rights.

Transfer Hooks

Transfer hooks provide developers with the flexibility to develop more advanced token interactions by giving them control over how the tokens interact with each other.

A Revenue Source: Transfer Fees

This can fund research, development and enables developers to get paid easily by allowing them to charge the users of their tokens transfer fees. This has strong potential to attract developers from other blockchain platforms such as Ethereum.

Permanent Delegate Authority

This means that developers have full control over the tokens they issue.

Non-transferability

The issuer can only transfer tokens to another wallet.

“Token extensions build on the characteristics that make Solana the ideal destination for developers,” said Anatoly Yakovenko, co-founder of Solana and CEO of Solana Labs. “Solana is the first network to offer this level of integrated developer and user experience in a single token program. We’re already seeing the potential to build using token extensions via deployments from some of the most recognizable names in crypto.”

PR Newswire
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