- Fordefi, an institutional multi-party computation (MPC) wallet company, will integrate its native wallet solution with applications and protocols built on Solana, introducing advanced security features and transaction simulations.
- Solana’s Saga phone underwent successful testing in China, indicating significant potential for Solana’s ecosystem and future price trends.
Fordefi, a leader in institutional MPC wallet solutions, has announced its plans to merge its native wallet solution with applications and protocols developed on Solana. Unlike typical individual wallets, institutional wallets necessitate multi-stakeholder access. MPC, standing for multi-party computation, is a wallet security protocol that provides this access while ensuring personal data privacy.
The proliferation and maturity of tokenization underscore the criticality of infrastructure platforms like Fordefi. As Solana Foundation’s Head of Business Development, Ben Sparango, notes, these platforms allow institutions to manage their assets intuitively and efficiently. While Solana’s ecosystem already encompasses diverse types of MPC wallets, Fordefi’s Co-founder and CTO, Dima Kogan, asserts that merely being an MPC wallet doesn’t suffice.
Fordefi differentiates itself with security features tailored to institutional needs, such as simulating transactions and independently verifying contract addresses. Pre-signature transaction simulations provide a comprehensive transaction overview, including details of the smart contract destination, transacting party, token value, and accompanying gas fees. Along with the transaction’s potential risks, these details form the foundation for institutional wallet approval processes. Furthermore, Fordefi’s wallet sports a policy management tool enabling institutions to set permissions and approvers, a valuable feature identified by Fordefi’s Vice President of Marketing, Crest Saechao.
This enhanced functionality has attracted institutions like Keyrock and DeFiance Capital. Arthur Cheong, Chief Information Officer and founder at DeFiance Capital, commended Fordefi for its focus on innovation, DeFi security, and education, striving to ensure participant safety while driving institutional adoption.
In parallel news, Solana’s Saga phone, a pioneering device in the Ethereum-alternative protocol realm, has successfully passed its first review in China. The device offers a unique combination of seed vault and dApp store, which functioned flawlessly during the testing process. The reviewer acknowledged the Web3 phone’s user-friendly functions and regarded Saga as an impressive initial attempt in developing a Web3 phone by Solana.
This positive reception and the phone’s promising adoption prospects have also impacted Solana’s cryptocurrency, SOL, driving a near 6% price increase over the last week. Despite the SEC labeling Solana as a security and subsequent 30% price dip, Solana’s ecosystem’s positive developments have begun to nullify the losses. This pattern, previously seen in early June, suggests that further positive reviews from China could spur additional growth in SOL’s price.