Solana Foundation: The "Token Extension" upgrade for the Solana SPL token standard is now live

2024-01-24 22:10:45

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ChainCatcher news, according to CoinDesk, Solana has announced a new "Token Extensions" feature aimed at attracting token developers who meet compliance requirements.

It is reported that this upgrade expands Solana's SPL token standard, allowing token developers to implement rules restrictions on token holders and control over token operations.

The Solana Foundation stated that this service is designed to enhance business compliance controls for tokens built on Solana. Token extensions will allow businesses to hard-code various features into tokens, such as whitelists, automatic transfer fees, and confidentiality during transfers, which were previously non-existent. This feature is particularly attractive to stablecoin issuers. For example, Paxos and Japanese company GMO Trust are both issuing stablecoins on the Solana blockchain utilizing the token extension feature.

A spokesperson for the Solana Foundation stated that token extensions provide issuers with options to remain compliant in a constantly changing regulatory environment. Developers can mix and match five extension features, including automatic fee payment during transfers and using zero-knowledge proofs to hide transfer information.

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