African crypto market is growing under Solana’s influence

Flincap’s chief marketing officer (CMO), Oladotun Wilfred Akangbe, has emphasized that African crypto communities are getting closer to mainstream adoption. Ricards, a crypto industry observer,  also added that Solana partnerships would not only drive Africa’s crypto adoption but also enhance continent-wide accessibility and provide ‘scalable blockchain solutions’.

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Akangbe said Solana was building a robust ecosystem across Africa through educational workshops, meetups, and hackathons. He affirmed that Africa’s Solana communities’ effects were slowly being felt despite market volatility.

Solana champions Web3 adoption in Africa

Akangbe disclosed that several activities initiated by Solana supported the effective onboarding of many Africans into its ecosystem. He claimed these initiatives promoted the practical adoption of blockchain technology. 

The CMO mentioned the Nigerian Solana Allstars as one of the active decentralized groups promoting Solana’s adoption around the world. He noted that such efforts pushed the crypto communities to focus on the ‘real-world utility of Solana’s projects.’ 

“Solana is actively involved in driving cryptocurrency adoption in Africa, leveraging its robust blockchain technology.”

– Satoshi Talks

According to Satoshi Talks, the Solana ecosystem is suitable for the growing  African market due to its high transaction speeds and low transaction fees (~$0.00025 per transaction). 

Solana attracts African crypto communities

According to Akangbe, Nigeria was at the forefront of showcasing Solana’s thriving African community in different parts of the continent. He mentioned that the Foundation had implemented many Solana-focused initiatives in his native country, Nigeria, to onboard more Africans. 

The CoinEx exchange also affirmed that the Solana ecosystem had demonstrated resilience despite facing ‘network performance issues’ and the collapse of the FTX exchange. According to CoinEx, Solana’s DeFi sector underwent significant growth as its Total Value Locked (TVL) increased from $421 million to $1.27 billion.

CoinEx claimed that Solana’s strategic partnerships highlighted the blockchain’s growing market relevance and influence with projects like The Heist, Reavers, and Idle Gaming. CoinEx also mentioned that Solana’s NFT market showed signs of substantial growth.

“The resilience of Solana is a story that will be passed down through generations.”

– TTOSHI

Akangbe added that Solana was more ‘in tune’ with the crypto community problems it focused on solving in Africa. He pointed out that Africa already had a vibrant tech community that would be crucial for driving widespread adoption of the Solana ecosystem across the continent.   

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A statement by Solana Allstars revealed that the Solana crypto festival hosted by Nigeria was a mix of ‘Africa’s rich cultural heritage and tech.’ The community’s statement disclosed that the event celebrated Solana with’ a touch of Africa’s diverse culture.’

Cryptopolitan reporting by Collins J. Okoth