Solana Labs, the development team behind the blockchain protocol Solana, has introduced a new feature called “Token Extensions” for the network’s SPL tokens. Token Extensions are a series of programs similar to Ethereum’s ERC-20 token standard.
According to a spokesperson, Token Extensions are a new standard for SPL tokens that enhance their existing functionality. The extensions introduce dozens of new use cases, including enhanced token interactions, transfer fees for every swapped token, and zero-knowledge proof-driven confidential transfers. The primary purpose of Token Extensions, according to a company statement, is to assist businesses in transitioning to on-chain operations and provide streamlined security, compliance, and other services on the Solana network.
According to a tweet from the official Solana account, Token Extensions offer 13 functionalities, including confidential transfers, transfer fees, transfer hooks, permanent representative authority, metadata, metadata pointers, default account states, non-fungibility, minting finish authorization, immutable ownership, interest-bearing tokens, transfer memo requirements, and CPI protection. Some Token Extensions can also be used in combination.
Anatoly Yakovenko, co-founder of Solana and CEO of Solana Labs, stated in a press release that cryptocurrency service company Paxos and New York stablecoin issuer GMO-Z.com Trust Company have already adopted Solana’s Token Extensions for stablecoin issuance.
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