Introduction To Token Extension
Last updated
Last updated
“These features are not merely nice-to-haves. We believe they are important features to provide to merchants if PYUSD is to grow in its utility to broader commercial segments.” - @PayPal
With over 426 million active users and a total payment volume of $1.53 trillion, PayPal, the giant in online payments, has recognized the immense potential of Solana's Token Extensions. This endorsement isn't just a fleeting compliment; it underscores the transformative power of these extensions in the world of digital transactions.
Imagine creating digital coins that can do more than just being sent from one person to another. Pause for a moment with a deep breath and picture a world, a world where these tokens can carry hidden transaction amounts, accrue interest like a savings account, or even enforce royalties every time they're transferred. This isn't the future—it's the present, thanks to Solana's Token Extensions.
A proper definition of Token extension will be that of Solana “a new token program on the Solana blockchain that enables a set of modular extensions for token issuers”.
Hitesh, a crypto veteran and the founder of dyor.ag, attempted a description of what solana token extensions are. According to him, Token Extension is a library of 19 different token standards on the Solana blockchain. Standards that allow developers to enable specific features based on their token's use case.
If you’re part of an enterprise team that is building on blockchain—or thinking about building— then you probably already know just how difficult this task can be. You’re trying to meet the unique business needs of your project, achieve the reliability and performance requirements of your enterprise, and solve the technical problems and restrictions of blockchain—all while staying on budget, on time, and compliant. If this all sounds familiar, token extensions could be your solution. With token extensions, you can now create advanced, regulatory-friendly, versatile blockchain tokens that are fast to build, flexible, and meet the criteria you need for your enterprise applications—all with the scalability, security, and reliability built into the core of the Solana blockchain.
