Solana Labs releases token extensions for SPL token standard on Solana network

Solana Labs has launched a new evolution called token extensions for the Solana Network's SPL token, a series of programs that are comparable to Ethereum's ERC-20 token standard.

Token extensions are a new SPL token standard the augment its original functionality, a spokesperson told The Block. Among the dozens of new use cases are augmented token interactions, transfer fees for every swapped token and zero-knowledge proof-powered confidential transfers. Token extensions are designed to help businesses transition on-chain and offer streamlined security, compliance and other services on the Solana network, according to a company statement. 

"Token extensions build on the characteristics that make Solana the ideal destination for developers," said Anatoly Yakovenko, co-founder of Solana and CEO of Solana Labs, in a statement. "Solana is the first network to offer this level of integrated developer and user experience in a single token program. We’re already seeing the potential to build using token extensions via deployments from some of the most recognizable names in crypto."

Crypto services firm Paxos and GMO-Z.com Trust Company, a New York-based stablecoin issuer of Yen-pegged and USD-pegged tokens, have already adopted Solana’s token extension to issue stable coins on the network.

(Corrects headline to reflect Solana Labs as developer of the token extensions.)