R3 bets on Solana to bring institutional yield onchain

Core Insights - R3 is undergoing a strategic reset to determine the best way for customers to move assets fully onchain, coinciding with a comprehensive review of the blockchain landscape [1] - The firm has established a strategic partnership with the Solana Foundation, viewing Solana as the optimal network for future onchain markets due to its structure and design [2][3] Company Developments - R3 supports over $10 billion in assets through its Corda blockchain platform, collaborating with major financial institutions such as HSBC and Bank of America [4] - The firm is focusing on tokenization, which is gaining traction among traditional financial institutions as a key use case for blockchain technology [5] Industry Trends - Decentralized finance (DeFi) activity is primarily concentrated on a few chains, with Ethereum leading in total value locked (TVL), while Solana is rapidly growing due to its high throughput and low fees [6] - Solana's DeFi ecosystem has surpassed $9 billion in TVL, positioning it as a leading network outside of Ethereum and demonstrating significant onchain transaction volume and active wallet engagement [7]