Solana Foundation Signs MoU With Dubai’s VARA to Establish Economic Zone
The Solana Foundation has signed a Memorandum of Understanding (MoU) with Dubai’s Virtual Assets Regulatory Authority (VARA) to establish an economic zone in Dubai. This partnership aims to enhance collaboration between crypto builders and regulators.
Key Details of the Collaboration
- Focus on talent development training, workshops, and advisory sessions for founders
- Sharing of economic impact and industry data
- Support for the Dubai Solana Economic Zone
This initiative reflects Dubai's increasing crypto adoption and its commitment to leading Web3 governance. Recently, Dubai also engaged with the XRP Ledger for a Real Estate Tokenization Project and partnered with SuiHub MENA to support local startups.
Solana Price Fluctuations
Following the announcement, the price of Solana (SOL) increased by nearly 2% within 24 hours, reaching $158.64, which marks a daily rise of 1.71% and an 8.89% increase over the past month. However, it has declined by 9.67% in the last week and shows a downward trend linked to Bitcoin's recent price correction from an all-time high of over $111,000.
Despite challenges, Solana has performed well since last year's lows, but it struggles to break certain price thresholds. Future recovery may depend on Bitcoin's performance and advancements related to VARA.