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Market News Solana Displays Resilience and Ongoing Development in the Face of Adversity

Solana Displays Resilience and Ongoing Development in the Face of Adversity

The report by Nansen on the Solana ecosystem demonstrates its capacity for resilience, development, and economic activity. Fee markets, state compression, and liquidity staking are a few of the solutions introduced by Solana that augment its technology and pique the interest of businesses and consumers. In addition, a number of the obstacles Solana encounters were highlighted, including network disruptions, FTX/Alameda unpredictability, and price fluctuations.

TOP1 Markets Analyst
2023-10-09
9154

 Solana (SOL) 2.png

 

A recent report by a Nansen analyst, as reported by CryptoPotato, extensively examines the Solana ecosystem, including developments in the network and on-chain data, among other noteworthy discoveries. Despite obstacles such as network outages and the FTX/Alameda saga, the Solana blockchain has demonstrated remarkable resilience and ongoing progress, attaining a 100% availability year-to-date, according to the report. At $30.95 million, the present total value locked (TVL) of Solana is nearly double that of the same period last year.

 

Volte transactions have significantly increased in volume, whereas monthly transactions pertaining to Solana have remained relatively stable. This rising TVL and transaction volume, according to Nansen, indicate the region's capacity for robust economic activity. Additionally, the Nansen analyst highlighted a few of Solana's solutions, including its fee markets and state compressions, which have effectively resolved significant challenges within its technology architecture. The state compression significantly decreased the cost of NFT minting by a factor of over 2,000, resulting in a scant $113 expenditure.

 

The discourse placed significant emphasis on the swift proliferation of liquid staking within the Solana network, which was spearheaded by Marinade Finance, Lido Finance, and Jito_sol. Nevertheless, the report acknowledges that substantial potential for additional growth remains, given that these protocols are presently allocated only about 3% of staked SOL. Additionally, a growing interest in enterprise adoption and payment channels was noted by the analysts in the wake of Visa's implementation of USDC settlement on the Solana blockchain.

 

Indicative of its promise, the report also notes that Solana has been attracting the interest of consumer-facing applications and lauds its technological achievements, potential partnerships, and infrastructure applications. Nevertheless, the report also acknowledged the existence of remaining obstacles, such as the unpredictability surrounding FTX/Alameda's SOL holdings. Adverse reports regarding these holdings will serve as an interim impediment to the expansion of SOL. Recent reports indicate that approximately 9.1 million SOL owned by Alameda Research remained unstaked, which is the cause of the current price declines. Possibly an additional obstacle was the price action of Solana's assets, which remained in the red throughout the entire year. An examination of the price since January reveals, nevertheless, that SOL started the year trading at approximately $10 and is currently valued at over $20.

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