Saturday, April 1, 2023

Solana Development Continues Even After Recent FTX Drama

  • The FTX drama has drastically affected the price of SOL.
  • Firedancer is one improvement that will be rolled out in the first half of 2023.
  • SOL is currently trading at just over $12.

Solana (SOL) has been tangled in FUD ever since rumours surfaced that the Solana ecosystem was linked to the FTX drama, and this has drastically affected the price of the crypto. This did not, however, deter the Solana team from working on new developments for the network.

The Firedancer is one example of an upcoming update scheduled to rollout, and it will aim to substantially improve the reliability of the Solana network. The likelihood that a flaw will cause damage to the network is also reduced. After going live, Solana will join Ethereum as the second multi-client chain.

SOL development activity (Source: Santiment)
SOL development activity (Source: Santiment)

Data from Santiment indicates that development for Solana is steadily picking up. Solana’s dev activity metric stands at approximately 20.2 at the time of writing. On the other hand, active developers working on Solana blockchains have decreased from 2,000 to about 75.

SOL / TetherUS 1D (Source: CoinMarketCap)
SOL / TetherUS 1D (Source: CoinMarketCap)

Things have also not been going well for the price of SOL. The crypto is currently trading at just over $12, which is a decline of more than $30 since the start of November 2022. In addition to this, SOL’s very low volume indicator indicates that the crypto has not been actively traded over the last few weeks.

Adding fuel to the fire is the fact that SOL’s TVL also saw a decrease to now stand at around $280 million.

Total NFT trades volume in USD (Source: Santiment)
Total NFT trades volume in USD (Source: Santiment)

Despite the other negative trends surrounding Solana, statistics reveal that NFT sales on the network saw sales of over $1.4 million on December 6 alone. Other promising news is the fact that Helium will switch to the Solana network during the first quarter of 2023.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

  • The FTX drama has drastically affected the price of SOL.
  • Firedancer is one improvement that will be rolled out in the first half of 2023.
  • SOL is currently trading at just over $12.

Solana (SOL) has been tangled in FUD ever since rumours surfaced that the Solana ecosystem was linked to the FTX drama, and this has drastically affected the price of the crypto. This did not, however, deter the Solana team from working on new developments for the network.

The Firedancer is one example of an upcoming update scheduled to rollout, and it will aim to substantially improve the reliability of the Solana network. The likelihood that a flaw will cause damage to the network is also reduced. After going live, Solana will join Ethereum as the second multi-client chain.

SOL development activity (Source: Santiment)
SOL development activity (Source: Santiment)

Data from Santiment indicates that development for Solana is steadily picking up. Solana’s dev activity metric stands at approximately 20.2 at the time of writing. On the other hand, active developers working on Solana blockchains have decreased from 2,000 to about 75.

SOL / TetherUS 1D (Source: CoinMarketCap)
SOL / TetherUS 1D (Source: CoinMarketCap)

Things have also not been going well for the price of SOL. The crypto is currently trading at just over $12, which is a decline of more than $30 since the start of November 2022. In addition to this, SOL’s very low volume indicator indicates that the crypto has not been actively traded over the last few weeks.

Adding fuel to the fire is the fact that SOL’s TVL also saw a decrease to now stand at around $280 million.

Total NFT trades volume in USD (Source: Santiment)
Total NFT trades volume in USD (Source: Santiment)

Despite the other negative trends surrounding Solana, statistics reveal that NFT sales on the network saw sales of over $1.4 million on December 6 alone. Other promising news is the fact that Helium will switch to the Solana network during the first quarter of 2023.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

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