Solana Testnet Upgrade Signals Big Blockchain Ambitions

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Solana Testnet Upgrade Signals Big Blockchain Ambitions
  • Solana requests validators to upgrade the protocol on the testnet.
  • Stakeholder highlights Solana’s impressive mainstream encroachment.
  • Blockchain upgrades and resident dapps are contributing to Solana’s growth.

Layer 1 blockchain project Solana continues to record significant milestones, both as a blockchain and as a hotbed for decentralized applications within its ecosystem. In line with Solana’s growth and development, the project has requested validators on its testnet to upgrade to version v1.18.14. According to Rex St. John, head of developer relations at Anza, Solana makes such requests when there is less than 5% delinquent stake.

Meanwhile, St. John explained that upgrading to v1.18.14 is the next step in the sequence, leading to installing the same version on the mainnet-beta. He advised users to pay attention to when the testnet begins to run v1.18.14 supermajority and look out for a follow-up announcement later this week.

In another development, Drift Protocol co-founder Cindy Leow has highlighted Solana’s penetration into the mainstream institutional audience. In a recent post, Leow cited Drift’s inroads, a derivatives exchange for perpetual futures built on Solana, into the mainstream sector.

Expanding on her views, Leow noted that Bloomberg Crypto featured Drift Protocol for its significant traction this year as a direct and transparent alternative to centralized exchanges (CEXes). In the report, Bloomberg noted that Drift Protocol holds collateral on-chain so that balances “can be verified at all times.”

The report also cited Leow’s comments, where she noted that holding collateral onchain reduces counterparty risks and forestalls nefarious practices like front-running. As of Leow’s post, Drift Protocol’s total value locked (TVL) stood at approximately $385 million, according to data from DeFiLlama.

Solana’s achievements are mirrored in the blockchain token’s performance, with SOL gaining over 1,000% between October 2023 and March 2024. The blockchain token has retraced following a pullback in the crypto market but remains in an accumulation stage ahead of the upcoming bull run.

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