- What makes Solana keep growing?
- But that’s not all
As noted in the last few days, Solana (SOL) has once again attracted the attention of some cryptocurrency investors. Last week, the altcoin market cap rose 37%. However, much of that increase is due to meme altcoins.
BONK is making headlines in the first few days of 2023. In short, this altcoin is another blockchain meme and is seen as a major market speculation. However, it has one small peculiarity.
According to the project website, SOL’s on-network token was developed to decouple Alameda Research’s image from Solana and return liquidity to the ‘Ethereum killer’ ecosystem.
Undoubtedly, this is an unusual fact. After all, it is the altcoin meme responsible for boosting one of the biggest projects in Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT), a serious project with fundamentals coming in 2022. I didn’t have that kind of strength. , even before the Sam Bankman-Fried (SBF) empire scandal.
But it’s very likely that Bonk won’t sustain that hype for long. This is due to the growing notion that there is a lot of speculation surrounding the
What makes Solana keep growing?
First, note that this bullish performance by SOL could end at any moment as the bulls have not yet returned to the cryptocurrency market. Therefore, in the short term, altcoins may see some corrections.
With that in mind, we can move on to the positive side. In fact, 2023 could be a good year for his Solana. One of the steps to be taken in the coming months is to improve the network of smart contract platforms.
Last year, Solana co-founder Anatoly Yakovenko said he was aware of the issue of cryptocurrency outages. He said a second validator client could be the one the crypto needs long-term improvement.
New features have a separate software development team. So, according to Yakovenko, the chances of your code containing the same error are almost zero.
If Solana can get a more robust network, more developers will be interested, developers will bring in more projects, and potentially more users of the network. This move goes a long way in helping you get the most out of Solana.
Of course it’s Solana’s achievement and she should be proud of it. Despite the great interest surrounding BONK, altcoin has maintained its unique position and its network remains stable. This has not happened in the past with other projects that have brought him to prominence on SOL’s network. For example, his SolChicks from NFT games.
But that’s not all
Despite all the troubles of the last year, Solana is still one of the networks with the lowest transaction fees. Moreover, its user experience is very good for developers and everyday cryptocurrency investors. A case in point for this is Solana’s Phantom wallet, which has one of the greatest uses of blockchain.
Additionally, the presence of altcoins in DeFi remains high. Orca, its decentralized exchange (DEX), has the highest volume next to his DEX on the Ethereum (ETH) network. It might seem like a bad thing that Solana only appears at number 11 when it comes to being the chain with the highest total value locked (TVL), but remember that Solana was once one of the top 10 biggest. Thinking, it shows how it grows. .
ETH’s competing blockchain development activity has also increased, according to Santiment data, as has Solana’s network’s social volume. In other words, we should see improvements in altcoins in the coming months, and the crypto community is showing interest in cryptocurrencies.