Zcash [ZEC]: Breaking down the potential effects of the current bearish structure
Bitcoin Cash [BCH]: Could March 2020 levels be invalidated in weeks to come
Polkadot: Why DOT can be expected to lead the upcoming bull run
XRP Lawsuit: SEC adds on to letter, explaining why Hinman documents…
Is Cardano’s [ADA] rally probable yet? The answer might impress you
Has Bitcoin staunched its bleeding, or can further downside be expected
The LUNA of it all – Why Bitcoin fell below $30K
This may be the white swan to the black swan of UST’s crash
The ‘underground’ story behind China’s ban on crypto-mining
Bitcoin’s 3-day death cross reveals if BTC can move down to $20,000
What these data points tell us about where Ethereum is heading
Ethereum: How investors can hope to save $125B of ETH
Ethereum finds a local bottom but these levels can save your portfolio
Ethereum: Will ‘almost into the opportunity zone’ be enough for ETH
Here’s the two-faced ETH scenario as average gas fee hits new low
Published
on
By
The crypto market has been reeling under bearish pressure for quite some time now. But a few altcoins have defied the current market structure. One such alt was Solana. In the last seven days, SOL was up by 16.06%. However, there still remain concerns related to some of its on-chain metrics.
The Solana NFT market seemed to be cruising as it entered May. With a very productive April, the NFT markets were also expected to boom through the mid-season. In fact, the NFT volume on Solana reached its all-time high at $446 million. The high- lofty expectations were brought down with the Terra crash. Consequently, Solana has not been able to maintain the high NFT sales with volume drying down after the Terra debacle.
Source: Santiment
The Solana TVL in DeFi has also decreased gradually with increasing aversion towards risk assets in the market. At press time, the total value on Solana stood at $4.22 billion which is the lowest since September 2021.
Interestingly, the Solana TVL stood at $11.22 billion at the start of the year. This means a massive loss of more than 60% has taken place indicating the worrisome state of the market.
Source: The Block
While NFT sales and DeFi TVL are expected to grow as the market stabilizes, network issues continue to persist on Solana. Notably, co-founder Anatoly Yakovenko recently proposed changes to fix network congestion.
After seeing network issues persist on the blockchain, the Solana Foundation released updates to fix the issues. Anatoly Yakovenko announced the features of the v1.10.15 testnet on Twitter. He believes, the latest testnet can significantly curb the transaction throughput issues at ease and radically improve the network.
The testnet is a threefold upgrade process allowing users to improve the network experience through a series of changes. The first upgrade is access to Quick UDP Internet Connection (QUIC) which will lead to a reduced latency on the network.
The second upgrade is the implementation of stake-weighted transactions “that should prevent unstaked or staked bots from eating up all the bandwidth.”
However, this implementation is still in its “rudimentary” stage and “will take time to get right.” The last upgrade is releasing fee prioritization for users. This is another upgrade in its early stages. The Foundation still wants to make sure that this feature does not lead to higher fees for all network users.
(function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[1]=’FNAME’;ftypes[1]=’text’;fnames[0]=’EMAIL’;ftypes[0]=’email’;}(jQuery));var $mcj = jQuery.noConflict(true);
Has Bitcoin staunched its bleeding, or can further downside be expected
WAVES: How to make your investors angry ft. developers
Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.
OpenSea, DeFi, Web3- Report reveals facts for the long term investors
Monero [XMR], Solana [SOL], and their redemption journey post 16 May
Solana, SAND, EOS Price Analysis: 17 May
Solana [SOL] is holding above $50 after the Terra debacle, but this could happen next
s-AAVE your portfolio as the DeFi scene for token holders looks…
Solana: Decoding the aftermath of the recent losses on SOL’s technicals
Your email address will not be published.
document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
