Solana Labs has released its latest upgrade to the network. The network upgrade has been well received by many in the community. Interestingly, despite the ongoing market correction, Solana [SOL] has managed to keep its head above water with regard to the general price development.
Lately, however, several questions have been pouring into the Solana DeFi camp, especially given the latest dips.
Better call SOL
Solana’s latest mainnet upgrade to v1.10.25 has been enthusiastically received by the community. Many wonder what could have been if it had been released during the December 2021 bull market. In fact, FTX CEO Sam Bankman-Fried believes much more could come out of the Solana network.
“Real solutions are coming, some of which have been implemented.”
SBF retweeted a transaction confirmation from entrepreneur Brian Long† Long confirmed a transaction lasting less than a second in his tweet, as shown below. He is one of many community members who have seen issues with validators. For many, these may be a thing of the past.
BFD ALERT! – I follow @solana TX confirmation times on @ValidatorsApp and start seeing less than a second confirmations with v1.10.25! Follow here: https://t.co/GXZzGlhawD. While everyone is distracted by the markets, @solanalabs engineers & validators build! pic.twitter.com/Ym42VoyAak
— Brian Long ☀️ (@brianlong) June 19, 2022
In addition, the Solana network activity is also on the rise, with the NFT sales getting some recognition. Primate Academy NFTs on Solana are second on the June 19 sales list with volume exceeding $1.46 million. It has also seen a change of over 96% in the last 24 hours.
Still, a huge problem develops on Solana DeFi. The Total Value Locked (TVL) has fallen by $1.56 billion since early June. At the time of writing, it was $2.43 billion, with macro conditions playing a role in the collapse.
How does SOL react?
As of going to press, SOL was trading at $32.62. With most cryptocurrencies low and struggling to maintain their support, SOL was up 6.2% in the past seven days. In hindsight, both Bitcoin [BTC] and Ethereum [ETH] fell nearly 29% in the past week. Moreover, Solana also appeared to be back in the top 10 cryptos of the market.
Some stats are also showing positive notes despite the crypto winter’s full swing. The social dominance measure for Solana was down to 3.4% on June 19 after the upgrade’s release. However, the social media chatter about Solana has been mostly focused on NFT launches and giveaways lately.
Still, the network has managed to stay in the news for good reasons.
The volume on the network has also skyrocketed in the last 24 hours. The network upgrade resulted in a massive volume bump on Solana. As of June 19, network volume was up 58% to $2.11 billion.
The increase in volume is also a result of Solana’s increasing social dominance.
This post Assessment of the state of SOL after the latest release of Solana’s ‘real solutions’
was published first on https://ambcrypto.com/assessing-the-state-of-sol-after-solanas-latest-real-solutions-release/