Solana Blockchain SOL Token Soars After FTX Crash, Will It Reach $50 This Year?
After a crash linked to troubled crypto exchange FTX, the Solana blockchain SOL token has been on a rebound, doubling in price since mid-December. With Ethereum co-founder Vitalik Buterin's support, the token is expected to continue its surge to pre-crash levels and beyond.
Crypto Market Soars: Bitcoin, Ethereum, and Solana Jump Over 12% This Week
Crypto is on fire this week, with Bitcoin, Ethereum, and Solana all jumping over 12%. A falling CPI, declining interest rates, and a potentially positive industry news have all been tailwinds for the crypto market. Despite the short-term surge, investors should be wary of the opaque nature of the largest crypto exchange, Binance.
Solana Blockchain Activity Soars Despite FTX Collapse
Solana blockchain activity remains high despite 50 million SOL tokens being locked in the FTX exchange collapse, according to Citi research. The Solana Foundation was heavily invested in FTX, and their collapse has caused a crisis for other protocols on the blockchain.
Solana Network Thriving Despite Foundation RPCs Offline
Solana Network remains functional despite the Foundation's public RPCs being offline due to a bug in the Validator client's test release 1.14. Despite the incident, the network has seen an increase in daily addresses and a 37% increase in its native token, SOL, in the past week. The Solana community has also rallied around a new memecoin, Bonk Inu, which has risen by over 1000% in the first week of 2023.
Can Solana Price Reach $30? Recent Developments Could Push Coin 2x
Solana's price has skyrocketed recently as developers and users flock to the cryptocurrency. The addition of the meme coin BONK has also contributed to the surge, with its price rallying over 3,600% since launch. With the RSI at oversold levels and the MACD signaling further bullish momentum, Solana may be headed for a 2x to $30.
Cardano and Solana Surge 21% - Reentering Territory Not Seen Since November
Crypto values for both Solana and Cardano skyrocketed late Sunday, with Solana's BONK coin leading the way with an impressive 60% increase over the week. Charles Hoskinson's recent developments in Wyoming have also contributed to Cardano's success.
Revolutionizing Charitable Giving: How Change is Empowering Nonprofits with Blockchain Technology
Northwestern grads Sonia Nigam and Amar Shah created Change, a web3-based software that enables consumers to donate both crypto and fiat to over 200,000 non-profits. With the help of Solana, Change has raised over $1,000,000 and allows individuals to follow the money trail to ensure their donations are going to the right place.
Vitalik Buterin Endorses Rival Blockchain: Is Solana the Next Ethereum Killer?
Vitalik Buterin, the founder of Ethereum, recently tweeted his endorsement of Solana, a rival blockchain. His endorsement came at a pivotal moment for Solana, as the blockchain has faced some challenges in the past. Buterin believes that Solana has the potential to be a major player in the world of smart contract platforms, and with his endorsement, it's worth keeping an eye on. Could Solana be the next Ethereum killer?
Solana is a decentralized blockchain platform that enables fast, secure, and scalable smart contract functionality and decentralized application (dApp) integration. The native token for Solana is SOL, and it has become a popular choice for developers looking to leverage DeFi technologies due to its high-speed and low-cost capabilities.
The open-source distributed computing platform that powers the Solana network allows active participants to create digital ledgers that prioritize:
- Community-driven trust
Solana has been used for a variety of applications, including:
- Decentralized Finance (DeFi) – Lending, borrowing, and various derivatives can be deployed using Solana smart contracts, with the Solana blockchain serving as a trustless intermediary.
- Stablecoins – Cryptocurrencies pegged to fiat currencies (collateralized or fiat-backed) with stability enforced by smart contracts.
- Decentralized exchanges (DEX) – Users can buy and sell tokens on decentralized exchanges using Solana's decentralized services.
Solana has a strong focus on smart contracts, with the ability to process over 65,000 transactions per second. These programmable and self-executing contracts offer transparency as participants can view and audit the transaction logs. Additionally, anyone can deploy a smart contract on the Solana network due to its permissionless capabilities.
Decentralized Finance (DeFi)
In addition to smart contracts, Solana plays a significant role in DeFi through the use of decentralized apps (dApps). Users can become their own banks with increased speed, transparency, and security using Solana's decentralized services. Some examples of its DeFi use cases include:
- Digital identities
- Decentralized Autonomous Organizations (DAOs)
- Asset management
Solana was founded by software engineer Anatoly Yakovenko in 2017. Yakovenko, who has a background in computer science and mathematics, was inspired to create a blockchain platform that could handle a high volume of transactions without the need for high fees. Solana officially launched in March 2020 and has since gained a strong following in the DeFi space.