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Solana Acknowledged As Most Scalable Blockchain By Ethereum Co-Founder Vitalik Buterin

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Solana has been referred to as the most scalable blockchain by Vitalik Buterin, co-founder of Ethereum (ETH), during his address at a conference. This remark has generated excitement and discussion within the ecosystem, suggesting Buterin’s recognition of Solana’s superior scalability compared to ETH.

It is important to note that Buterin’s recognition of Solana’s scalability does not imply a shift in allegiance or disregard for Ethereum’s capabilities. Instead, it serves as a reminder of the ever-evolving nature of the blockchain industry and the significance of ongoing innovation and progress. The Ethereum community, including Buterin, remains committed to developing Ethereum 2.0, working diligently to improve the network’s scalability, security, and sustainability.

Solana Emerges As Leading Scalable Blockchain, Vitalik Buterin 

Buterin’s bold statement is expected to positively impact the price and market value of SOL, the token utilized by the Solana blockchain. Solana is known for its advanced infrastructure that emphasizes scalability and supports Decentralized Applications (dApps) and associated tokens.

Importantly, it merges the Proof-of-History (PoH) algorithm with the widely accepted Proof-of-Stake (PoS) consensus mechanism to bolster both transaction speed and security. By utilizing PoH, the network upholds a dependable timekeeping system, ensuring smooth and efficient operations.

Contrary to that, Ethereum has emerged as a prominent pioneer in the realm of blockchain, facilitating the creation of dApps, DeFi, and smart contracts. However, it encounters a notable obstacle in terms of scalability. The platform’s slower transaction speed and substantial transaction volumes have led to congestion within the network and excessively high gas fees.

During periods of increased strain, the network experiences disruptions and outages. In such critical moments, Sol emerges as the most suitable remedy.

Despite the altcoin activity, SOL has been experiencing a continuous decline in value, showing no response to the increased usage. The growing number of new users has failed to impact SOL significantly. CoinMarketCap data reveals that the market price of SOL has fluctuated within the range of $19 to $20. As of writing, Solana is trading at $19.98, reflecting an increase in value over the past 24 hours.

SOLUSDT 2023 05 24 05 39 27
Source: Tradingview.com

The widespread belief is that continuous selling pressures have contributed to the significant decrease in SOL. During the first week of May, Solana briefly exceeded the resistance level of $22.8, but this positive momentum didn’t last long. Afterward, SOL faced a rapid decline, dropping to $21.33. Regrettably, the downward trend continued, reaching $19.98, the overall price level.

The comments made by Vitalik Buterin and the strong sentiments they are expected to generate catalyze a temporary upward trend in Solana’s price. Cryptocurrency enthusiasts will closely monitor how this recognition influences Solana’s future growth and its standing within the competitive blockchain landscape.

Related Reading: | Cardano Vs. Solana: ADA Trading Volume Surges By 70% Amidst Growing Network Competition |

Cardano Vs. Solana: ADA Trading Volume Surges By 70% Amidst Growing Network Competition

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The ongoing competition between two of the top 10 smart contract platforms, Cardano and Solana, has been heating up in recent months. As per recent data, Cardano’s ADA trading volume surged by 70% amidst growing network competition. 

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However, Solana continues to hold the lead in the Total Value Locked (TVL) front, with a TVL of $264.98 million compared to Cardano’s $148.49 million, according to Defillama’s statistics.

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Despite Solana securing a bigger piece of the TVL pie on a technicality, Cardano’s market cap lead may allow it to narrow the gap between the two networks. It has been catching up quickly despite its late entry into the smart contract space, launching its capabilities only in September 2021, following ‘Alonzo’ Hard Fork.

Both are Proof-of-Stake (POS) networks with smart contract capabilities, similar to Ethereum. While Solana’s TVL has not bounced back significantly since the start of the year, Cardano’s TVL is growing at a faster pace. However, Solana has been averaging higher trading volumes compared to Cardano.

Investors looking for a clear winner in the Cardano vs. Solana battle may have a hard time picking one. The two networks have been pushing for more organic growth, but the current state of the market has been slowing them down. Diversification may be the key for investors to benefit from both platforms.

Cardano (ADA) Price Analysis

ADA is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $0.3674, down by about 0.83% in the last 24 hours. However, the weekly chart recorded a significant decrease of about 6.40%. 

ADA 1D graph coinmarketcap 1
CoinMarketcap

In addition, its trading volume has witnessed an increase of 73.32%, reaching $338,361,324 in the last 24 hours, whereas the market capitalization has increased by 0.78%.

The network has released Node 8.0.0, which paves the way for the Conway ledger era (Protocol Version 9.0). This upgrade is significant for the Cardano ecosystem as it introduces crucial features that could impact the ADA token’s future. 

As reported by TronWeekly, Node 8.0.0 also includes experimental support for Voltaire, which is expected to provide governance tools for Cardano, further decentralize the network, and empower its community. 

Nevertheless, according to price predictions, ADA’s price will decrease by $0.008 in 7 days to reach $0.35937 on May 18th, 2023, due to a long-term bearish trend based on technical analysis. In the short term, a machine learning algorithm predicts a slight decrease in the next few hours.

Solana’s Saga Phone Takes Center Stage Amidst Bearish SOL Market

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Solana Labs has announced that its flagship Android phone, Saga, is now available for purchase and ready to be shipped to several countries, including the U.S., Canada, EU, United Kingdom, Switzerland, Australia, and New Zealand. 

The mobile phone is designed to bring the power of blockchain technology to users’ fingertips worldwide with its sleek design and premium components.

According to the announcement post, Saga is not just a phone but also offers a simplified web3 experience with Seed Vault. This secure self-custody solution protects users’ keys through biometric authentication and encryption. 

Furthermore, users can access decentralized apps without having to interact and sign transactions through their desktop web browser, thanks to the Solana DApp Store.

The Saga Genesis token is also available to users when setting up their devices. This unique device-bound non-transferable NFT serves as a key to Saga Rewards, unlocking exclusive content and offers from Solana Mobile and dApps listed on the Solana DApp Store.

The mobile phone has already received positive reviews from users who have praised its intuitive and secure design, deep integration with Solana, and innovative Seed Vault. 

As per the post, the pre-order shipments have already begun, and the company is expanding its shipping range to cover more countries soon.

However, Solana Labs is confident that Saga will revolutionize the mobile web3 experience and enable users to explore web3 right away. The company invites interested individuals to order Saga and join the mobile web3 era with this groundbreaking device.

Solana (SOL) Price Analysis

Despite a major announcement, SOL is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $20.60, down by about 3.52% in the last 24 hours. However, the weekly chart recorded a decline of about 5.47%, indicating some market volatility. 

SOL 1D graph coinmarketcap
Source: CoinMarketcap

In addition, SOL’s trading volume has witnessed an increase of 10.76%, reaching $455,745,488, in the last 24 hours, whereas the market capitalization has decreased by 3.60% in the same period. 

According to PricePredictions.com, Solana (SOL) is predicted to experience a bearish trend in the long term based on technical analysis, with an anticipated price drop of $0.56322 over the next 7 days. It is expected to bring the price down to $20.07 by May 16, 2023. 

Additionally, in the short term, the machine learning algorithm has also indicated a bearish trend for SOL, which suggests that investors may experience a slight decrease in the coming hours.

Related Reading | LINK Takes A Brief Dip By 5%, But Chainlink Network Shows Resilient Growth

Solana Co-founder Sparks Controversy: Ethereum Lacks Credibility, Value Extraction Too High

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In a recent tweet, Anatoly Yakovenko, the co-founder of Solana Labs, made some controversial comments about Ethereum. According to Yakovenko, Ethereum lacks neutral credibility and is not as close to a public good as Solana. He also claimed that Ethereum’s value extraction is too high and that it lacks fundamental philosophical aspects to be considered a viable L1.

The tweet responded to Abdel Bakhta’s tweet, which claimed that Solana lacks neutral credibility and its governance is not as decentralized as Ethereum. Bakhtin also claimed that Solana’s hardware requirements are too high and that it lacks fundamental philosophical aspects to be considered a viable L1.

The community responded to Yakovenko’s tweet, calling his words “fighting words” and saying that he was “feeding the trolls” who are wedged in a certain paradigm. Yakovenko, however, replied that he was a veteran of the Linux file system wars and that it turned out that one of the systems was evil.

Solana’s Credibility & Viability Debated In Community

Some community members also questioned whether Solana is credible and neutral. Yakovenko replied that the code could run anywhere and that if push came to shove, an Ethereum or Bitcoin node on a home Comcast connection would not be able to bridge the network to Russia or China.

Others in the community mentioned Bitcoin’s lack of neutral credibility and value extraction, claiming that it is not as close to a public good as the SOL network. Another community member requested that it be made not to require being turned on and off every two months.

Many community members preferred Solana over Ethereum for practical everyday use. One member stated that they could mint and verify an NFT as ticketed entry to a festival on Solana for less than what they have paid for gas on some transactions using Ethereum.

However, the comments made by Yakovenko have sparked debate within the cryptocurrency community, with some agreeing with his sentiments while others disagree. It remains to be seen how these comments will impact the future of SOL’s network and Ethereum.

Related Reading | Binance To Enable Bitcoin Lightning Network After Withdrawal Woes

Can Solana Solve Scalability Issues? DOGE Co-Founder Calls Popular Cryptos “Broken Garbage”

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Billy Markus, one of the co-founders of the popular meme-inspired cryptocurrency DOGE, has taken to Twitter to express his thoughts on the current state of popular cryptocurrencies, including Solana.

In a tweet, Markus, also known on Twitter as Shibetoshi Nakamoto, commented that high gas fees and transaction fees make popular cryptos essentially “broken garbage” unless they can scale their technology effectively.

The tweet quickly caught the attention of the cryptocurrency community, including GOKU, Director of Vibes at CodeCanvas_Art, who replied to Markus saying that Solana fixed this issue. However, Markus responded that Solana is essentially a centralized database and doesn’t really solve anything.

Another member of the community added that Solana is a VC shitcoin and that this will ultimately benefit Bitcoin in the long run. By discouraging high-frequency trading and transactions, bitcoin will become a true reserve asset with reduced volatility. 

Markus agreed, stating that L2s and L3s will eventually become “regular” day-to-day crypto applications. Still, if a cryptocurrency is not meant to scale, then it won’t be able to compete effectively in the long run.

Markus’ comments have sparked a lively debate within the cryptocurrency community, with many agreeing that scalability is a key issue that needs to be addressed in order for cryptocurrencies to become more widely adopted.

With the rise of new technologies and innovative solutions, cryptocurrencies will ultimately prevail in the highly competitive market remains to be seen.

Solana DEX Volumes Soar Beyond Pre-FTX Levels

In recent crypto news, Step Data Insights, a data analysis company, tweeted about the rebound of Solana DEX volumes after the FTX crash. According to the tweet, Solana DEX volumes have surpassed their pre-FTX levels, with $5.57B recorded in the last four months compared to $5.54B four months before the FTX crash.

GooseFX, a super exchange that allows trading cryptocurrencies, perps, NFTs, and liquidity pools, also confirmed that DEX volumes are bouncing back stronger than ever. The exchange added that the ride is just getting started, hinting at the potential for even higher volumes in the future.

A community member responded to the Step Data Insights tweet, asking how the next 100x in DEX volumes would be achieved. The response to the question was that time would tell, but several narratives are forming on Solana that can lead to higher volumes and adoption.

Another community member commented on the news, saying they always believed that decentralized exchanges were the answer. They expressed happiness at seeing more people using them, adding that it’s the true ethos of cryptocurrency – no middlemen.

Many others agreed, expressing their hopes that the trend would continue to shift towards good decentralized exchanges. However, as the crypto market continues to grow, the demand for decentralized exchanges will only increase, with Solana at the forefront of this movement.

Related Reading | Bitcoin: Here’s How BRC-20 Fuelling Rise In BTC Transactions

Solana’s Phantom Wallet Goes Multichain: Adding Ethereum & Polygon Support

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Phantom, a popular crypto wallet for the Solana blockchain, is set to expand its offerings to include support for the Ethereum and Polygon blockchains, according to the report.

The company announced that the public launch of the multichain integration will take place on May 1, 2023, at 9 a.m. EST, across browsers, iOS, and Android. 

The integration, which was scheduled to be geared up in the first quarter of 2023, is now available to Phantom’s three million customers.

By adding support for Ethereum and Polygon, Phantom users will now be able to transfer assets across blockchains, dApps, and NFT marketplaces, as per the report.

Existing assets from MetaMask, Solana, or Ethereum Virtual Machine (EVM) wallets will also be able to be imported. The wallet will also have advanced NFT information, such as current floor and selling prices.

Phantom is focused on user safety and is adding new features to help prevent phishing attempts. The wallet will simulate transactions before they are approved, so users can see what they are sending and receiving, and it will warn users about malicious websites.

In addition, Phantom has a customer support team that is available 24/7 to assist users who have been phished or hacked. Phantom’s expansion to multiple blockchains speaks to the growing potential for a multichain world.

Furthermore, its new capability could allow dApps and other projects to interact with consumers in a more seamless way. Phantom’s support for Ethereum and Polygon will expand its reach beyond the millions of users in the Solana ecosystem.

Solana (SOL) Price Analysis

The news of the Solana wallet to include support for the Ethereum and Polygon blockchains didn’t yet cause any significant spike in the value of SOL.

According to CoinMarketcap, the token is presently being traded at $21.76, with a decrease of 1.30% in the last 24 hours and 5% in the last seven-day chart.

SOL 1D graph coinmarketcap 1
Source: CoinMarketcap

However, yesterday SOL was making waves in the market, as reported by TronWeekly. The market cap across all cryptocurrencies increased by 6.61% over the last day, and SOL’s value increased by 8.78% over the same period yesterday.

Related Reading |  Dogecoin Creator Speaks Out: No Professional Involvement, “Literally Don’t Care”  

Solana Surges: Daily Chart Shows Over 9% Rise, What’s Driving the Momentum?

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Solana (SOL), a digital currency ranked as the 10th largest in terms of market capitalization, is presently on an upward trajectory due to the overall positive sentiment in the cryptocurrency market. 

Over the past 24 hours, the global crypto market cap has risen by 6.61%, with SOL’s value also increasing by 8.78% during the same period. As of this writing, SOL is being traded at $22.79, and its market capitalization has surged by 9% with a trading volume of 19.10%. 

However, despite these gains, SOL’s weekly trade line is still in the red, indicating a potential decline in the short term. The data shows that SOL’s value is down by 1.18% in the last seven days period.

The recent surge in value may be attributed to Solana Labs’ announcement regarding the development of an open-source reference implementation for a ChatGPT plugin. 

As reported by TronWeekly, this plugin will enable users to engage with the blockchain, allowing them to transfer tokens, monitor wallet balances, and purchase NFTs upon the release of the ChatGPT plugins.

Solana Network’s Developments

According to the quarterly report, the network is making significant progress over time. Specifically, Solana’s market capitalization saw a 118.1% increase quarter over quarter (QoQ), while SOL revenue grew by 68.7% QoQ.

The BONK airdrop, NFT collections, and DePIN apps boosted fee payer and transaction activity in Q1. LSDs had significant QoQ growth, led by Marinade Finance, Lido, Jito, and JPool. 

Moreover, Solana Foundation invested in ecosystem growth initiatives, including the Grizzlython hackathon. Validator numbers rose by 18.9% QoQ, but an outage occurred after the v1.14 upgrade release in Feb. Network upgrade improvements is planned.

Additionally, Helium’s migration to the Solana network was the most notable event in the cryptocurrency market. According to a tweet by Messari, a data analyst firm, Helium’s migration is considered to be one of the largest decentralized network transitions in history. 

The report further revealed that over 350,000 hotspots have successfully migrated with limited issues reported. This move is expected to have a significant impact on the Helium network’s performance and increase its adoption among users.

Related Reading | Polygon Sees 2nd Largest Spike In Whale Inflows 

Solana Labs Introduces ChatGPT Plugin: Details

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Solana Labs announced the creation of an open-source reference implementation for a ChatGPT plugin that lets users interact with the blockchain.

Users will be able to transfer tokens, check wallet balances, and buy NFTs once ChatGPT plugins are released, according to the tweet.

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Solana Labs Introduces ChatGPT Plugin: Details 8

ChatGPT which created a lot of buzz lately is now joining forces with the crypto sector.

Recently Binance announced that it is integrating ChatGPT into its education platform, Binance Academy.

The exchange in a blog post dated April 24, introduced its new AI-driven tool, which it named “Binance Sensei.”

Users must ask this new “AI-powered mentor” a specific question or set of keywords from which it will provide a “concise, approximately 150-word summary” for each user.

Not long ago, Cardano founder Charles Hoskinson hinted at ChatGPT as the new focus for the proof of stake [PoS] network. Hoskinson tweeted a video of a medical practitioner and YouTuber Vinay Prasad discussing how ChatGPT could change the way that medicine is practiced on his official Twitter account.

Read more on TronWeekly.

That being said, Solana [SOL] has emerged as one of the best-performing cryptocurrencies during the first quarter of this year, according to a recent performance indicator shared by Messari, a crypto analytics platform.

Per the Messari report, Solana’s market cap rebounded in tandem with the general market by more than 118% when compared to the same quarter last year.

The growth in the market cap has been attributed to a number of factors. One of the key metrics is a 68.7% growth in SOL fees.

3 Crucial Factors in Solana Q1 Performance

The expansion of Liquid Staking Derivatives [LSD] in the protocol comes next. Marinade Finance and Lido Finance were in the spotlight in this regard, the report noted.

The once touted Ethereum killer also demonstrated its future aspirations by participating in significant ecosystem events like the Grizzlython, which drew a large crowd.

Lastly, Solana’s validators registered a massive growth that soared by 19% quarter-on-quarter [QoQ]. This metric signaled that the network progressed toward a more decentralized state.

In related developments, on April 19, 2023, the decentralized Wireless Project Helium transitioned to the Solana Mainnet following months of preparation, development, and collaboration.

Helium’s migration to Solana was approved via a community vote in September 2022.

Solana (SOL) Market Cap Surges 118.1% QoQ Despite 15% Weekly Dip

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Solana (SOL), one of the fastest-growing cryptocurrencies, is currently facing a bearish sentiment in the market. The asset, which had been holding steady above $20 since mid-January, has seen a 15% drop in price in the last seven days.

Last year, SOL’s price suffered after the collapse of Alameda Research and FTX, which led to key investors pulling out from the Solana blockchain. The asset gradually started recovering in 2023, recording rallies and pullbacks until it hit $25 on January 21 before retracing.

Recent events have also affected Solana’s price, with the crypto market exhibiting signs of fear due to the threat of economic recession. At the time of writing, SOL’s price stands at $21.51, with a decrease of about 2.61% in the daily chart.

SOLUSDT 2023 04 24 15 39 26
Source: Tradingview.com

Despite the bearish trend, Solana’s price remains above its 200-day Simple Moving Average, giving hope of a long-term revival. However, SOL’s Relative Strength Index confirms the bearish trend.

SOL’s trading volume is up by over 30.26% today, and its support level is at $19.87, with resistance levels at $23.99. Analysts predict that the asset will likely drop below $20 in the short term, but the $19.87 support level could be the pivot point for an uptrend if the bulls prevail.

Solana Sees Strong Q1 Growth

Solana, the blockchain platform, has experienced a strong start to the year, according to the latest State of Solana report from Messari. The report revealed that Solana’s market capitalization has increased by 118.1% QoQ, along with a 68.7% QoQ growth in revenue, thanks to the adoption of priority fees.

The report also highlighted several ecosystem developments that have driven fee payer and transaction activity, including the BONK airdrop, NFT collections, and DePIN applications. Liquid staking derivatives (LSDs) also saw significant growth, led by Marinade Finance, Lido, Jito, and JPool.

The Solana Foundation’s growth initiatives to invest in its ecosystem continued, including the Grizzlython hackathon, which became the largest in Solana’s history. Additionally, the average number of validators increased by 18.9% QoQ, signaling a move towards a more decentralized network.

However, the report also revealed some challenges that Solana faced during the first quarter. Shortly after the release of the v1.14 upgrades on February 21, the network experienced an outage. Plans to improve the upgrade process followed.

Despite the challenges, the report shows that the network remains competitive, with daily unique fee payers and transactions bouncing back from the Q4 lows and remaining steady through Q1. 

Moreover, the platform’s TVL (Total Value Locked) across DeFi applications also remained consistent while new NFTs and games continued to launch and gain traction. The DePIN space also drove incremental network activity.

The network’s progress toward its long-term goals is promising, and the platform looks to continue its growth strategies, build community, and pursue its robust plans for 2023.

Related Reading | Cardano Bucks Market Trend With Over 22% Surge In NFT Volume 

Helium Network Moves To Solana Ecosystem Will The Migration Have An Impact On The SOL Price?

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The move of the Helium network to Solana’s ecosystem is a widely anticipated event in the blockchain world. While this move has raised many doubts among crypto fans about why and how it is going to happen, it arrives at an ideal time as markets begin to rebound.

After months of planning, development, and cooperation, the HNT Network will begin its migration to the Solana Mainnet on April 19, 2023. When the transfer is complete, the HHNT Network will enter a new era of substantially improved scalability, reliability, and utility.

What is the purpose of this migration? Why is it so important? What effect will it have on HNT and SOL pricing in perceived bull markets? We find answers to these and other questions.

Helium Has Entered A New Era On Solana

According to a recent announcement made by Helium’s official Twitter handle, all roads lead to April 19th, when the network is set to complete its shift to Solana. The migration, which began on April 18th at 9 a.m. PT/4 p.m. UTC, will be completed today. HNT is entering a new phase as its network becomes more scalable, stable, and functional.

Due to the SOL network’s more scalable platform and wider audience, HNT, a company well-known for its decentralized wireless network infrastructure, has made a daring choice to migrate there.

Additionally, the huge community of Solana and the expanding blockchain ecosystem will support the HNT network.

The Helium Foundation’s blog on the highly anticipated migration highlighted critical information on what HNT customers should expect during and after the conversion.

The Helium Foundation announced that during the network transfer and upgrade, the Helium blockchain would be suspended, existing mobile and HNT would be mapped to Solana, native hotspots would be minted as NFTs, and a snapshot of its chain would be taken.

While all of these migration processes take place, Helium Foundation has promised its platform’s customers that personal Hotspot and LoRaWAN devices will remain fully functional during the brief period of the migration window.

Regarding Helium native tokens, HNT, the foundation claimed that “LoRaWAN hotspots will no longer mine HNT tokens.”

Instead, LoRaWAN will mine IoT tokens, which will serve as both an incentive token for users and the governance token for Helium’s IoT network.

The SOL price increased over the past week as a result of Bitcoin’s upsurge, reaching a high of $26 after rising from its most recent weekly low of around $20.

While ecosystem migrations and innovative partnerships can improve blockchain communities and native token prices, HNT is the spotlight token and may be under more scrutiny than Solana when it completes its migration.

However, other market factors, such as Bitcoin gaining more ground in its uptrend, may also have an impact on SOL’s price.

Related Reading: Solana (SOL) Takes A Dip By 9%: Analyzing Potential For Recovery |

SOL 1D graph coinmarketcap 1
Source: Chart from Coinmarketcap.com