Solana is making rapid strides as one of the leading chains. With 750k active addresses, the daily on-chain volume has neared $1 billion. The DeFi ecosystem, which posted a 6x TVL increase since October, is also teaming up with activities, with multi-chain crypto wallet Phantom driving up traffic. Recently, it hit over 3 million users, who have increasingly begun diving into crypto by testing decentralized wallets instead of centralized exchanges.
After suffering the first outage of 2024, Solana made a remarkable recovery and recently trounced the BNB token to clinch the 4th spot in the crypto market cap list. At the time of writing, SOL trades at $113, gaining almost 20% in the weekly index. The near-five-hour downtime on February 6 sparked concerns of a potential price dip, which ultimately turned out to be a temporary low point—surprisingly, against market expectations, fear, uncertainty, and doubt [FUD] played a role as a catalyst in driving the subsequent price rebound.
The blockchain ecosystem also harbors several initiatives that seek to leverage Web3 capabilities in the mainstream domain. One such is Solana Mobile’s latest rendition, which recently raked in over $45 million in sales on the e-commerce platform Shopify, eclipsing its earlier version. After the successful debut of Saga, the 2.0 has generated a huge frenzy, as can be seen with the 100,000 pre-sales within a month of its announcement in January.
Solana’s Partnership With Abu Dhabi Global Market
Expanding its footprint further into the Web3 domain, Solana Labs rolled out its GameShift toolkit, designed to streamline the integration of blockchain functionality into video games. The announcement follows the toolkit’s beta release in October, and the full public version introduces key features, including support for in-game Tensor marketplaces and compatibility with various NFT collections.
Simultaneously, it has teamed up with the Abu Dhabi Global Market [ADGM]. The collaboration aims to improve distributed ledger technology solutions and expand blockchain innovation, a press release said. The region is crucial for the blockchain ecosystem, as it is positioned as the hub of digital asset innovation.