CoinShares recently reported a significant increase in funds flowing into investment products related to Solana (SOL). These products attracted a staggering $1.3 million in the past week alone, a thirteen-fold increase from the previous month.
This spike in interest suggests that investors are once again showing confidence in the Solana project, despite recent doubts about its future in the cryptocurrency market.
It’s worth noting that this surge in inflows came in a week where the price of SOL rose 55% in a week, and Since December 30, the price of SOL has experienced a remarkable recovery, as reported by TronWeekly yesterday.
It began the new year by soaring from $8.3 to $24 on January 15, an impressive increase of 195% in two weeks. However, the data from Coinmarketcap shows that SOL is now trading at $23.55.
Additionally, the CoinShares Report also reveals that digital asset investment products saw minor inflows of $9.2 million last week. In comparison, trading volumes remained low at $866 million, indicating that the recent rally in digital assets was not investment product-driven.
This led to a weekly gain of over 13% in assets under management, the largest since October 2021. Bitcoin had the most significant inflow of any asset at $10 million, but short-bitcoin investment products saw outflows of $1.5 million.
Whereas Ethereum broke its 8-week streak of outflows with an inflow of $5.6 million, likely due to the overall improvement in sentiment. Multi-asset investment products continued to see outflows of $3.2 million, its 7th week of outflows totaling $16 million, suggesting investors are becoming more selective in their investments.
Among Solana other altcoins, Polkadot saw inflows of $0.4 million, and XRP saw outflows of $3.3 million, reversing gains from the previous week. Blockchain equities also saw positive sentiment, with inflows of $3.8 million.
Transaction Priority Fees for Solana Network Users
Solflare, the revolutionary wallet on the Solana network, has made a game-changing move by introducing transaction priority fees for its users.
This allows them to prioritize their transactions by paying higher gas fees, even during times of network congestion. This move makes Solflare the first wallet to implement this feature in a user-friendly way.
Vidor Gencel, the co-founder of Solrise Finance, took to Twitter to shed light on the importance of this new feature. He stated:
In-wallet transactions will automatically be prioritized with the current market price for fees, ensuring that your transactions are included faster than those in other wallets.”
This is a vital feature for crypto users, as other wallets may leave their users stranded during peak network activity due to a lack of proper prioritization. Solflare, however, ensures smooth and seamless transactions by adapting to the network conditions in real time.
Furthermore, this new feature not only benefits the users of Solflare but also contributes to the overall stability of the Solana network by preventing users from overwhelming the network with repeat transactions.
The introduction of transaction priority fees by Solflare is a revolutionary step in the crypto wallet industry, and it sets a new standard for user convenience and network efficiency.