Tag Archives: Solana

Solana Explodes by 30 in a Week Factors Behind The Move Suggest SOL Could Go Crazy In March

Solana Explodes by 30% in a Week — Factors Behind The Move Suggest SOL Could Go Crazy In March

By Georgi Farfarov – March 3, 2024

The crypto market has been on its toes as Solana has seen an explosive surge of over 30% in just one week, reaching its 23-month high. The impressive rally has sparked confidence and curiosity within the crypto community, prompting a closer examination of the factors driving Solana’s recent ascent.

Today, we delve into the factors behind Solana’s remarkable surge and explore the crucial question: Can Solana sustain this momentum?

As of March 3, SOL is trading at $130.69, marking an impressive 34.2% gain over the past seven days. Despite being the fifth-largest cryptocurrency, Solana has moved closer to its competitor, BNB. The surge raises questions about the sustainability of this momentum and whether Solana can continue outperforming its competitors.

Factors Fueling Solana’s Rally

Multiple factors contribute to Solana’s recent surge. Price momentum, market conditions, recent news, supply and demand, and others all come into play.

The performance of Solana meme coins, including BONK and WIF, adds an intriguing layer to the narrative. BONK has surged by 115%, while WIF has rallied an impressive 268% in the past week.

Solana’s Total Value Locked (TVL) and NFT Dominance

We turn to Solana’s Total Value Locked (TVL) in smart contracts to see if SOL’s surge is sustainable. With SOL playing a crucial role in decentralized applications (DApps), a higher TVL signifies increased user engagement and demand for Solana-based DApps. Data from Solana shows that its TVL is at the highest level since November 2022.

Solana’s strong presence in the NFT marketplace further distinguishes it from competitors. With a weekly volume of $7.9 billion, Solana’s dominance in the NFT space is clear. And it contributes to its overall utility, potentially attracting a broader user base.

Can Solana Sustain the Momentum?

While Solana’s recent surge is undoubtedly impressive, the crypto market remains dynamic and subject to various influences. Market conditions, sentiment shifts, and fundamental indicators signal Solana could very likely sustain its outperformance against competitors in March.

As we analyze the factors behind this impressive move, the crucial question lingers: Can Solana maintain its momentum in the ever-changing crypto landscape? The coming days will likely determine whether Solana’s surge is a short-term phenomenon or the beginning of a sustained upward trajectory.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Georgi Farfarov and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Solana On A Roll: Crypto Analyst Predicts Push To 600

Solana On A Roll: Crypto Analyst Predicts Push To $600

February 29, 2024 – 16:00 EST

Like almost every other crypto token in the market, Solana (SOL) is enjoying a rally of its own, rising to nearly $125 in the last 24 hours. Interestingly, this looks like only the beginning of good things to come for the crypto token, as crypto analyst Hansolar predicts that it could run massively in this bull cycle.

SOL To Rise To $600

Hansolar mentioned in an X (formerly Twitter) post that SOL will rise to $600. This “fun” target was laid on the premise that SOL could be the new ETH this cycle. Assuming this is the case, the analyst expects SOL to take off later than BTC and ETH. This is because ETH took off when BTC broke into all-time highs (ATHs) during the last bull run.

Therefore, SOL, following a similar trajectory to ETH in the last cycle, might not take off until BTC and ETH break into ATHs. Hansolar suggested that SOL’s takeoff will be sparked by retail, stating that there will be a time when these investors buy into the crypto token “as the high beta catch-up play.”

Hansolar also offered more evidence to suggest that SOL is likely to replicate ETH’s run in the last bull cycle. He stated that the crypto token was currently at around 50% from its ATH, similar to how ETH was around the 50% mark as BTC was nearing its ATH in the last cycle. Meanwhile, Hansolar offered “fun” targets for Bitcoin and Ethereum, stating they will hit $150,000 and $10,000 in this bull cycle.

Interestingly, Hansolar’s $600 price prediction for Solana looks very conservative compared to Crypto YouTuber Jake Gagain’s prediction that SOL will hit $750. The analyst stated that the crypto token will hit this price level by next year.

Between Solana And Ethereum

Crypto analyst Santiago Santos once echoed similar sentiments to Hansolar when he drew a comparison between Solana and Ethereum, noting that the former is going through what the latter did during the ICO boom. He, however, suggested that Solana would perform way better than Ethereum, as it is seeing “meaningful usage and growth,” unlike Ethereum then.

Santos further asserted that Solana would “converge on Ethereum faster than most believe.” Solana, commonly referred to as the “Ethereum Killer,” has indeed been on the heels of Ethereum as of late. Solana even once surpassed Ethereum in 7-day DEX (decentralized exchange) volume.

The tremendous rise in Solana’s network activity is believed to be one of the factors driving SOL’s price and what could push it to hit the $600 mark and possibly $750, like Gagain predicted.

At the time of writing, SOL is trading at around $124, up over 13% in the last 24 hours, according to data from CoinMarketCap.

The original article was posted on Tradingview.com/News.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Solana Bulls Bounce Back from Network Outage Mounts Vigor For New SOL High

Solana Bulls Bounce Back from Network Outage, Mounts Vigor For New SOL High

By Newton Gitonga – February 13, 2024

Solana has demonstrated remarkable resilience following the recent network outage, with SOL reclaiming its position above the $100 mark and surpassing Bitcoin in performance this week.

The recovery comes after a minor dip to $92.91 on Tuesday during a major network disruption lasting approximately 4 hours and 46 minutes, marking the first outage since early 2023.

According to a report from Solana Status, block production on Solana’s mainnet beta resumed at 14:57 UTC on Wednesday, following a successful upgrade to version 1.17.20 and a restart of the cluster by validator operators.

In a detailed blog by the WU Blockchain team, journalist Colin Wu highlighted the challenges faced by Solana, particularly its periodic crashes due to transaction volume overload.

“Looking back at historical network events, we will find that the emergence of a large number of transactions is the main reason for the historical network disruption, which may be related to Solana’s mechanism,” wrote Wu, quoting Hu Zhiwei, president of the Boundary Intelligence Research Institute.

Wu further recommended several key areas to enhance Solana’s resilience, including improving infrastructure, optimizing the consensus mechanism, enhancing software robustness, and refining validator incentivization.

Notably, this outage adds to a series of historical network failures experienced by Solana, including incidents in May 2021, September 2021, January 2022, and February 2023, among others.

Nevertheless, despite these setbacks, sentiment surrounding Solana remains positive, with some viewing the recent outage as a potential blessing in disguise. On Thursday, popular on-chain analytics platform Santiment emphasized how Solana has outperformed Bitcoin this week, with its price surging above $110 and experiencing a 21.5% increase against Bitcoin’s 16.91 in the past 36 hours.

The firm further noted that the outage that initially caused concern among traders “ended up being a local bottom, with the FUD fueling this price rebound.”

Furthermore, the firm highlighted how development activity on the Solana platform has been on the rise, indicating ongoing efforts to address network scalability and stability issues.

That said, SOL is projected to keep soaring, with the price recently having bounced off yearly support around $80. Presently, price faces a minor resistance at $120. Should the price breach and hold above this ceiling, the next target is the December 2023 high of $125 and then $150.

At press time, SOL was trading at $113.95, up 21.10% in 24 hours, with trading volume surging by 91.53% to $2.8 billion. Notably, between October 15 and December 25, 2023, SOL gained about 460%, making it one of the largest gainers among the top ten cryptocurrencies by market capitalization.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Solana Price Shakes Off 5-Hour Network Outage Makes Epic Comeback Above 100

Solana Price Shakes Off 5-Hour Network Outage, Makes Epic Comeback Above $100

By Brenda Ngari – February 8, 2024

Solana (SOL) token holders have something to smile about today. SOL is showing strength, rebounding above the $100 level after a five-hour network outage two days ago had investors worried that a deeper pullback would follow.

SOL’s price recovery is in tandem with a crypto-wide rally, with Bitcoin, the oldest and largest cryptocurrency, gaining over 5% over the past 24 hours to top $45,000.

SOL Pushes Back Above $100

 

Solana’s SOL token is on a tear today. SOL, which had slumped below $94 after a major network outage on February 6, has since recovered all that loss.

The bounce is especially notable for SOL investors, serving as a breath of fresh air after the network suffered an approximately 5-hour outage on Tuesday, which one blockchain validator described as “performance degradation.”

The price of SOL was hovering around $104.68 at publication time, an 8.9% jump on the day. SOL is the fifth-largest cryptocurrency at a market capitalization of approximately $44 billion. The Solana network had gone for nearly a year without experiencing any downtime before Tuesday’s disruption, which marks an impressive feat given its historic jankiness.

The Solana blockchain went live on mainnet beta in March 2020, focusing on delivering scalable solutions for a decentralized ecosystem rivalling Ethereum with faster transaction times and negligible costs. It is often touted as one of the blockchain networks with the most exciting developer communities.

Solana has proven its resilience after the failure of one of its principal backers, Sam Bankman-Fried. Nevertheless, the SOL price has been trading sideways in recent weeks as it attempts to breach the $104 resistance.

Solana Bullish Continuation In Sight?

 

Market watchers think Solana is on the cusp of a bullish breakout. Former BitMEX CEO Arthur Hayes has recently expressed his support for SOL, noting that “it is time to get back into the Solana train.” This optimism is, in part, due to the token’s solid fundamentals amid an explosion in activity in recent months.

Solana Mobile is now preparing to launch a second Saga phone, which will come with different hardware and a cheaper price point than its predecessor. There has also been speculation that Solana will get a spot exchange-traded fund in the future following Franklin Templeton’s bullish comments.

The likelihood of SOL breaking past the $104 barrier in the near term and rallying to the $200 mark remains an open question, given that Solana still has to prove itself as a reliable network with 100% uptime.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Solana Bulls Look To Propel SOL Price Past 150 But All Doesn’t Seem Quite Well

Solana Bulls Look To Propel SOL Price Past $150, But All Doesn’t Seem Quite Well

By Georgi Farfarov – February 5, 2024

Solana (SOL) is one of the most crucial players in crypto. Its recent market movements have kept many on the edge, with SOL attempting to break free from the $100 zone. The burning question on everyone’s mind is whether Solana can sustain its upward momentum and secure a position above the crucial $150 mark.

The Current Scenario

SOL went on a heavy decline after facing resistance at the $106 level, similar to Bitcoin’s struggles around $43,800. The setback resulted in a dip below the $102 and $100 support levels, compounded by a break in a key bullish trend line with support at $100 on the 4-hour chart of the SOL/USD pair.

However, demonstrating resilience, the bulls rallied near the $92 level, supported by the 100 simple moving average (4 hours). Currently, SOL is trying to stay above $95 and build momentum for another push upwards.

Key Resistance Levels

SOL aims to overcome the $100 resistance, which is a critical level.

This may form a bullish trend and make $104 the next significant obstacle. This level corresponds to the 76.4% Fibonacci retracement level from the recent drop from $106.41 to $92.95.

A Breakthrough and Beyond

If SOL can close above the $104 resistance, the price may go even higher. Traders are closely watching the $132 mark as the following resistance level, and any further gains might propel SOL toward the coveted $150 level.

The Downside Scenario

While there’s plenty of optimism around Solana’s price potential., the crypto market is known for its unpredictability. If it fails to reach the $100 resistance, this may lead to another dump.

Initial support is around the $92 level and the 100 simple moving average (4 hours), with $90 being the first support. A drop below this level could retest $85, and a close below $85 might open the door to a dump towards the $78 support.

Technical Indicators

Examining technical indicators, the 4-hour MACD for SOL/USD is gaining pace in the bullish zone, instilling confidence in the potential for an upward movement. The 4-hour RSI (Relative Strength Index) is also above 50, signalling positive strength in SOL’s current position.

As Solana continues its journey in the crypto market, the spotlight remains on its ability to navigate key resistance levels. Traders closely monitor developments around $100 and $104, recognizing that a breakthrough or failure at these levels could shape SOL’s near-term trajectory.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Georgi Farfarov and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Why Crypto OG Arthur Hayes Foresees A Phenomenal Solana SOL Rally After This Momentous Event

Why Crypto OG Arthur Hayes Foresees A Phenomenal Solana (SOL) Rally After This Momentous Event

By Brenda Ngari – February 1, 2024

Arthur Hayes, a billionaire known for founding crypto exchange BitMEX, has delved into a potential epic Solana (SOL) price surge connected to imminent turmoil in the U.S. banking system.

SOL On Verge Of Bullish Trend Reversal?

Arthur Hayes, the chief investment officer of family office Maelstrom and the ex-CEO of BitMex, expects markets to relive last year’s U.S. banking crisis, which could subsequently trigger a notable resurgence in the price of Solana.

Hayes indicated that now might be the perfect time to hop back on the Solana train, hinting at explosive growth in the near future.

Hayes’ bullish sentiment is bolstered by recent happenings in the United States banking sector. As per a recent report by Reuters, New York Community Bancorp (NYCB) fell as much as 41% in its share price after investors became skeptical of the firm following a massive dividend reduction. This has prompted fears of a liquidity rug pull event akin to the banking crisis in March 2023.

Looking at the past, Hayes may be presuming that the U.S. government will likely inject liquidity to prevent another modern-day bank run. He expects that this move will spark a huge rally, specifically in the crypto market.

Hayes’ previous prediction on Solana, preceding the token’s move past the $100 milestone, adds a layer of credibility to his latest forecast. As such, SOL holders are now keenly watching the pundit’s analysis, hoping history repeats itself.

Solana’s Network Robustness Could Pave Way For A Price Comeback

SOL was trading for $97.56 at press time, a 1.2% gain on the day. The token soared alongside the broader crypto market rebound. At the current price level, SOL remains 62.7% lower than its peak in November 2021. The fifth-largest crypto has been unable to successfully hold above the $100 level despite recording an impressive 83% gain in December.

A significant source of optimism for SOL’s price performance emanated from the surge in deposits within the network’s decentralized finance (DeFi) sector. Moreover, there has been a notable increase in the activity of the Solana network in terms of transactions and volumes.

There has also been growing market speculation that a spot Solana exchange-traded fund (ETF) could launch in the U.S. in the future after the approval of a spot Bitcoin ETF earlier this month.

Trillion-dollar asset manager Franklin Templeton further fueled the SOL ETF hype after singing the blockchain’s praises for its progress in DeFi, infrastructure, NFTs, and meme coins. The Wall Street giant already offers a spot market Bitcoin ETF investment vehicle.

If Hayes’ prognostication comes to pass, SOL might be primed to test its January highs around $115.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Why Experts Foresee Solana SOL Outshining Ethereum ETH By 500 In the Next Bull Run

Why Experts Foresee Solana (SOL) Outshining Ethereum (ETH) By 500% In the Next Bull Run

By Newton Gitonga – January 19, 2024

The co-founders of leading crypto analytics firm Glassnode, Jan Happel and Yann Allemann, foresee Solana (SOL) outperforming Ethereum (ETH) by a staggering 500% in the next bull run.

The duo who operate under the X account “Negentropic” recently shared their optimistic outlook on Solana’s potential ascent. Notably, their perspective was inspired by a recent interview featuring macroeconomist Henrik Zeberg and Global Macroinvestor CEO Raoul Pal, where the discussion centered around the potential for a remarkable rally in the SOL/ETH chart.

Notably, the interview host asked Pal and Zeberg about their crypto preferences for a $10,000 investment over a 12-month period, specifically focusing on Ethereum and Solana in terms of risk-adjusted returns.

Pal and Zeberg, examining Solana’s recent performance trend, expressed strong confidence in its significant momentum. They anticipated Solana maintaining its upward trajectory, surpassing Ethereum, as indicated by the SOL/ETH chart.

That said, Glassnode’s co-founders delved into Pal and Zeberg’s analysis to answer the intriguing question of how much Solana could potentially outperform Ethereum. According to insights from Glassnode’s analytics, the current SOL/ETH ratio stands at around 0.14, and the co-founders anticipate a substantial increase in the ratio.

“We all watched Zebergand and Paul talking about SOL-ETH ratio. They both agreed it looks BULLISH. But – just how much could the ratio rally? This chart suggests, that the SOL/ETH ratio could rise to ~0.76 from current level of ~0.14. In other words, SOL may outperform ETH by 4-5X into the Crypto top.” Negentropic remarked.

Contrary to an isolated rally for SOL, the market experts also anticipated a significant bullish rally for Ethereum.

That said, following a remarkable surge last month that propelled it to reach an impressive $126, SOL has experienced a subsequent retracement attributed to profit-taking by investors and the broader market downturn, particularly influenced by Bitcoin’s performance after the spot BTF approval.

However, despite this setback, bullish sentiments surrounding Solana remain notably high. In a Friday tweet, analyst “Crypto Simon” noted that the SOL/USDT price chart is signalling a potential breakout from its descending channel, suggesting a shift towards an upward trend. He further highlighted a high probability of a bullish movement originating from the support level around $98, with SOL poised to target resistance levels near $128.

At press time of the latest update, Solana was trading at $89.31, reflecting a 6.36 % decline over the past 24 hours. Ethereum, on the other hand, was trading at $2,438 after experiencing a similar 3.8% decrease during the same timeframe. Despite this decline, Solana’s one-year trajectory remains notably robust at 340.43%, surging from around $20. In contrast, Ethereum’s one-year trajectory is comparatively lower at 60.72%, indicating growth from $1,500.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

SOL On Verge Of Ultimate Price Explosion To All-Time Highs As Solana Plans To Unveil Cheaper Saga Successor

SOL On Verge Of Ultimate Price Explosion To All-Time Highs As Solana Plans To Unveil Cheaper Saga Successor

By Brenda Ngari – January 16, 2024

Solana Mobile, the firm behind the first-ever smartphone with an integrated crypto wallet, is preparing to unveil its second crypto-ready smartphone following Saga’s unexpected success. The latest reports say the new phone will have features similar to the original phone but will be cheaper and have different hardware specifications.

Solana Saga 2.0: A More Affordable Crypto Phone

Solana is reportedly preparing to release yet another crypto-forward smartphone.

This ambitious project follows the skyrocketing sales for the Solana Saga, which was unveiled in 2023. The phone first went on sale in May last year, and four months later in August, its price was reduced to $599 from $1000. Today, an unopened Saga device fetches a whopping $3,200 on marketplaces such as eBay. Solana expects the new high-end Android smartphone to help offset the high demand for Saga.

Sales of the Solana Saga phone were initially underwhelming, but the device quickly sold out after crypto traders realized that they came with a free airdrop of BONK meme coins valued at more than the cost of the phone itself.

Like the original Saga phone, the successor comes with the same crypto-friendly features, including a built-in crypto wallet, decentralized application (dapp) store, and customized Android software. However, the new crypto phone will be much cheaper. This strategic move seeks to attract a wider audience beyond early adopters and ardent Solana fans.

Besides coming at a cheaper price point, the soon-to-launch smartphone is also expected to have different hardware compared to its predecessor Saga.

Another Phenomenal Rally Underway?

The news of a more affordable follow-up to the Saga smartphone comes as the price of the SOL token cools off following a parabolic rally last year. At the time, the massive gains in the SOL price were accompanied by an increase in trading activity on the Solana network, which momentarily saw trading volumes on SOL-based decentralized exchanges (DEXs) flip that of Ethereum for the first time in history.

SOL is now trading at $96.36 per coin after topping $122.90 last December. Moreover, Solana DEX volume has slipped to $615 million in the past 24 hours, just a little over half that of Ethereum’s $1 billion, according to data provided by DefiLlama.

While the performance of the wider crypto market undoubtedly plays a key role, sky-high interest in Solana smartphones could once again light a fire under SOL bulls. There is a possibility that the new phone will spark mass adoption and propel SOL to new heights.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Jump Crypto Promulgate Plans to Develop a New Validator Client for Solana

Jump Crypto Promulgate Plans to Develop a New Validator Client for Solana

The Solana network has been haunted by outages and slowdowns this year, especially during periods of congestion due to high demand. Still, the Solana Foundation is now trying to revamp the network to make it more stable, with a new open-source validator client to be developed by Jump Crypto.

Creating a new validator client for Solana is long overdue, as the protocol is now out of favor with users due to the attacks and outages it has experienced recently. Jump Crypto's joint venture is being conducted in partnership with the Solana Foundation. Both entities are working to reposition Solana as one of the fastest and most resilient smart contract networks.

The new development is expected to improve the accuracy with which Solana receives blocks and makes the network more resistant to attacks. The new features are designed to provide greater security to Phantom Wallet. It gives users control over reporting spam, which helps block contract addresses and domains. Investors can likewise earn SOL tokens as "rent" by reporting spam NFTs. Given the high risks involved with cryptocurrencies, users should exercise caution when transacting with third-party websites.

The process of building the new validator client will be overseen by Jump Trading's Chief Scientific Officer, Kevin Bowers, who leads a proven team of scientists and engineers developing complex algorithms, software, and Trading systems in the hardware and network space.

The move is significant because Jump Crypto, the Chicago-based subsidiary of Jump Trading, is a major player in the cryptocurrency world with substantial investments across the industry, including some Solana-related projects. Validators play a vital role in proof-of-stake blockchains like Solana by confirming the legitimacy of transactions sent to the chain. Anyone can act as a validator, provided they hold the desired amount of Solana's native currency, SOL, and transact in a way that benefits the network.


Image Source: Jump Crypto

Many Solana validators, including Coinbase Cloud and Jump Crypto itself, also offer "staking" services – allowing smaller users to add their own SOL to the validator pool and receive a portion of the rewards validators receive for providing their services. In response to questions about the relationship between new Validator clients and existing clients, a Solana spokesperson provided the following statement:

“In plain language, Solana Labs has an engineering team that is solely focused on building what has been the only software in the world that is capable of running the Solana network. Now there will be a second entire initiative that will be able to coexist and run the Solana network as well.”

In announcing the new validator client, Jump Crypto said the project would help accelerate Solana adoption, drive further technical improvements, and increase its network's decentralization.

Jump Crypto's assertion that its new project will improve Solana's technical performance will likely prove true, given the company's profound reputation for innovation. His contribution is also likely to be welcomed as the network suffered a series of embarrassing crashes and outages earlier this year.

However, the company's claim that its Validator client will increase decentralization may be causing a stir in some circles. That's because Jump Crypto has invested heavily in Solana and has made several rescues; most notably, it spent $320 million to rescue Solana-related projects from catastrophic hacks. Meanwhile, Solana's founders and executives appear to be working closely at Jump Crypto and its parent company.

Solana's close ties to the Chicago-based trading giant could irritate critics who argue Solana lacks the decentralization of Bitcoin or its rival Ethereum.

“Through Jump’s decades of work in solving some of the most complex networking challenges across traditional financial markets, we have seen firsthand the impact that improving a network’s speed and efficiency can have on an entire financial system,” said Jump Crypto executive and former UC Berkeley researcher Kevin Bowers, who leads the Validator project.

But for now, the infusion of technical know-how from Jump Crypto and the potential of the new validator client to bring more people into the network should prove to be an overall boon for Solana. This will outweigh the criticism of the project's governance structure.

 

 

 

About: Prince Chinwendu. (Nigeria) Rapid and sustainable human growth is my passion, and getting a life-changing opportunity into the hands of people is my calling. Empowering entrepreneurs provides me with enormous gratification. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.

 

 

 

 

 

Tim Moseley