It was a wonderful week for the Solana network as the project native token surged remarkably this week. $SOL price rallied by a whopping 23.5% in the last seven days and was trading at USD 195.22, according to Coingecko.
Although $SOL didn’t attain another all-time high, the token has become the sixth-largest cryptocurrency by market cap. SOL’s overall market cap is currently around USD 57 billion. Therefore, the Top Solana Updates continues to add more projects to its platform and is gaining attention among institutional investors.
Moreover, Here are the recent exciting updates from the Solana ecosystem.
1 – $SOL Will Outshine BTC, ETH -Analyst
A popular cryptocurrency analyst said that its current form of $SOL would surpass the two top cryptocurrencies in the ecosystem.
Moreover, Smart Contracter, via his official Twitter handle, explained to his 174,900 followers that $SOL would outshine ETH and BTC. Using the Elliot Wave theory, he stated that Solana is bullish when paired against Ethereum and when paired against Bitcoin.
— Bluntz (@SmartContracter) October 20, 2021
Also, the crypto analyst revealed that he believes Solana is still in its infancy and has a long way to go. “ETH/BTC looks bullish, SOL/BTC looks bullish, but SOL/ETH also looks bullish, so naturally, $SOL is my largest bag, and I believe it outperforms BTC and ETH,” he tweeted.
2 – Wormhole V2 UST Pool Goes Live On Solana
According to the annoucement, Saber has partnered with Terra to rollout the first Wormhole V2 UST liquidity pool on the Solana blockchain.
As a result of the partnership, users can now bridge UST from Terra to Solana and deposit liquidity on Saber. Terra, a next-generation proof-of-stake blockchain protocol, will also provide liquidity on Saber.
Wormhole v2 UST is live on Saber! #LUNAtics can bridge UST directly from @terra_money to @solana via @wormholecrypto and deposit liquidity in the new UST / USDC pool at https://t.co/mU59Y2fScD. SBR rewards will go live within 24 hours. https://t.co/3JNYWozqyj
— Saber Labs (@Saber_HQ) October 23, 2021
Therefore, Terra users providing liquidity will earn rewards or exchange their UST for other Solana stablecoins. Saber, which is facilitating interoperability between Solana and Terra, expressed delight with the new partnership.
Meanwhile, Sabers’s SBR rewards are expected to go live in the next 24 hours for the pool. Also, $wLUNA rewards may integrate with the pool soon, pending a grants proposal.
3 – Solana Attains Record High in TVL on DeFi Protocols
Solana isn’t slowing down as it achieved another feat by reaching an all-time high in TVL on its DeFi protocols.
Following its token recent growth, the total value locked in DeFi on Solana touched a new record of USD 12.7 billion on October 23. Solana-based projects like Saber, Raydium, Serum, Sunny, and Marinade Finance, among others, have been credited for the growth.
Meanwhile, the TVL in DeFi protocols also reached a new record high of USD 235 billion this week. The rise of Bitcoin and other token prices and the increase in integration of stablecoins are responsible for the growth.
Finally, Aave with USD 18.89 billion, Curve with USD 17.97 billion, and MakerDAO with USD 16.46 billion are the most significant contributor to locked-in value.
4 – MonkeyBall and Synchrony Secure Funding
Solana-based projects MonkeyBall and Synchrony have been able to secure strategic funding aimed at its growth and expansion.
MonkeyBall, a play-to-earn NFT game platform on Solana, has raised USD 3 million in a seed funding round. While Synchrony Finance, an asset management protocol, has secured USD 4.2 million in funding.
— TOP 7 ICO | #StandWithUkraine🇺🇦 (@top7ico) October 21, 2021
Investors in Synchrony fundraising rounds included Sanctor Capital, Wintermute Trading, GBV Capital, HashKey, Magnus Capital, 0xVentures, among others. Andrew Frase, Synchrony co-founder, noted that the funds would expand its team and increase its marketing endeavors.
MonkeyBall round witnessed participation from top investors, including Jump Capital, CMS Holdings, Solana Capital, 6th Man Ventures, NFX, among others. The play-to-earn NFT platform stated that the fund raised would be used to increase its team.
5 – Squads Beta Coming To Solana November 9
The much-anticipated launch of Solana-based user-friendly DAO generator, Squads, is near as the project announced November 9 for its rollout.
According to the annoucement, the launch will be in two versions (mainnet and devnet launch). The Squads v0.1 (mainnet) will act as a multi-governance client for the Solana ecosystem facilitating decentralized on-chain voting for already established communities.
We are excited to announce that Squads beta is going to launch on November 9th!
Follow the link to learn more:https://t.co/jhoZzVpHKF
— Squads (@SquadsProtocol) October 21, 2021
Also, the Squads v0.2 (devnet) will possess all of the DAO primitives (deployment, voting, treasury) combined in one interface. It will enable the deployment of private DAOs.
Additionally, at launch, Squad members will access the Vault (DAO treasury), which can be used as a multi-sig wallet controlled by governance.
$SOL Price update
$SOL is currently the sixth-largest token by market cap had a 4.1% drop at publication. It is currently trading at USD 190.38 with a 24-hour trading volume of USD 2.4 billion. Also, $SOL has a circulating supply of 300.9 million and a total supply of 488.6 million tokens.
We hope you’ve enjoyed the Top Solana Updates.
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