It was a bearish week for the crypto space as traders gave into the selling pressure, and tokens dropped significantly. Therefore, the $SOL price dropped considerably.
However, despite the struggling crypto market, the Solana ecosystem performs remarkably. The blockchain network continues to record more projects and is also gaining attention among institutional investors. Here are the latest Solana Updates:
1 – Solana Is Growing Faster Than Ethereum Did
This week we begin with a new report which indicates that the Solana network is growing faster than Ethereum. According to the report, Solana currently has more active projects than Ethereum in its history.
We analyzed 150m+ repos & xM code commits to produce these 100+ charts.
This was a community effort: 150 people contributed via email and Github! Thank you everyone who helped.
Let's dig in👇
— Avichal – Electric⚡️Capital ┻┳ (¤,¤) 🍣🦙 🐇🕳 (@avichal) January 5, 2022
Also, Electric Capital revealed that Binance Smart Chain, Polkadot, Avalanche, Terra, and NEAR are also developing faster than Ethereum.
Furthermore, the report pointed out that the Solana network is among the five largest developer ecosystems. It revealed that the blockchain platform grew by over 4.9x in 2021 and is also home to thousands of Web3 developers.
However, despite its impressive growth, Ethereum continues to have the largest network of apps and projects.
2 – The Saint Eclectic Claims Solana Squid Prize
The Saint Eclectic has been announced as the Solana ecosystem Squid Prize recipient. The Squid Prize is a biannual event that celebrates people who made significant contributions to the Solana community.
1/ The Squid Prize is the twice-a-year celebration of the people who make the Solana community a better place.
Congratulations! 🦑 pic.twitter.com/Z2Xoqj9sFM
— Solana (@solana) January 4, 2022
As a result of the award, the Saint Eclectic will receive a grand prize of $20,000 in USDC-SPL. Solana noted that Saint Eclectic won the award because of his educational threads about the blockchain network.
Also, it is worth noting that another edition of the Squid Prize will hold in the next six months and is open to everyone contributing to the ecosystem’s growth. Moreover, the Squid prize initiative was first won by a Solana supporter with the Twitter handle of @fordudesake.
3 – Solana Suffers Another Outage
Moreover, the Solana network has experienced another network outage this week, the second in recent weeks. According to reports, the network was attacked by a user who employed spam to conduct a distributed denial-of-service (DDoS) attack.
Solana went down again at two o'clock in the morning (UTC+8) on January 4th. According to users of the official Telegram community, the attacker is suspected of using spam to conduct a DDoS attack.
— Wu Blockchain (@WuBlockchain) January 4, 2022
Colin Wu, a blockchain reporter, announced the disruption. He noted that the DDoS attack occurred around 2:00 am (UTC+8) and was fixed around 7:00 am (UTC+8).
However, Anatoly Yakovenko, Solana co-founder and CEO, debunked the DDoS attack report. Yakovenko replied to Wu, stating that congestion, not a DDoS attack was responsible for the outage.
👋, sorry that’s not at all what happened. There was some congestion due to mis metered transitions, and some users experienced their txs timing out and had to retry.
— anat◎ly 🦀🤿🏒 🤙 (@aeyakovenko) January 5, 2022
4 – Visa Onboards Solana-based Zebec
Zebec, a Solana-based programmable cash stream protocol, has become the first Solana project on Visa’s fintech fast track program.
— Zebec Protocol ⛵ (@Zebec_HQ) January 5, 2022
The Visa fintech program, which had previously nurtured programs such as Stripe, Chime, Crypto.com, among others, has added Zebec. As a result, Zebec will gain access to Visa’s vast resources, experts, and technology to facilitate its growth.
5 – Serum Secures $75 Million In Token Sale
The last Solana Updates comes from a non-custodial decentralized exchange, Serum, has secured $75 million in a new funding round. The fundraising was conducted via a token sale. Also, the tokens had a discount price to their market value. The tokens included Solana (SOL), Serum (SRM), Raydium (RAY), Pyth Network (PYTH), among others.
The funding round recorded participation from top platforms, including Commonwealth Asset Management, Tiger Capital, and Golden Tree Asset Management. Serum noted that the fund raised would be used to grow its ecosystem and to incubate new projects.
$SOL Price Update
The bearish crypto market continues to take a toll on the $SOL price as the token was down by 3.0% in the last 24 hours. Solana’s native token was trading at $140.64 at the time of publication with a 24-hour trading volume of $2,2 billion.
SOL, according to Coingecko, had a market cap of $43.7 billion. It currently has a circulating supply of 311.3 million and a total supply of 508 million tokens.
We hope you’ve enjoyed the latest Solana Updates.
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