Top Updates From the Solana Ecosystem ( 4/19 - 4/25)

The Solana ecosystem that focuses on scaling blockchain for global adoption continues to expand and has recorded additional massive growth as the token surpassed its previous all-time high to set a new record.

The past week saw prices of many cryptocurrencies, including Bitcoin, fall due to major corrections. Solana (SOL), however, rallied and, according to CoinGecko, was trading at $44.93 with a market cap of $12.1 billion at press time.

The increase has been credited to the rise in the number of DeFi and dApps projects as well as stablecoins built on the Solana ecosystem, which has now set the project in the right path to achieve its aim as “Ethereum killers.”

Here are other recent exciting updates from the Solana ecosystem.

Launch of Star Atlas

Star Atlas, a next-gen multiplayer gaming universe built on the Solana ecosystem, announced a pre-launch event. The event would enable users to have a firsthand feel of the network before launch and the opportunity of buying 14 NFT meta-posters.

According to the announcement, Star Atlas, beginning from April 24, will start selling these first-of-its-kind posters (one per week) that can be minted into resalable NFTs afterward.

Additionally, Star Atlas noted that Solana was chosen for the integration due to its amazing processing capabilities of 50,000+ transactions per second as well as its cheap transaction cost.

Anatoly Yakovenko, co-founder of Solana, noted that the integration would bring the traditional gaming experience on-chain. It would also enable players to own in-game assets as NFTs, as well as providing an avenue for the NFTs to be monetized.

Launch of Solstarter

Solana announced Solstarter, the first Initial Dex Offering (IDO) platform for Solana. Solstarter is focused on empowering launchpad projects to raise liquidity in a fair and decentralized manner.

As the first IDO platform for Solana, the platform would focus on increasing the adoption of the Solana ecosystem by driving the incubation and funding of future innovative projects built on Solana.

Bankman-Fried’s Alameda Increases Investment in Solana

Popular trading firm Alameda has increased its investment in the Solana ecosystem. Launched in 2017 and led by Sam Bankman-Fried, a former ETF trader at Jane Street, the crypto-trading firm is focused on providing an alternative to Ethereum and its surging gas fees while still offering fast transactions and higher scalability. 

To achieve this, Alameda is building Serum, a decentralized exchange (DEX), on Solana, which according to data from Blockchair and Solana Beach, can handle more than 1,000 transactions per second, unlike Ethereum that can only currently run about 15 transactions per second.

Solana Secures AscendEX and OKEx Partnerships

The Solana ecosystem recently secured a partnership with OKEx-owned Block Dream Fund. The network received $20 million as a result of the partnership. It also noted that the fund would be used for the massive expansion of the ecosystem this year.

As for AscendEX, the exchange announced it would support the deposit and withdrawal of various assets for the Solana Program Library (SPL). The assets supported by this endeavor include FIDA, SRM, OXY, USDC, USDT, and MAPS.

Mike Novogratz Backs Solana

In another remarkable event for the project, Mike Novogratz, a popular crypto enthusiast and current CEO of Galaxy Investment Partners, this past week publicly commended the Solana token (SOL). Mike Novogratz, via his official Twitter account, described the digital asset as a “good horse to ride.”

Solana Price


Source: TradingView

As of the time of publication, Solana’s (SOL) price was $44.93 with a 24-hour trading volume of $1,317,040,502. SOL price fell by 2.5% over the last 24 hours. It has a circulating supply of 269.8 million SOL coins and a max supply of 488.6 million.

Also, it is worth noting that the token has grown by over 6,921% in the last year alone, and Binance is currently the most active market trading SOL.

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