This week, Solana native token ($SOL) has dropped by 10% after a brief outage. According to CoinGecko, the drop marks $SOL in its lowest downturn in two weeks, with its market cap currently at $48.0 billion.
However, the Solana ecosystem continues to record more DeFi dApps. This converts Solana into one of the essential blockchains in the ecosystem.
Let’s take a look at the most exciting updates from the Solana ecosystem recently.
1 – Solana Network Outage
This week, the Solana ecosystem experienced a surprising shut down for 17 hours. Users weren’t able to buy, sell and trade the $SOL token.
1/ Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.
— Solana Status (@SolanaStatus) September 14, 2021
Solana’s outage generated different opinions from users. Some defended the blockchain platform, and others expressed their displeasure. Teddy Fusaro, president of Bitwise Asset Management, said: “This is something we’ve seen since they’ve become a phenomenon.”
However, Edward Moya, senior analyst at OANDA, also said that the blockchain platform was not as decentralized.
Finally, the Solana founder, explained that Solana’s failure was caused by bots overrunning during a Raydium IDO.
Bots during a raydium ido are flooding the network at 300k txs per second. The queues that forwards txs to block producers grew in size to a point that caused excessive forking. The fix to prioritize messages in this queue was already in the works but wasn’t out yet.
— Anatoly Yakovenko (@aeyakovenko) September 14, 2021
2 – Katy Perry, Nas, and Jason Derulo Invest in Audius
Solana-based decentralized music protocol, Audius, is growing remarkably recording USD 5 million in investments.
Big news for @AudiusProject
Katy Perry, Nas, and Jason Derulo Are Investing Big in a Spotify Competitor https://t.co/smjNTtuH0k
— J◎e McCann (@joemccann) September 16, 2021
Therefore, artists like Katy Perry and The Chainsmokers invested in Audius. Also, Jason Derulo, Pusha T, among others, has contributed to Audius’s successful fundraising campaign. It reached USD 5 million.
Likewise, Forrest Browning, Audius’s co-founder and chief product officer, expressed his delight with the platform’s growth. Browning further revealed that Audius is looking to add more easy-to-use crypto features.
Finally, Audius currently boasts more than six million monthly users and recently secured a strategic partnership with TikTok.
3 – Wormhole Launches Ethereum Solana Bridge
Wormhole Network has announced the launch of the Ethereum-Solana bridge, allowing users to move assets between each chain.
— Wormhole (@wormholecrypto) September 17, 2021
Wormhole, via a statement, announced the launch of the token bridge. Firstly, it would be supported only between Ethereum and Solana. Then, the new update will entail the migration of assets from Wormhole V1 to Wormhole V2.
Also, the migration of assets from V1 to V2 will be supported by Saber, which currently has USD 4 billion in TVL.
4 – Solana Unveils Breakpoint Global Fellows Program
Solana and Jump Crypto have launched a program for young developers with interest in the Solana ecosystem.
— Solana (@solana) September 18, 2021
The initiative will focus on young engineers between the ages of 16 and 24. Participants will be mentored and have direct connections with the teams of the Solana dApps.
Finally, donations from Solana’s community members are open to every young developer. Notably, the application for the Global Fellows Program will close on October 1st, 2021.
5 – Jet Protocol launches on Solana
Solana-based borrowing and lending protocol, Jet Protocol has officially launched its alpha product on the Solana devnet.
1/8 Welcome to Jet Protocol – the flyest borrowing and lending DeFi experience in the skies. Today Jet Protocol is officially launched on the @Solana Devnet at https://t.co/y3nJaJGLWP. Why are we making a big deal of a Devnet release? Well, there are a few reasons… pic.twitter.com/IH8DG5yQ5s
— Jet Protocol (@JetProtocol) September 13, 2021
Jet Protocol noted that users can now borrow against or earn a yield on their crypto-assets. The new venture will also introduce Solana to its improved cross-margining borrowing and lending experience.
Will Barnes, co-founder, and CEO of Jet Protocol lauded Solana for its low fees and high throughput network. According to Barnes, Solana’s solution will help Jet build a protocol with market-driven interest rates.
“We will foster an ecosystem of entrepreneurs to make Jet the best it can be as a front-end interface,” he added.
6 – Dassi Finance Wins BuildingOutLoud Hackathon
Dassi Finance, a zero-interest micro-lending protocol, won the Solana India hackathon.
We’re thrilled to announce the results of the #BuildingOutLoud Hackathon. Congrats to all the winners! 🏆
— Solana India 🌞🍌 (@solana_india) September 13, 2021
Therefore, the initiative was launched to accelerate the growth of the Indian crypto ecosystem. It is supported by Superpumped and Devfolio, among other tech companies and investors.
Finally, the hackathon recorded 3,100 participants and received over 100 project submissions from India. Dassi Finance claimed the grand prize of USD 10,000.
7 – Saber Launches new BUSD / USDC pool
Saber, a Solana-based AMM, has unveiled a BUSD/USDC pool.
— Saber (@Saber_HQ) September 16, 2021
Saber’s new pool, which was launched in collaboration with Allbridge, will allow users to trade and supply liquidity for $BUSD directly from BSC.
Since January 2021, the $SOL price boosted its value to 9,276.3% to secure its place as the seven largest token by market cap.
The $SOL token was down by 0.8% in the last 24 hours. Trading at USD 141.01 with a 24-hour trading volume of USD 5.3 billion. $SOL currently has a circulating supply of 297 million $SOL tokens and a total supply of 489 million tokens.
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