Top Solana Updates Week 1 November

It was a booming week for the Solana network as the project’s native token reached a new all-time high. Solana’s ($SOL) price on November 6 hit an all-time high of $259.96 with its market cap surging to $75.1 billion according to Coingecko.

Also, the Solana ecosystem is set to experience an exciting week as its inaugural conference ‘Solana Breakpoint’ kicks off. The conference goals are to celebrate everything the Solana community has accomplished, and strategize for its future.

Also, the project continues to solidify itself as a very strong Layer 1 competitor to the Ethereum network. Furthermore, Solana continues to add more projects to its platform and is gaining attention among institutional investors.

Here are our updates from the Solana ecosystem.

1 – Solana (SOL) Surpasses Cardano (ADA) and Tether (USDT)

As a result of the remarkable boost in price on Solana’s native token this week, $SOL has never had a higher market value. In addition to setting a new all-time record, $SOL passed $ADA and leading stablecoin USDT to become the fourth-largest cryptocurrency by market capitalization.

Solana’s fast transactions, cheap fees, and DeFi projects on its platform explain the outstanding growth. The token this year alone, according to Coingecko has recorded over 12812% growth.

Solana token at the time of publication was behind Bitcoin, Ethereum, and Binance coin. Solana co-founder and COO via his official Twitter handle expressed delight with the growth of the project. He explained that the token will surge to new heights.

2 – Solana Builders Will Define Its Roadmap, says COO

Solana co-founder and COO, Raj Gokal has revealed that the project will not release any roadmap at the Breakpoint conference.

Gokal explained that unlike previously, builders on Solana will now define the roadmap of the platform. “The roadmap ahead is defined by the builders. the entrepreneurs building the future. You,” he tweeted.

Essentially, the Breakpoint conference is an opportunity for Solana developers to interact. It is taking place in Lisbon, Portugal, and will run from November 7-10. CEO of Circle, Jeremy Allaire, Sam Bankman-Fried, Sergey Nazarov, and also Bobby Ong of CoinGecko, among others are expected to attend.

3 – Solana Ventures, Others Invest $100 million in Web3 Gaming

Solana Ventures, Lightspeed, and FTX have announced a $100 million fund to invest in startups focused on building Web 3 gaming.

According to the announcement, the funding will help gaming platforms integrate Solana blockchain into video games on desktop and mobile platforms.

Also, the initiative has already secured funding for its first investment. FTX and Lightspeed have also led a $21 million funding round for gaming studio Faraway.

Anatoly Yakovenko, CEO of Solana Labs has expressed delight with the new initiative. He said, “In the last few months we’ve seen talented game builders leave their jobs at Riot, EA, Scopely, and other established gaming firms to build Web 3 games on Solana.”

Amy Wu of Lightspeed also lauded FTX and Solana for playing a crucial role in the growth of blockchain gaming. “High-performance blockchains like Solana are now capable of delivering the kind of web2 experiences gamers expect while providing the advantages of decentralized Web 3 systems,” she noted.

4 – Phantom Attains New Milestone

Solana-based crypto wallet, Phantom has achieved a new milestone as it hit over one million active users.

The Solana-based project announced the impressive feat via its official Twitter handle. Also, Phantom enables users to easily and safely store, send, receive, and swap tokens on Solana.

Also, the growth of non-fungible tokens (NFTs) on Solana network is a big reason for Phantom’s outstanding rise. The NFT boom has seen over $500 million in volume for secondary sales on the Solana ecosystem.

5 – Solana Secondary NFT Sales Surpass $500M

Secondary sales volume for Solana-based nonfungible tokens (NFT) has surpassed $500 million since the third quarter of this year.

Data from CryptoSlam, an NFT industry data aggregator disclosed that secondary sales of Solana NFTs have surged remarkably. CryptoSlam noted that Solana witnessed a record month for secondary NFT sales volume during September with a total of $189.4 million.

Also, the data aggregator put Solana third on the list of top NFT blockchains with $1.9 million in terms of 24-hour secondary volume. Ethereum with $37.7 million, and Ronin with $23.5 million come in first and second respectively.

Solana Price update

Solana ($SOL) which is currently the sixth-largest token by market cap had a 1.6% drop at the time of publication.

The token according to Coingecko was trading at $249.27 with a 24-hour trading volume of $3.1 billion. SOL, currently has a circulating supply of 302 million SOL coins and a total supply of 508 million.

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