Is Solana nonetheless the shining solar within the sky and Ethereum killer it was prophesied to be? Nobody is aware of for positive however a brand new partnership and a few metrics reveal the newest particulars.
Know your value
After months of swimming within the purple, the ninth greatest crypto by market cap crossed the psychological worth of $100 and was buying and selling at $100.29 at press time. This got here after SOL rallied by 9.78% within the final 24 hours, and elevated by 15.22% within the final week. A powerful present, one should admit, even when a number of different alts have stepped in entrance of it.
However if you’re in search of an even bigger milestone, have a peek on the complete NFT commerce quantity in USD. Whereas SOL’s worth could also be a great distance from its $240+ highs, the business has been seeing an uptick in NFT commerce quantity, and this metric struck its new all time excessive on 15 March, with a quantity of $324.79 million. It appears Solana is getting into the NFT-based sport business at an opportune second.
Supply: Santiment
Get your sport face on
Whereas extra consistency is required if Solana desires to usurp Ethereum within the NFT sector, Solana co-founder Anatoly Yakovenko made it clear that he was (pleasantly) stunned by the a couple of million Solana customers with NFTs of their wallets.
So, why is that this vital? To refresh your reminiscence, Solana Labs and KRAFTON, Inc. – of PUBG: BATTLEGROUNDS fame – recently announced that that they had signed an settlement “for the event and operation of blockchain- and NFT-based video games and providers.”
As Solana diversifies its presence and makes an attempt to bridge Web2 and Web3 instruments and sure, leisure, NFTs are prone to play a serious position in community adoption. For that motive, these making an attempt to chart out Solana’s trajectory must also maintain their eyes peeled for each NFT and GameFi-related updates.
What’s extra, the principle query right here is whether or not or not a push into the NFT-based GameFi business might take Solana again to being Ethereum’s primary rival.
To that finish, let’s take a look at improvement exercise to see how a lot constructing is occurring within the Solana ecosystem.
Supply: Santiment
The reality? Yakovenko may dream of thousands of developers and 100 million users on Solana, however improvement exercise has been dropping all through 2022. Whereas the metric may not be as little as it was in late October, the downtrend is almost unattainable to disclaim. Total, this isn’t an indication of wholesome, long run development.
Lastly, regardless of the excessive profile announcement and SOL’s restoration, it’s value noting that weighted sentiment for Solana was nonetheless in destructive territory.
It appears the coin must do extra earlier than traders determine to board the hype prepare once more.
Supply: Santiment
