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However, some questions have been raised recently that have been brought into the Solana DeFi camp, especially considering its latest reduction.
Call SOL better
Solana's latest Mainnet upgrade to v1.10.25 received a warm reception from the community.Many wonder what might have happened if it had been released in the Bull Market in December 2021. In fact, FTX CEO Sam Bankman-Fried believes there's more to come from the Solana network.
"There are real solutions coming, some of which have already been implemented."
SBF retweeted the confirmation of businessman Brian Long's transaction.Long confirmed a transaction under a second in his tweet, as given below.He's one of many community members who have had authentication issues.For many, this may just be the past.
In addition, solana network activity is also on the rise with recognized NFT sales.Primate Academy NFTs on Solana ranked second on the sales list on June 19 with a total of over $1.46 million.It has also seen a change of more than 96% in the last 24 hours.
Even so, there is a big problem growing on Solana DeFi. Total Locked Value (TVL) fell by $1.56 billion compared to early June. At the time of writing, this figure stood at $2.43 billion, with macro conditions playing a key role in the collapse.
BFD ALERT! — I'm tracking @solana TX confirmation times on @ValidatorsApp and starting to see sub-second confirmations with v1.10.25! Follow along here: https://t.co/GXZzGlhawD. While everyone is distracted by the markets, the @solanalabs engineers & validators are building! pic.twitter.com/Ym42VoyAak
— Brian Long ☀️ (@brianlong) June 19, 2022
How does SOL react?
At press time, SOL was trading at $32.62.With most cryptocurrencies falling in price and struggling to keep their support, SOL has gained 6.2% in the past seven days.In retrospect, both Bitcoin [BTC] and Ethereum [ETH] are down nearly 29% from last week.Moreover, Solana also seems to be back among the top 10 cryptocurrencies in the market.
Some indicators are also visualizing positive records, despite the strong volatility of the cryptocurrency winter.The social dominance index for Solana reached 3.4% on June 19 after the release of the upgrade.However, the social media chatter about Solana has mostly focused on recent NFT launches and donations.
However, the network has managed to stay up to date with the news for good reasons.
Volume has also increased sharply online in the last 24 hours.The network upgrade led to a major change in volume on Solana.As of June 19, network volume had increased by 58% and reached $2.11 billion.
The increase in numbers is also the result of Solana's increasing social dominance.
