[ad_1] <br><div id=""> <section class="article-key-takeaways"> <h3>Key Takeaways</h3> <ul> <li>Solana made numerous huge bulletins at Breakpoint this weekend, however SOL did not react. </li> <li>Solana has confronted many challenges over crypto winter, together with ongoing outages and a decline in DeFi exercise. </li> <li>Whereas Solana has points to beat and competitors to face, it stays one in every of crypto's strongest and most promising ecosystems. </li> </ul> </section>
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</section> <p><span style="font-weight: 400;">Solana is one in every of a number of Layer 1 networks to have suffered within the enduring crypto winter. However clearer skies could also be forward, Chris Williams writes. </span></p><h2><b>Solana Makes a Splash at Breakpoint</b></h2><p><span style="font-weight: 400;">It was a giant weekend for Solana because the Layer 1 community hosted the 2022 version of its Breakpoint convention. As for SOL? Not a lot. </span></p><p><span style="font-weight: 400;">The hundreds of Solana followers that flocked to Lisbon had been handled to numerous huge bulletins over the course of the convention. Arguably the most important one got here Saturday when Google Cloud revealed that it was working a Solana validator and would begin indexing Solana information through its BigQuery product in early 2023. Google Cloud may also make Solana out there through its Blockchain Node Engine to assist customers run their very own nodes within the cloud. Per <a target="_blank" href="https://www.coingecko.com/en/coins/solana" rel="noopener noreferrer">CoinGecko data</a>, SOL instantly rallied double digits previous $38 because the announcement broke, however the momentum didn’t final. It’s since cooled 5.5%, buying and selling at $34 at present. </span></p><figure id="attachment_122585" aria-describedby="caption-attachment-122585" style="width: 868px" class="wp-caption aligncenter"><img alt="" width="868" height="397" srcset="https://static.cryptobriefing.com/wp-content/uploads/2022/11/06144813/Screenshot-2022-11-06-at-19.47.56-868x397.png 868w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06144813/Screenshot-2022-11-06-at-19.47.56-1024x468.png 1024w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06144813/Screenshot-2022-11-06-at-19.47.56-768x351.png 768w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06144813/Screenshot-2022-11-06-at-19.47.56.png 1622w" src="https://static.cryptobriefing.com/wp-content/uploads/2022/11/06144813/Screenshot-2022-11-06-at-19.47.56-868x397.png" data-sizes="(max-width: 868px) 100vw, 868px" class="size-medium wp-image-122585 lazyload" bad-src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="/><noscript><img class="size-medium wp-image-122585" src="https://static.cryptobriefing.com/wp-content/uploads/2022/11/06144813/Screenshot-2022-11-06-at-19.47.56-868x397.png" alt="" width="868" height="397" srcset="https://static.cryptobriefing.com/wp-content/uploads/2022/11/06144813/Screenshot-2022-11-06-at-19.47.56-868x397.png 868w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06144813/Screenshot-2022-11-06-at-19.47.56-1024x468.png 1024w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06144813/Screenshot-2022-11-06-at-19.47.56-768x351.png 768w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06144813/Screenshot-2022-11-06-at-19.47.56.png 1622w" sizes="(max-width: 868px) 100vw, 868px"/></noscript><figcaption id="caption-attachment-122585" class="wp-caption-text"><em>SOL/USD (Supply: <a target="_blank" href="https://www.coingecko.com/en/coins/solana" rel="noopener noreferrer">CoinGecko</a>)</em></figcaption></figure><p><span style="font-weight: 400;">In a unique method to different blockchains akin to Ethereum, the varied engineers working within the Solana ecosystem have targeted on constructing merchandise for the mass market. An instance of such a product is its <a target="_blank" href="https://cryptobriefing.com/solana-unveils-web3-mobile-phone/" rel="noopener">Saga phone</a>, which goals to be the world’s first Web3-ready smartphone. Solana introduced at Breakpoint that it will ship the product to builders as quickly as subsequent month.</span></p><p><span style="font-weight: 400;">USDC issuer Circle additionally appeared in Lisbon for Solana’s flagship occasion, saying that it will make its Euro Coin providing out there on Solana within the first half of 2023. Euro Coin is already stay on Ethereum. Circle additionally revealed that its forthcoming cross-chain protocol would help Solana. </span></p><p><span style="font-weight: 400;">Arguably GameFi’s most anticipated title, Star Atlas builders shared an early demo for the sport at Breakpoint. Solana’s high-speed capabilities (it claims to course of 65,000 transactions per second) might make it a chief candidate for the Web3 gaming area, however as there are not any main titles out there to play at present, it’s unclear how a lot progress groups have made—and whether or not Solana will develop into a hub for the area of interest. Video games usually take years to develop, so it could possibly be a while till Solana’s GameFi ecosystem picks up.</span></p><h2><b>The State of Solana DeFi</b></h2><p><span style="font-weight: 400;">Like a lot of the crypto area, Solana has had a rocky 12 months, not least in its DeFi ecosystem. </span></p><p><span style="font-weight: 400;">Solana topped $10 billion in whole worth locked as SOL neared $260 in November 2021, across the time of the inaugural version of Breakpoint.</span></p> <figure id="attachment_122584" aria-describedby="caption-attachment-122584" style="width: 868px" class="wp-caption aligncenter"><img alt="" width="868" height="321" srcset="https://static.cryptobriefing.com/wp-content/uploads/2022/11/06143832/Screenshot-2022-11-06-at-19.38.14-868x321.png 868w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06143832/Screenshot-2022-11-06-at-19.38.14-1024x379.png 1024w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06143832/Screenshot-2022-11-06-at-19.38.14-768x284.png 768w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06143832/Screenshot-2022-11-06-at-19.38.14.png 2006w" src="https://static.cryptobriefing.com/wp-content/uploads/2022/11/06143832/Screenshot-2022-11-06-at-19.38.14-868x321.png" data-sizes="(max-width: 868px) 100vw, 868px" class="size-medium wp-image-122584 lazyload" bad-src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="/><noscript><img class="size-medium wp-image-122584" src="https://static.cryptobriefing.com/wp-content/uploads/2022/11/06143832/Screenshot-2022-11-06-at-19.38.14-868x321.png" alt="" width="868" height="321" srcset="https://static.cryptobriefing.com/wp-content/uploads/2022/11/06143832/Screenshot-2022-11-06-at-19.38.14-868x321.png 868w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06143832/Screenshot-2022-11-06-at-19.38.14-1024x379.png 1024w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06143832/Screenshot-2022-11-06-at-19.38.14-768x284.png 768w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06143832/Screenshot-2022-11-06-at-19.38.14.png 2006w" sizes="(max-width: 868px) 100vw, 868px"/></noscript><figcaption id="caption-attachment-122584" class="wp-caption-text"><em>The whole worth locked in Solana DeFi (Supply: <a target="_blank" href="https://defillama.com/chain/Solana?currency=USD" rel="noopener noreferrer">Defi Llama</a>)</em></figcaption></figure><p><span style="font-weight: 400;">Nevertheless, Solana DeFi has taken a beating this 12 months because of crashing market costs, liquidity withdrawing to different networks, and brutal token unlock schedules diluting the worth of a number of the ecosystem’s stars of 2021. In response to <a target="_blank" href="https://defillama.com/chain/Solana?currency=USD" rel="noopener noreferrer">Defi Llama data</a>, at present the whole worth locked on Solana is round $968 million, which is barely lower than Avalanche’s $1.31 billion and a fraction of Ethereum’s $32.29 billion. If the numbers don’t drastically change sooner or later, Solana could discover that it thrives in different areas. Nevertheless, it’s additionally price noting that the whole worth locked has remained extra secure in SOL phrases this 12 months, down round 54% from its June 2022 peak to roughly 31.3 million SOL. </span></p><p><span style="font-weight: 400;">Notably, Solana now trails the Ethereum Layer 2 community Arbitrum in whole worth locked phrases, and solely barely leads forward of Optimism. If Layer 2 continues to develop at its present tempo, Solana might discover that it’s not solely in competitors with different Layer 1 networks for liquidity.</span></p><p><span style="font-weight: 400;">Each the <a target="_blank" href="https://cryptobriefing.com/why-do-solana-defi-protocols-keep-getting-exploited/" rel="noopener">Mango Markets and Solend exploits</a> had been potential because of low liquidity ranges on their platforms, which made it simpler for whales to control their markets to take out outsized loans. Whereas Solana protocols are developing with options to such issues, the community’s DeFi ecosystem might proceed to run into points so long as liquidity is low. </span></p><p><span style="font-weight: 400;">Whereas Solana DeFi is down, by far the most important criticism leveled on the community is over its repeated outages. Solana has suffered from hours-long downtimes on a number of events over the previous two years, most notably in September 2021 when it was down for 18 hours. Solana has suffered 4 main outages in 2022, with the latest downtime final month occurring because of a misconfigured node. </span></p><p><span style="font-weight: 400;">Although outages have been a persistent drawback for the community, Solana Labs CEO Anatoly Yakovenko has stated {that a} forthcoming improve will forestall such incidents sooner or later. If Solana can overcome the issue like he guarantees, the community must be in a a lot stronger place sooner or later. </span></p><h2><b>Leveraging Excessive Speeds and Low Prices</b></h2><p><span style="font-weight: 400;">Whereas Solana DeFi could also be in a droop, the identical can’t be stated for the community’s NFT ecosystem. </span></p><p><span style="font-weight: 400;">With the second largest NFT ecosystem behind Ethereum, Solana has constructed a fast-growing neighborhood of so-called “JPEG fans.” This 12 months, collections like DeGods and y00ts have taken the NFT scene by storm, buying and selling at hundreds of {dollars} on the secondary market regardless of antagonistic market situations. </span></p><figure id="attachment_122586" aria-describedby="caption-attachment-122586" style="width: 440px" class="wp-caption aligncenter"><img alt="" width="440" height="440" srcset="https://static.cryptobriefing.com/wp-content/uploads/2022/11/06145709/degod-NbkY9Yhn4MrZVjygWpsEbwD3pLeE8CG6vU5Lns69BZDYMuw2M0t45zTh0uHDVqjnce7Ts-yCZV9_e-2mYMLH06fqUpRX_5wGYC4dUQ-440x440.png 440w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06145709/degod-NbkY9Yhn4MrZVjygWpsEbwD3pLeE8CG6vU5Lns69BZDYMuw2M0t45zTh0uHDVqjnce7Ts-yCZV9_e-2mYMLH06fqUpRX_5wGYC4dUQ-1024x1024.png 1024w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06145709/degod-NbkY9Yhn4MrZVjygWpsEbwD3pLeE8CG6vU5Lns69BZDYMuw2M0t45zTh0uHDVqjnce7Ts-yCZV9_e-2mYMLH06fqUpRX_5wGYC4dUQ-768x768.png 768w" src="https://static.cryptobriefing.com/wp-content/uploads/2022/11/06145709/degod-NbkY9Yhn4MrZVjygWpsEbwD3pLeE8CG6vU5Lns69BZDYMuw2M0t45zTh0uHDVqjnce7Ts-yCZV9_e-2mYMLH06fqUpRX_5wGYC4dUQ-440x440.png" data-sizes="(max-width: 440px) 100vw, 440px" class="size-medium wp-image-122586 lazyload" bad-src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="/><noscript><img class="size-medium wp-image-122586" src="https://static.cryptobriefing.com/wp-content/uploads/2022/11/06145709/degod-NbkY9Yhn4MrZVjygWpsEbwD3pLeE8CG6vU5Lns69BZDYMuw2M0t45zTh0uHDVqjnce7Ts-yCZV9_e-2mYMLH06fqUpRX_5wGYC4dUQ-440x440.png" alt="" width="440" height="440" srcset="https://static.cryptobriefing.com/wp-content/uploads/2022/11/06145709/degod-NbkY9Yhn4MrZVjygWpsEbwD3pLeE8CG6vU5Lns69BZDYMuw2M0t45zTh0uHDVqjnce7Ts-yCZV9_e-2mYMLH06fqUpRX_5wGYC4dUQ-440x440.png 440w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06145709/degod-NbkY9Yhn4MrZVjygWpsEbwD3pLeE8CG6vU5Lns69BZDYMuw2M0t45zTh0uHDVqjnce7Ts-yCZV9_e-2mYMLH06fqUpRX_5wGYC4dUQ-1024x1024.png 1024w, https://static.cryptobriefing.com/wp-content/uploads/2022/11/06145709/degod-NbkY9Yhn4MrZVjygWpsEbwD3pLeE8CG6vU5Lns69BZDYMuw2M0t45zTh0uHDVqjnce7Ts-yCZV9_e-2mYMLH06fqUpRX_5wGYC4dUQ-768x768.png 768w" sizes="(max-width: 440px) 100vw, 440px"/></noscript><figcaption id="caption-attachment-122586" class="wp-caption-text"><em>DeGod #4833 (Supply: <a target="_blank" href="https://opensea.io/assets/solana/ArGq8cm7ef1RdLz1je9NUmeuGyy4q2FvmuVb6P2Lg5Uc" rel="noopener noreferrer">DeGods</a>)</em></figcaption></figure><p><span style="font-weight: 400;">Solana has additionally attracted many huge names from the digital artwork world. At Breakpoint, Metaplex <a target="_blank" href="https://twitter.com/SolanaConf/status/1589276526956404736?s=20&t=x1CRfrg9mWM2IU6Lcko_6g" rel="noopener noreferrer">announced</a> that it will launch “immersive 3D NFTs” from Beeple on Solana, taking a notable department out from Ethereum. pplpleasr, one other main artist within the NFT area, has additionally beforehand launched Solana NFTs. The place a lot of the mainstream consideration over non-fungible digital collectibles has been on Ethereum, NFT natives have seen that exercise is rising on its strongest competitor community. The following NFT bull cycle might look totally different to the final one now that Solana’s NFT neighborhood and infrastructure has gained a lot tempo all through the bear market. </span></p><p><span style="font-weight: 400;">Solana additionally appears to concentrate on its standing within the GameFi world because of its high-speed, low-cost capabilities. Breakpoint featured a complete day devoted to the buzzy sector, which was the place Star Atlas and different groups confirmed off their newest progress to a packed room of would-be Web3 avid gamers.</span></p><h2><b>The Future for Solana</b></h2><p><span style="font-weight: 400;">Whereas the community has challenges to beat, it’s abundantly clear that there are various constructive developments coming from the community. The assorted bulletins made at Breakpoint show that gifted corporations, artists, and initiatives are taking a eager curiosity within the Solana community regardless of the difficulties it has confronted.</span></p><p><span style="font-weight: 400;">It’s additionally price stating that Solana and SOL aren’t the one victims of crypto winter. Whereas SOL is down round 82% from its peak after outperforming in 2021, many different Layer 1 networks have suffered related losses. DeFi has additionally taken a beating throughout the board, with Ethereum popping out strongest. Traditionally, Ethereum’s rivals—typically dubbed “Ethereum Killers”—have seen exercise wane and their tokens die off in bear markets, however none of them have had as many constructive developments as Solana has completed over current months. </span></p><p><span style="font-weight: 400;">Maybe the best hurdle forward for the community lies in its competitors. The brand new Layer 1 networks Aptos and Sui, each developed by former Meta workers, have been in comparison with Solana owing to their promise of excessive speeds, and each initiatives have raised nine-figure warchests this 12 months. <a target="_blank" href="https://cryptobriefing.com/what-is-aptos-inside-the-new-move-based-layer-1-chain/" rel="noopener">Aptos</a>, which says it may well course of 100,000 transactions per second via its Transfer programming language, launched with a token airdrop final month and anticipation for its development is excessive. Sui can be believed to be making ready its personal airdrop. Capital is cruel in crypto; if these initiatives efficiently seize the area’s consideration, they might find yourself outpacing Solana on the subsequent market rally.</span></p><p><span style="font-weight: 400;">As with different leaders of what’s develop into generally known as the “various Layer 1” area, Solana may also quickly have competitors within the type of Layer 2 networks. Arbitrum and Optimism’s fast development this 12 months has confirmed that liquidity will flood to Layer 2 if Ethereum succeeds, and lots of different Layer 2 initiatives are but to launch in earnest. </span></p><p><span style="font-weight: 400;">Nonetheless, Solana has one in every of crypto’s most energetic and fastest-growing ecosystems with numerous promising developments on the horizon. Regardless of its points, it’s clear that the community isn’t going anyplace anytime quickly. As for SOL, whereas the utility token is probably not shifting at present, that’s not unusual for crypto bear markets—nonetheless constructive the information cycle appears to be like. As soon as sentiment flips to bullish, although, there’s good cause to imagine that SOL might see the profit. </span></p><p><em>Disclosure: On the time of writing, the creator of this piece owned ETH and several other different cryptocurrencies. </em></p>
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