Has the Time Come to Go Bullish on Solana’s Potential?

  • Solana’s current health, performance, and ecosystem expansion signal a promising future.
  • Improved network uptime, revenue generation, and NFT adoption are driving Solana’s growth.
  • Initiatives like Neon EVM and convertible grants are set to further enhance Solana.

The Solana community goes feral over a post on TwitterX that outlines Solana’s achievements so far. In detail, a long thread on TwitterX walks us through the underlying potential that lies waiting within Solana.

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Firstly, the post recognizes how Solana has faced challenges but says that it still shows great promise. To start off, the thread begins with the platform’s past movements. In the past, Solana encountered network outages and a significant token price drop in 2022.

Despite these challenges, Solana’s current health and network status look very optimistic. For instance, the network maintained 100% uptime in 2023 with a stable uptrend in daily transactions.

Additionally, it saw an improved performance as a result of measures to combat network spam. In fact, its priority fees are boosting revenue and highly benefiting the protocol. In turn, SOL’s market capitalization has seen a magnificent resurgence in 2023.

Meanwhile its Total Value Locked (TVL) has grown in USD terms. However, it has declined in SOL terms, indicating a rise driven by asset price appreciation. Adding on, Liquid staking derivatives have played a vital role in bolstering Solana’s DeFi landscape. More so, Solana’s ecosystem is expanding beyond DeFi into NFTs, gaming, and consumer sectors.

Looking to the future, initiatives like Neon EVM, Hyperledger Solang, and Eclipse aim to further enhance Solana. Convertible grants, an AI fund, and FTX asset holdings suggest potential growth. Lastly, the post concludes that Solana’s network improvements and ecosystem expansion indicate a promising future.

Solana’s co-founder also remains active in the online crypto space. His recent thoughts on the need for crypto regulation action in the US gained some attention. Specifically, he urges the regulators to act with urgency.

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