The most recent network upgrade was made available by Solana Labs. Almost everyone in the crypto community appreciated the update. However, despite the current market crisis, SOL prices held steady. As a result, questions have been raised about SOL’s DeFi camp in light of the recent decline.
The Solana Upgrade
The cryptocurrency community was very excited about Solana’s recent mainnet update to version 1.10.25. Investors pondered their options should an upgrade occur during the bull market that ends in December 2021. Furthermore, FTX’s Bankman-Fried is confident that Solana Network will continue to grow.
Retweeting Brian Long’s tweets, SBF shared Brian Long’s confirmation of the transfer. A sub-2nd transaction was confirmed by Long’s tween. Validator issues have plagued him, as they have for a large number of others in the community. However, for many, that may be the end.
As NFT sales acquired some traction, Solana has observed an increase in network activity. More than $1.46 million in sales volume put Solana’s Primate Academy NFTs second on the June 19 sales list. Also, it has changed by more than 96% in the last 24 hours alone.
However, establishing a decentralized financial system within Solana is fraught with difficulties. Since the beginning of June, the TVL (total value locked) has decreased by $1.56 billion. When this post was written, the number stood at around $2.43 billion, with macroeconomic factors to blame for the decline.
Reaction of SOL
At the time of this writing, SOL was trading at $32.62. In the last week, the altcoin has gained 6.2 percent, while most coins are struggling to maintain their support levels. Bitcoin and Ethereum, on the other hand, have fallen by about 29% during the last week. Furthermore, Solana appears to have established itself as one of the top ten cryptocurrencies.
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Also, despite the crypto winter’s full swing, several measures show positive readings despite the current state of affairs. Following the improvement, Solana’s social dominance index rose by 3.4% on June 19. It’s been a while since SOL’s social media conversation has focused on NFT giveaways, but they’ve recently launched. While all was going on, the network was still making headlines for all the right reasons.
Additionally, the network experienced an increase in traffic in the preceding 24 hours as a result of the upgrade to the platform. It increased by 58% to $2.11 billion on the 19th of June. Solana’s increased loudness was also a result of his growing social power.