Top Solana Updates for this Week
Solana is an open source project implementing a new, high-performance, permissionless blockchain. The Solana Foundation is based in Geneva, Switzerland and maintains the open source project. It is possible for a centralized database to process 710,000 transactions per second on a standard gigabit network if the transactions are, on average, no more than 176 bytes. A centralized database can also replicate itself and maintain high availability without significantly compromising that transaction rate using the distributed system technique known as Optimistic Concurrency Control [H.T.Kung, J.T.Robinson (1981)]. At Solana, we are demonstrating that these same theoretical limits apply just as well to blockchain on an adversarial network. The key ingredient? Finding a way to share time when nodes cannot rely upon one another. Once nodes can rely upon time, suddenly ~40 years of distributed systems research becomes applicable to blockchain!
The following are most recent updates in the Solana ecosystem.
· In collaboration with Solvent and MonkeDAO, Solend will launch NFT lending.
Droplets and NFT Lending
Solend is launching NFT lending in collaboration with Solvent, MonkeDAO, and Switchboard, allowing users to deposit NFTs into a bucket and receive fungible tokens (droplets) at a 1:100 ratio.
Solend announced that Droplets would follow the NFT collection’s floor price and could be traded on a DEX in a tweet and accompanying article on April 1. Droplets can be swapped for any NFT in your bucket at a 100:1 ratio.
To make things clearer, consider this: depositing one SMB NFT into the Solvent bucket will result in 100 droplet tokens for SMB, also known as SMBD. After that, you can trade SMDB or deposit liquidity and stake for rewards.
Monke owners can also deposit their droplets in the NFT pool, which lends them out for a profit and can be used as collateral for borrowing USDC or SOL.
There will be three advantages to this new isolated pool:
- By purchasing a fraction of a floor, small investors can gain access to SMBs.
- Increases the SMB floor’s liquidity.
- Allows SMBs to trade on margin with leverage (for example, you can deposit SMB floor tokens into Solend, borrow USDC, and buy more SMB floor tokens).
These rewards will be available for a month, beginning three hours after the pool opens (2022–03–31 22:00 UTC). Nonetheless, you must be aware of the dangers of smart contracts and the possibility of impermanent losses.
Solend
On Solana, Solend is a decentralized algorithmic lending and borrowing protocol. In a DeFi ecosystem, lending and borrowing have proven to be critical. On the other hand, current products are slow and costly. Solend can scale 100x faster and 100x cheaper on Solana, according to the Solend documentation. Solend also aspires to be the most user-friendly and secure solution available on Solana.
Solend can be used to:
- Make money by earning interest.
- Borrow
- Leverage for the long term
- Short
Solvent
Solvent is a platform that converts non-fungible tokens (NFTs) into fungible tokens (droplets) and provides instant liquidity to users.
Instant liquidity for NFTs could provide users with a platform to trade NFTs faster than they can now.
Solana’s AMMs and Serum order books accept Droplets for trade.
Users can swap droplets for NFTs in the Solvent buckets or directly swap droplets for $USDC on the platform.
They can also pool their droplet liquidity and earn liquidity rewards.
MonkeDao
MONKEDAO is a Decentralized Autonomous Organization (DAO) that offers unrivaled value to its members and the Solana ecosystem through community-led projects, connections, and innovation. MonkeDao’s vision, according to the Gitbook documentation, is to be the premier Web3 decentralized community that extends beyond Solana. MonkeDao aspires to provide unrivaled value to its members and the Solana ecosystem by fostering community-led projects, connections, and innovations.
SwitchBoard
Switchboard is a community-curated oracle network with the goal of encouraging people to bring the long tail of data onto the blockchain. Switchboard targets a market of curators who want to organize unique off-chain data sources and publishers who want to use crowdsourcing to decentralize quantitative data feeds.
· Solana appears to be on track for a rally in April.
After regaining lost ground, Solana is now ranked eighth on CoinMarketCap.
Solana receives the Golden Cross.
One of the leading layer-1 contenders, Solana ($SOL), appears bullish as it recovers sharply, backed by technical indicators that point to further upside potential.
A number of technical indicators are pointing to bullish price action in April. The 20-day and 50-day exponential moving averages (EMAs) have just crossed. The ‘golden cross,’ as seen on the $SOL chart, occurs when the short-term EMA crosses the long-term EMA, indicating a major price rally.
The 200-day EMA is the second most important indicator for a long-term rally. After OpenSea announced its decision to integrate with the Solana Network, $SOL’s price crossed the 200-day EMA at the end of March.
What Can You Expect From Solana’s Price?
At $147, the 0.382 Fibonacci Retracement level, $SOL could face some resistance. The next resistance level is $169 if this one is broken. Because non-fungible tokens (NFTs) are becoming an important part of GameFi and decentralized finance, Solana will benefit from the OpenSea integration (DeFi). Solana can take advantage of a thriving NFT market as a result of this.
There are a few factors to consider that could stifle $SOL’s price rise. As the ‘Merge’ approaches, investors may diversify their holdings into Ethereum ($ETH). Second, the Solana network has previously experienced instabilities due to network congestion. This could be Solana’s Achilles heel, discouraging investors and builders.
Solana’s previous all-time high in April is unlikely to be broken, but if bullish momentum continues and the broader crypto market recovers, Solana’s previous all-time high may not be far away.
· Solana is now available in OpenSea’s initial beta.
Welcome to the Solana beta
Solana’s low gas fees and fast transaction speeds make NFTs accessible to all. And, on OpenSea, you don’t have to choose between liquidity and control — when you list, your NFTs stay in your wallet until they’re sold.
As a Beta, OpenSea welcomes feedback and is looking forward to testing, learning, and improving the Solana platform
On OpenSea, Solana NFTs are in beta.
Solana Non-Fungible Tokens (NFTs) are now officially listed on OpenSea, with 165 launch partners providing a green alternative to the platform’s users.
On April 6, OpenSea published an article about the development, followed by a Twitter thread on April 7. Anyone can now buy, sell, and transfer Solana NFTs via OpenSea, according to the announcement. Nonetheless, as this is a Beta, OpenSea welcomes feedback and looks forward to continuing to test, learn, and improve the Solana experience while also adding more creators and communities every day.
“In the last year, Solana has risen to become one of the world’s fastest-growing NFT ecosystems, as well as one of the most requested chains by the OpenSea community.” In an OpenSea article, Rhon Bell expressed his thoughts on Solana. We believe that multi-chain is the way of the future of web3, and we’re thrilled to welcome Solana to OpenSea — starting with our beta today! ”
However, OpenSea made it clear on their website that the initial beta launch would only cover a small portion of the collection. The Metaplex collection standard will be used to provide a scalable way of expanding coverage. You can adopt the standard right now if you want to get ready.
As discussed in a previous article by CryptoQuile from Web3Wire, OpenSea announced their upcoming integration with Solana with a tweet back on March 29. Gas fees are low with Solana, and transaction speeds are quick, making NFTs accessible to all.
This is a significant development for the Solana NFT community, as OpenSea is the largest and most liquid NFT marketplace in the world. As a result, because NFTs are such an important part of this ecosystem, this lends a lot of credibility to Solana.
“This marks an exciting day for the SMB collection. We couldn’t be more excited to have SMB represented alongside some of the biggest and best collections in the space, with OS being the world’s largest and most liquid NFT Marketplace,” Solana MBS begins with a tweet.
Opensea
OpenSea describes itself as the world’s first and largest digital marketplace for cryptocurrency collectibles and non-fungible tokens (NFTs). In the NFT space, the marketplace has some of the most exclusive collections. OpenSea allows users to buy, sell, and discover exclusive digital items.
