Solana: Assessing the odds of SOL surviving the latest crypto bloodbath

Solana [SOL] emerged as one of the biggest losers of the August 19 bloodbath in the cryptocurrency market. The famous Ethereum [ETH] killer has now lost the highest value of the top 10 cryptocurrencies by market capitalization of the coins. The SOL token is currently down 21.6% over the past week as the market has shown a sharp turnaround. However, Solana is starting to see a slight recovery as the token price plunged to a price increase near 1.75% on the daily chart. Will it be crucial as Solana attempts to climb the cryptocurrency market capitalization rankings?

Progress continues

In the midst of a recent sell-off, LunarCrush has compiled data about Solana’s social commitments over the past week. Social engagements have shown a mixed response from the crowd over the past week. The highest pledges were seen on August 12 when they hit over 190 million. But the number dropped massively as of August 14 to 115 million. However, there has been a resurgence since August 19 and commitments have scored 160 million in the rankings.

Source: Solana News

Solana News also published a update on the best performing dApps on the network recently. Based on this update, the Solana Gameta-based GameFi application led the charge with over 54,400 users. It is followed by the NFT markets of Magic Eden and OpenSea on Solana which recorded 27.8 and 4.5 thousand users respectively.

This week Phantom, one of Solana’s most popular wallet providers, launch an NFT burning mechanism. This feature allows users to “safely remove spam and clean up (your) Collectibles tab” from within the wallet. Additionally, users will be able to earn SOL rewards from the process. Phantom is also working on a phishing warning system to draw users’ attention to potentially malicious transactions. These attempts are the latest in line to secure the user base on the Solana network.

Jump Crypto, the crypto arm of the giant TradFi, has announced which builds Solana’s open source core infrastructure. As per the announcement, “Firedancer represents an important step in the downsizing of the Solana network to billions of people around the world ”. Jump Crypto wrote in its announcement that it “will offer significant updates to Solana’s open source core software.” He says this is an important step in the continued decentralization of the Solana network.

SOL with a little soul

Despite the latest drop in the SOL token, Solana managed to end the week on top. The partnership with Jump Crypto represents a major coup as she strives to resist network outages.

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