Tag: Solana

Solana’s SOL Price Predicted to Surpass $3000 in Bullish Scenario by 2030

by Blockchain News

A detailed analysis by VanEck, a major asset management firm, sketches various valuation scenarios for Solana (SOL) by the year 2030, amid the blockchain’s remarkable performance and its strive for scalability, dated October 27, 2023.

VanEck’s examination lays out three potential SOL price paths by 2030: a bearish $9.81, a bullish $3,211.28, and a base case of $335, driven by diverse market shares and revenue estimations across key sectors. This is part of a broader scenario where Solana emerges as the first blockchain to host an application with over 100 million users. Despite the envisioned lower monetization rate at 20% of Ethereum’s (ETH) and smaller market shares due to community philosophy differences, there’s a credible trajectory to $8 billion in revenues for SOL token holders by the end of the decade.

Central to Solana’s promise is its technical prowess, particularly in scaling blockchain operations. Through rigorous optimization, Solana achieves higher transaction throughput, surpassing many legacy competitors. This technical edge extends to its data throughput capacity, a critical metric for blockchain efficacy, which is slated for a tenfold increase with the upcoming Firedancer upgrade. The blockchain’s unique features like Local Fee Markets further refine the user experience by effectively managing transaction costs and system congestion.

Solana’s innovative spirit has birthed an array of ventures, such as blockchain-optimized mobile phones and consumer-centric applications like decentralized mapping. Its initial vision of becoming a “Decentralized Nasdaq” has broadened with the advent of intriguing non-financial applications, underpinned by partnerships with industry giants like Shopify, Visa, and Google, which augment its ecosystem.

However, sustainability concerns loom. A glaring discrepancy between Solana’s revenue ($1.26 million) and blockchain security costs ($52.78 million) over a recent 30-day period underscores the pressing need for a more balanced financial framework. The continuous influx of speculative capital to offset validator selling pressure, against a backdrop of minuscule transaction fees, paints a challenging picture for long-term economic viability.

Solana’s journey is also marred by technical instabilities, with notable network downtimes between January 2022 and February 2023. Despite subsequent improvements, the complexity of Solana’s design, coupled with a high bar of programming proficiency, hinders a broader developer engagement. The blockchain’s share of active crypto developers has stagnated around 6-7% over the last 18 months, which might impede its ambition to host tomorrow’s blockbuster applications.

Utilizing a standardized valuation framework, VanEck projects a base SOL token valuation of $335 by 2030, based on an expected real rate of return applied to the terminal year’s Free Cash Flow. The projection, however, is pinned on substantial growth in user and developer adoption, which presently trails that of Ethereum. The potential implementation of token-voting governance by 2030 could enhance SOL token economics, provided a vibrant ecosystem activity ensues.

Solana, with its relentless focus on user-centric innovations and blockchain efficiency, offers a compelling narrative. Yet, its path to significant valuation and ecosystem growth is fraught with technical, financial, and developer adoption challenges that require diligent addressing to ensure a robust and sustainable blockchain platform through 2030 and beyond.

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Why Multicoin Capital Invested $5.7M in Squads Labs

by Blockchain News

On October 16, 2023, investment firm Multicoin Capital divulged its latest funding round for Squads Labs, amounting to $5.7 million. This investment surge elevates the total funding for Squads to $12.5 million, marking a significant financial milestone for the core contributor to the Squads Protocol, a multisig (multi-signature) solution on the Solana blockchain. Multicoin’s initial investment in Squads dates back to late 2021, showcasing a growing rapport between the two entities.

Squads Labs is at the forefront of developing robust smart contract wallet infrastructure alongside a variety of products aimed at simplifying self-custody at a larger scale. Key products include “Squads,” a multisig standard for Solana assisting teams and developers in managing treasuries, programs, tokens, and validators, and “Fuse,” a wallet for secure individual interactions with Solana dapps and protocols from a multisig’s safety. Through their open-sourced and audited Squads Protocol, they provide a foundational smart contract wallet infrastructure layer for the Solana blockchain, encouraging collaboration in building self-custody products.

The essence of asset custody remains intact despite technological advancements over centuries. Traditionally, businesses leaned on banks for asset security since the era of 17th-century goldsmith bankers. However, modern banking structures are not immune to insolvency risks, as exemplified by the recent Silicon Valley Bank collapse. Besides, the financial sector has been entrapped in a convoluted clearing and settlement process, a situation exacerbated in the 1960s’ Wall Street paperwork crisis.

This historical dilemma led to the birth of the Depository Trust & Clearing Corporation (DTCC), which propelled the digitization of securities and centralized clearing and settlement services. Nonetheless, the settlement timeframe, extending to days, remained a challenge despite the advent of electronic trading. Following the 2008 financial meltdown, a custodian bank consolidation emerged under stringent regulatory scrutiny, leading to a $136.6 trillion asset under custody by the four predominant custodian banks as of June 2022.

Blockchains symbolize a promising leap in financial custody, blending digitization with bearer instruments adeptly. This innovation empowers real-time global settlement and significantly curtails counterparty risks, setting a solid foundation for tokenizing real-world assets. An illustrative testament is the over $1 billion in notional private credit and US treasuries currently onchain.

The inherent challenge of self-custodianship in blockchain necessitates a shift towards organizational spread of custody authority. The envisaged end-game is a setup where multiple parties exercise authority in managing assets through multi-signature wallets.

Squads, launched in February 2022, emerged as a pioneering multisig solution in the Solana ecosystem. It has garnered rapid adoption, with over 100 teams including notable entities like Helium and Hivemapper entrusting Squads with asset coordination, valued around $500 million.

With a solid 13-month market-tested track record, four independent audits, and formal verification, Squads stands as a robust platform for institutional investors and internet-native organizations.

Squads revealed a major platform upgrade earlier this week, introducing SquadsX, Solana’s maiden multisig browser extension wallet, and Squads (v4), an audited protocol upgrade slated for immutability by November end. These upgrades encompass enhanced security features, roles and permissions, fee relay, mass payouts, and expanded transaction complexity, laying the groundwork for blockchain-native custody infrastructure.

The Squads initiative is a beacon of crypto adoption simplification, poised to offer compelling enterprise and institutional-grade products. Over the past 18 months, the Squads team has showcased relentless dedication and execution, with Multicoin Capital’s backing amplifying its potential to redefine internet-native infrastructure for self-custody and on-chain capital coordination.

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Lido Finance Halts Operations on Solana Following Community Consensus

by Blockchain News

Lido Finance, a decentralized liquid staking protocol, has decided to cease its operations on the Solana blockchain post a unanimous community verdict. This decision came into light on October 16, 2023, after an extensive dialogue and subsequent community voting within the Lido’s decentralized autonomous organization (DAO).

Sunsetting Justification

The cessation, termed as ‘sunsetting’, was primarily advocated by the peer-to-peer (P2P) team of Lido on September 5, underlining the unsustainable financial model and meager fees generated by Lido on Solana. The voting, which spanned a week, commenced on September 29 and concluded on October 6. The P2P team, having taken over the project in March 2022 from Chorus One, invested around $700,000 into Lido on Solana, generating a revenue of $220,000 which translated to a net loss of $484,000. The proposal put forth highlighted two pathways: either continue the development on Lido on Solana with financial aid from Lido DAO or sunset the operations on Solana. A significant 92.7% of the votes cast were in favor of halting the operations on Solana.

The P2P team elaborated on the scenario by presenting two options to the Lido DAO: to continue the development on Lido on Solana with financial backing from the Lido DAO, or to sunset Lido on Solana. After a rigorous discussion and community voting, a majority of Lido DAO members opted for winding down Lido on Solana.

Impact on Users and Node Operators

Post the sunsetting, Lido will not accept any new staking requests starting October 16. For existing staked Solana (stSOL) token holders, the network rewards will continue throughout the sunsetting process. They will have the opportunity to unstake via the Lido on Solana frontend until February 4, 2024; post this date, the unstaking process will shift to the Command Line Interface (CLI). 

On the node operators’ end, a voluntary off-boarding process will commence from November 17, 2023. P2P Validator and Lido NOM contributors are slated to provide the requisite instructions for voluntary off-boarding through Lido community channels. Operators willing to exit the pool can shut down their nodes following the off-boarding process, while those choosing to stay will retain their remaining stake on their nodes.

Financial Backing for Sunsetting

An earlier version of the proposal had Lido seeking $20,000 per month from Lido DAO to support the technical maintenance involved in sunsetting operations on Solana over the subsequent five months.

Reflecting on the Journey

The closure of Lido on Solana doesn’t reflect on Lido contributors’ belief in Solana’s potential and longevity. The statement from Lido articulates that despite the end of this chapter, the optimism for Solana’s future remains robust among Lido contributors.

In retrospect, the journey with the Lido on Solana protocol has been described as momentous, marked by overcoming challenges and celebrating milestones. The community and the stakeholders are urged to stay connected for further updates through Telegram, Discord, or Twitter, as the gratitude towards Solana stakers, builders, and ecosystem partners is expressed.

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Solana Co-founder Labels Ethereum ‘Bourgeois Digital Tyranny

by Blockchain News

In a fiery discourse on Twitter between 1st and 2nd October 2023, Anatoly Yakovenko, co-founder of Solana Labs, robustly defended the accessibility and inclusivity of the Solana network, engaging in a series of tweets that delved into the philosophies underpinning various blockchain platforms.

Network Accessibility Debate

The debate ignited with a tweet from user @jebus911 on 1st October, drawing parallels between Solana (native token SOL) and the Democratic Party, criticizing both for purportedly lacking an understanding of value creation and harboring a desire for cheap solutions. In a retort, Yakovenko elucidated his stance later that day, juxtaposing Ethereum against Solana and critiquing Ethereum for representing what he termed as “bourgeois digital tyranny.” He advocated for a “stateless digital dominion” where the cost of state creation is negligible, heralding a truly decentralized network.

Criticism of Solana’s Node Operation Costs

The discussion intensified on 2nd October when user @RuzhyoX spotlighted the high costs associated with running nodes or validators on the Solana network, suggesting it inadvertently favors corporate entities over individual participants. Yakovenko rebutted, positing that anyone capable of building from source possesses the requisite skill set for a tech job, which would render running a node affordable. This exchange catalyzed further deliberations among the crypto community on Twitter.

Community Reactions

The debate wasn’t devoid of humor, with @AceofSolana querying if Yakovenko’s eloquent defense was generated by ChatGPT, prompting a whimsical response from Yakovenko, “If you have to ask, ngmi” (an acronym for “not gonna make it”).

Comparing Ethereum and Solana

Ethereum and Solana, both notable in the blockchain arena, exhibit diverging technical and philosophical ideologies. Ethereum, a foundational platform, is pivotal to the Decentralized Finance (DeFi) and Non-Fungible Token (NFT) spheres, albeit grappling with scalability and transaction fee hurdles. In contrast, Solana, renowned for its high throughput and economical transaction fees, harnesses a distinctive Proof of History (PoH) and Proof of Stake (PoS) consensus mechanism, targeting scalable solutions for a myriad of applications without forsaking decentralization.

Their smart contract frameworks, albeit similar, diverge in consensus models for transaction validation, reflecting their distinct approaches toward harmonizing security, decentralization, and scalability, thereby offering a spectrum of choices for developers and enterprises in the blockchain ecosystem.

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Ethereum Layer 2s Surpass Prominent Layer 1s in Total Value Locked

by Blockchain News

Top-performing Ethereum Layer 2 solutions like Arbitrum, Optimism, and BASE have outpaced prominent Ethereum competitor Layer 1 blockchains such as Solana and Avalanche in terms of total value locked (TVL) as of September 25, 2023, according to Grayscale. This shift is pivotal as it demonstrates the growing significance of Layer 2 solutions in enhancing the scalability and transactional capacity of the Ethereum network.

Layer 1 refers to the base protocol layer of a blockchain network. It encompasses the fundamental rules governing the network, including consensus algorithms, transaction validation processes, and the creation of new blocks. Layer 1 solutions are integral to the operation of a blockchain and include established networks like Bitcoin, Ethereum, Solana, and Avalanche. However, as blockchain networks grow in popularity, scalability issues arise, often leading to slower transaction speeds and higher fees.

Layer 2 solutions are secondary protocols built atop Layer 1 blockchains, aiming to alleviate scalability issues by offloading transaction processing from the main chain. These solutions retain the security guarantees of the underlying Layer 1 blockchain while providing faster transactions and lower fees. Examples of Layer 2 solutions include Arbitrum, Optimism, and BASE, which operate on top of the Ethereum blockchain.

Layer 2 blockchains operate by processing transactions from decentralized applications (dApps) and subsequently “batching” them together. This batch of transactions is then sent back to the main network in a compressed form for final settlement. This mechanism serves as an auxiliary route or even a dedicated bus lane augmenting a major highway, thus optimizing the transaction process.

By functioning as outlined, Layer 2s enhance the overall usability and transaction potential of the Ethereum ecosystem while still leveraging the network’s fundamental security. As the Ethereum network scales further, a significant amount of activity can transition to the more cost-effective Layer 2 solutions. This transition, in turn, directs value back to Ethereum, further bolstering its position in the blockchain sphere.

Among the 31 active Ethereum Layer 2 projects listed by L2Beat, five projects namely Optimism, Arbitrum, BASE, Starknet, and zkSync are recognized for their standout performance in fundamental metrics. A chart released by Grayscale on September 27, 2023, sheds light on these top Layer 2s by TVL. It’s noteworthy that while Arbitrum and Optimism have launched a token, BASE, Starknet, and zkSync have yet to do so. The market caps column within the chart signifies the market cap for each respective token.

A recent report by Will Hamilogden delves deeper into the landscape of Layer 2s within the Ethereum ecosystem, providing a more extensive understanding of this burgeoning sector. The report is available on Grayscale’s website for individuals seeking a more comprehensive exploration of Layer 2s and their role in scaling Ethereum.

l2beat-tvl.JPG

Source: L2BEAT 

The data from L2BEAT reveals that as of October 2, 2023, the sum of all funds locked on Ethereum converted to USD stands at $10.78 billion, marking a 4.64% growth over the past seven days. The TVL across various projects underscores the growing traction of Layer 2 solutions. For instance, Arbitrum One leads with a TVL of $6.03 billion, followed by OP Mainnet with $2.70 billion, and zkSync Era with $459 million.

The ascent of Layer 2s such as Arbitrum, Optimism, and BASE in terms of TVL is a testament to their value proposition in augmenting the Ethereum ecosystem. By surpassing notable Layer 1s like Solana and Avalanche, these Layer 2s have showcased their potential in fostering a more scalable and cost-effective environment for dApps, thereby contributing significantly to the advancement of the blockchain technology landscape.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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ChatGPT Predicts Solana SOL Price Could Reach $30 Again by the End of 2023

by Blockchain News

We leveraged our partner’s ChatGPT and AI machine learning technologies to predict Solana’s future, identifying potential trends for its native SOL token. At present, SOL is trading at less than a tenth of its all-time high of $260, suggesting it may be both oversold and undervalued. This stands in contrast to other major cryptocurrencies like Bitcoin, Ethereum, Ripple (XRP), BNB, and LINK, which are trading at levels exceeding 1/10 of their respective record highs. To arrive at this prediction, we employed a multi-faceted approach that includes on-chain analysis, an examination of regulatory challenges, and an assessment of Solana’s core advantages.

Regulatory Hurdles and Market Dynamics

In June 2023, the U.S. Securities and Exchange Commission (SEC) charged both Coinbase and Binance, along with Binance CEO Zhao Changpeng. The SEC identified 13 crypto tokens as securities, including Solana (SOL), Binance’s BNB token, the exchange’s stablecoin BUSD, Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos Hub (ATOM), The Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS), and COTI (COTI). This development has added another layer of complexity to the regulatory landscape surrounding cryptocurrencies, including Solana.

Although Ripple’s XRP, another token classified as a security by the SEC, won a partial victory in July 2023, the implications for other tokens like Solana remain uncertain. The Ripple victory led to a 100% surge in XRP’s price, but the long-term impact of this legal outcome is still unclear.

At the time of writing, Solana (SOL) was trading at $19.4. The cryptocurrency experienced a 30% price surge on July 13, following Ripple (XRP) securing a partial legal victory against the SEC. However, the rally was short-lived, raising questions about the asset’s long-term stability.

For Solana, its founders have expressed concerns about the SEC’s classification of SOL as a security but have not taken any legal action against the claims. The SEC’s judgment implies that all tokens defined as securities can hardly be traded or used within the jurisdiction of the United States.

Solana’s Position in the Market

Solana is a blockchain platform designed to facilitate decentralized finance (DeFi) and decentralized app (DApp) creation. Founded in 2020 by Anatoly Yakovenko, the platform is headquartered in Geneva, Switzerland. Solana employs a unique hybrid consensus model, combining proof-of-history (PoH) with proof-of-stake (PoS), aiming to offer both scalability and security. With a total supply of 489 million SOL tokens, approximately 260 million are currently in circulation. The platform has garnered attention for its focus on scalability and its potential to make DeFi accessible on a larger scale.

Solana has been touted as an “Ethereum killer,” a term that has both intrigued and concerned investors. The platform’s high throughput and low transaction costs make it a formidable competitor to Ethereum. Even Ethereum’s founder, Vitalik Buterin, has shown admiration for the Solana protocol.

Solana excels in the NFT market, attracting numerous projects that issue their NFTs on its platform due to its superior performance and cost-effectiveness. Capable of processing 65,000 transactions per second, Solana offers significantly lower fees compared to Ethereum. This positions Solana as a strong contender to potentially replace Ethereum in the NFT space.

Oversold and Undervalued Compared to Market Peers

Solana’s SOL token is currently trading at less than 1/10 of its record high of $260, signaling that it may be oversold and undervalued, especially when compared to other popular cryptocurrencies like Bitcoin, Ethereum, Ripple (XRP), BNB, and LINK, which are trading at prices higher than 1/10 of their respective record highs. This significant price discrepancy could indicate a potential upside for Solana, especially given its strong performance metrics and growing prominence in the NFT market. Investors may view this as an opportunity for entry, considering Solana’s technological advantages and its potential to challenge Ethereum in the NFT space.

ChatGPT’s Take on Solana

ChatGPT, a conversational AI developed by OpenAI, was queried about Solana’s future prospects. While the chatbot is not a financial advisor, it provided some insights based on the given on-chain metrics and market data. According to ChatGPT, Solana could potentially reach a price of $30 in 2023. The chatbot cited the platform’s fast transaction speeds and low fees as contributing factors to its optimistic outlook.

Conclusion

While ChatGPT’s prediction offers a somewhat optimistic outlook for Solana, it is essential for investors to conduct their own research. AI-generated insights can be valuable but should not replace professional financial advice. The crypto market is highly volatile, and external factors like regulatory actions can significantly influence an asset’s price.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Bankless: Solana’s Resilience and Prospects Amid Market Challenges

by Blockchain News

Key Takeaways

Solana has recovered from a 93% market capitalization drop in 2022, showing a resurgence of ~111% year-to-date.

Priority fees and network upgrades have improved Solana’s uptime to 100% in 2023.

The ecosystem is diversifying with new use-cases like compressed NFTs and AI initiatives.

Upcoming developments like Neon EVM and Solang could further bolster Solana’s growth.

The Present: Overcoming Past Challenges

Network Status: Solana’s network faced significant challenges in 2022, including a 93% drop in market capitalization and a 96% reduction in total value locked (TVL). However, the network has shown resilience in 2023. Priority fees and network upgrades have contributed to a consistent 100% uptime year-to-date. Approximately 42% of daily fees now come from users prioritizing their transactions, a trend expected to continue.

Ecosystem Highlights: The Solana DeFi ecosystem is recovering, with a 41% growth in TVL when denominated in USD. Liquid staking derivatives have also played a role in this resurgence. The ecosystem is diversifying into other sectors like NFTs, gaming, and consumer-oriented applications, driven by technological advancements like state compression.

The Future: A Bright Horizon

Several upcoming developments could further strengthen Solana’s position:

Neon EVM: Went live in July, allowing Ethereum-based applications to operate on Solana.

Solang: A new compiler that enables Solidity-based projects on Solana.

AI Initiatives: A $10 million AI grant fund has been launched to expand into the AI sector.

Capital Injections: Solana is set to receive capital from recently launched growth initiatives like convertible grants, which transform into investments upon meeting specific milestones.

Conclusion

Solana has successfully navigated past challenges, emerging stronger in 2023. With a consistent 100% network uptime and diversification into new sectors, the future looks promising. Upcoming developments like Neon EVM, Solang, and AI initiatives could serve as catalysts for further growth.

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OKX Joins Forces with Solana Mobile

by Blockchain News

Crypto exchange OKX has entered into a partnership with Solana Mobile. This alliance will see the OKX app becoming a part of the dApp store on the Solana Saga smartphone. With this integration, the OKX app is among the early exchange applications available on the device, offering users access to OKX’s Web3 solutions.

The Solana Saga smartphone is recognized for its potential in enhancing mobile access to Web3. Such partnerships are anticipated to redefine the way decentralized applications and services are accessed and utilized by users globally.

Jason Lau, Chief Innovation Officer at OKX, shared his views on the collaboration, emphasizing the expansive possibilities of Web3. He mentioned that by combining OKX’s range of products with the Solana Saga smartphone, they aim to broaden the everyday accessibility to the decentralized Web3 ecosystem.

OKX, known in the tech space for its contributions to the Web3 domain, has a variety of offerings:

  1. The OKX Wallet, which supports over 50 blockchains and features MPC technology for enhanced security.

  2. DEX, an aggregated decentralized exchange platform.

  3. An NFT Marketplace that lists NFTs from multiple marketplaces.

  4. A Web3 DeFi platform that caters to various protocols.

The company’s collaborations span various sectors, including associations with entities like Manchester City F.C. and McLaren Formula 1. Recently, OKX initiated a campaign titled “The System Needs a Rewrite,” highlighting the potential shift towards Web3 technologies.

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Magic Eden Embraces Compressed Solana NFTs

by Blockchain News

Magic Eden, a leading figure in the NFT marketplace, has unveiled its integration of cNFTs, a pioneering form of NFTs that are exclusive to the Solana blockchain. The term “cNFT” is an abbreviation for “compressed NFTs”, underscoring their unique capability to be crafted at a fraction of the cost of their traditional counterparts.

The announcement from Magic Eden delved deep into the potential of cNFTs. One of the primary advantages is their cost-effectiveness, which empowers creators to produce content on a grander scale without the hefty price tag. This not only paves the way for increased experimentation by creators but also provides a more accessible gateway for newcomers to the NFT realm. By making the entry point more affordable and less risky, Magic Eden believes that cNFTs have the potential to revitalize the NFT landscape, making it more vibrant and inclusive for collectors.

However, the introduction of cNFTs hasn’t been without its share of controversies. The choice of the term “cNFT” drew criticism from certain quarters of the digital community. A tweet from user @21e6Crypto on September 15 questioned Magic Eden’s decision to adopt an acronym that was already in circulation within the NFT ecosystem. Responding to the critique, Magic Eden clarified their stance, stating, “we didn’t create cNFTs, we integrated support for them.”

A deeper exploration into the mechanics of cNFTs reveals their foundational reliance on Merkle trees. This data structure is renowned for its ability to “compress” the verifiability of a vast data tree into a singular, identifiable “hash”. Solana Labs engineers have further refined this compression technique, introducing a capability that permits multiple simultaneous updates to Merkle trees within one block. This innovation is a hallmark of Solana, as detailed in their whitepaper.

For developers eager to harness the potential of cNFTs, a comprehensive understanding of Merkle trees is indispensable. Once the Merkle tree is initialized, NFTs can be minted using specialized tools. One such tool isBubblegum, a smart contract devised by Metaplex. To fetch the most recent data, developers would need to rely on RPCs, with platforms like Helius, SimpleHash, and Triton offering support for cNFTs. Lastly, to make any modifications to the NFTs, Merkle tree proofs are a prerequisite.

In conclusion, Magic Eden’s strategic decision to support cNFTs is a testament to the rapidly evolving dynamics of the NFT market. As platforms continue to push the boundaries of innovation, the broader community and industry stakeholders will be closely monitoring the adoption trajectory and broader implications of these compressed NFTs.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Solana Announces Hyperdrive Hackathon

by Blockchain News

Solana, a leading blockchain platform, unveiled its latest initiative, Hyperdrive, in a series of tweets on September 6, 2023. The event is described as an engineering and business competition where teams can transform an idea into a fully operational project within a span of five weeks.

Key Highlights

Grand Prize & Speciality Prizes: Solana has partnered with various entities for specialty prizes in categories such as Mobile Apps by MagicEden, Finance/Payments by Helio Pay, AI by UXD Protocol, DePIN by ionet official, Crypto Infrastructure by Ironforge Cloud, Gaming by Phantom, and DAOs/Network States by Balajis & The Network State.

Resources & Support: For participants seeking guidance, Solana has provided a range of resources available on its official website, along with FAQs and a dedicated Discord channel.

Past Success: According to Solana, their previous hackathons have garnered over 48,000 participants, led to the creation of more than 3,000 eco products, and attracted over $600 million in venture funding for winners.

Physical Locations: In addition to the online format, Solana is also facilitating in-person collaborations through Solana Hacker Houses in Bengaluru and Mumbai.

Eligibility: The competition is open to participants who are of the age of majority in their state or country of residence. No purchase is necessary to enter or win.

Third-Party Perspective

While Solana’s Hyperdrive aims to foster innovation in the crypto space, it’s worth noting that the competition is one among many in a crowded field of blockchain initiatives. The event does, however, offer a structured platform for developers and entrepreneurs to bring their ideas to fruition, backed by a blockchain that has previously demonstrated its ability to attract significant venture capital.

SEO Metrics

As of the latest data, the keyword “Solana Hyperdrive” is yet to gain significant search volume. However, related terms like “Solana Hackathon” and “Solana Competition” have shown consistent interest over the past year, indicating a potential uptick in searches as the event progresses.

Conclusion

Hyperdrive presents an opportunity for both novice and experienced developers to engage with Solana’s ecosystem. With a history of successful hackathons and a variety of specialty prizes, the competition could serve as a launchpad for the next wave of crypto innovations.

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