Solana: Assessing the chances of SOL surviving the latest crypto carnage

Solana [SOL] has emerged as one of the biggest losers from the August 19 carnage in the crypto market. The famous Ethereum [ETH] killer has now lost the highest value among the top 10 cryptocurrencies per Coin Market Cap. The SOL token is currently down 21.6% in the last week as the market showed a sharp reversal. However, Solana is starting to see a mild recovery as the token price rushed to a price increase of almost 1.75% on the daily chart. Will this be decisive as Solana tries to climb the crypto market value charts?

Progress continues

In the midst of a recent selloff, LunarCrush compiled data about Solana’s social engagements in the last week. The social engagements showed a mixed response from the crowd in the last week. The highest engagements were seen on August 12 when they reached over 190 million. But the number fell massively until August 14 to 115 million. However, there has been a resurgence as of August 19 and engagements ticked up to 160 million on the chart.

Source: Solana News

Solana News further posted a Update on the best dApps on the network recently. As of this update, Solana-based GameFi application Gameta has led the charge with over 54.4K users. It is followed by Magic Eden and OpenSea NFT marketplaces on Solana as they registered 27.8K and 4.5K users respectively.

This week saw Phantom, one of Solana’s most popular wallet providers, launch a NFT combustion mechanism. This feature allows users to “safely remove spam and clean up (your) collectibles” from inside the wallet. Also, users will be able to get SOL rewards from the process. Phantom is also working on a phishing alert system to draw users’ attention to potentially malicious transactions. These efforts are the latest in a series of efforts to protect the user base of the Solana network.

Jump Crypto, the crypto arm of the TradFi giant, has announced that it builds Solana’s core infrastructure with open source. According to the announcement, “Firedancer represents an important step in scaling Solana network to billions worldwide”. Jump Crypto wrote in its announcement that it will “propose significant upgrades to Solana’s open source software.” It says this is an important step in the continued decentralization of Solana’s network.

SOL with a little soul

Despite the recent dive of the SOL token, Solana has managed to end the week on a high. The partnership with Jump Crypto represents a major coup as it strives to withstand network outages.