Solana Labs released the latest network upgrade. Most in the crypto community welcomed the update with open hands. Surprisingly, SOL prices remained afloat regardless of the prevailing market downturn. Nevertheless, SOL’s DeFi camp has recently attracted several questions due to the latest slump.
Solana Upgrade
Solana’s recent mainnet update to v1.10.25 saw an impressive welcome from the cryptocurrency community. Many contemplated the possible response if the upgrade came during the December 2021 bull market. Moreover, Bankman-Fried of FTX trusts Solana Network has more to come.
SBF retweeted a transfer confirmation by Brian Long, an entrepreneur. Long’s tween confirmed a sub-2nd transaction. He is among the many members of the community to have experienced validator problems. However, that could mean the past for many.
Moreover, Solana has seen surging network activity as NFT sales gained some acknowledgment. Solana’s Primate Academy NFTs ranked 2nd on June 19 sales list, with volumes of more than $1.46 million. Also, it has recorded a change of more than 96% within the past 24 hours.
Also read:Nevertheless, developing within Solana decentralized finance has a massive problem. The TVL (total value locked) has declined by $1.56B since early June. While publishing this blog, the figure stood near $2.43B, with macro situations contributing to the slump.
SOL’s Reaction
While writing these lines, SOL traded at $32.62. The altcoin gained 6,2% within the past week as most tokens struggle with lows to keep their support floors. Meanwhile, Bitcoin and Ethereum lost nearly 29% within the previous seven days. Moreover, Solana seems to cement its spot in the top ten crypto-list.
Also, some metrics reflect positive readings, regardless of the crypto winter’s full swing. Solana’s social dominance index gained 3.4% on June 19 following the upgrade release. Nevertheless, SOL’s social media chatter remained concentrated on NFT giveaways and launched lately. Meanwhile, the network stayed in the headlines for good reasons.
Also, the network saw surged volume within the previous 24 hours following the platform upgrade. June 19 sessions saw it gaining 58% to $2.11 billion. Moreover, increasing social dominance contributed to Solana’s volume uptick.
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