 ▲ Solana (SOL) ©Coin Leaders |
Solana (SOL), the 5th largest cryptocurrency by market capitalization, lost 7% in value in one week.
Solana's SOL coin, a strong competitor to Ethereum (ETH), is trading at $134.26 as of 10:13 pm on the 22nd (Korean time), up 2.90% from 24 hours ago based on CoinMarketCap. This price is down 6.90% from a week ago.
Despite the decline in the market, Solana coin is up over 30% this year.
According to CoinGape, over the past year, Solana has soared from a low of $15.75 to a high of $209.70. This growth was supported by the memecoin revolution. From the rise of BONK to the emergence of DogWeHat (WIF), the Solana ecosystem has grown into a dedicated community.
Recently, Solana achieved another major milestone of 30 million monthly active addresses, which some say could be an indicator that could trigger a new upward trend.
Solana Floor, an ecosystem news platform under Solana-based portfolio dashboard Step Finance (STEP), analyzed through Official
This milestone proves the popularity of the protocol, which could lead to increased usage for each application.
Meanwhile, according to UToday, the Solana blockchain has received its most significant upgrade in years with the adoption of zero-knowledge proof (ZK) compression, a significant upgrade for scalability and performance metrics.
Mert Mumtaz, co-founder and CEO of Helius, Solana's infrastructure application, said the upgrade is expected to deliver a 10,000x scale improvement in Solana's L1 design.
According to the media, ZK compression technology is evaluated as an important technology that can dramatically improve the performance and scalability of blockchain. By adopting this technology, blockchain platforms like Solana will be able to build faster and more cost-effective networks.
