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Solana Shows Stability with 100% Uptime — Can we Start Taking SOL Seriously Now?

Published July 20, 2023 12:43 PM
Teuta Franjkovic
Published July 20, 2023 12:43 PM
Key Takeaways
  • Solana’s commitment to innovation is resulting in advancements in several areas, including DeFi, NFT, and network infrastructure
  • XRP’s victory over the SEC is good news for the whole crypto sector and especially SOL
  • The platform is positioned to establish further its position as the top decentralized blockchain for smart contracts as it scales and develops

According to the most recent cryptocurrency network performance report published by the Solana Foundation , the Solana network saw a tremendous improvement in performance during the first half of 2023, culminating in 100% uptime in the second quarter.

The network’s enhanced metrics and ground-breaking technologies attest to its increasing power and endurance in the decentralized blockchain environment.

SOL Ecosystem Is Stronger Than Ever

Solana (SOL) has grown to be a significant factor in the blockchain ecosystem and is renowned for its quickness, effectiveness, and composability.

The Solana  Foundation’s executive director, Dan Albert, stated: The ecosystem is strong, and Solana’s commitment to innovation is resulting in interesting advancements in several areas, including DeFi, NFT, network infrastructure, decentralized physical infrastructure, and more.

According to various important measures, the revised report from the Solana Foundation indicates a lot of performance enhancements in the first half of 2023.

These comprise the ratio of unvoted to voted transactions, block generation time, average and maximum transactions per second, and the ratio of unvoted to voted transactions. The robustness and durability of the technology are particularly demonstrated by the 100% network uptime in the second quarter.

Another area of attention for the foundation is Solana’s ongoing decentralization. With 925 RPC nodes supporting its infrastructure, the network is still run by a varied collection of 1,850 independent validators worldwide. An amazing 33 represents the Nakamoto coefficient, which measures decentralization.

A sizable community of 2,053 open-source developers who are actively creating apps on Solana further supports the platform’s widespread usage.

Albert remarked:

“The network faced a number of challenges in the first half of 2023, but the network performed very well.”

Switching to Mainnet

Following a brief outage on February 25, the foundation improved the main network software upgrade procedure to address stability and reliability issues.

These enhancements included streamlining the server restart procedure and integrating external developers and reviewers into the release process.

The network has since successfully switched from network version 1.13 to mainnet and has experienced 100% uptime. In addition to these enhancements, Solana also featured ground-breaking innovations that reimagined the potential of the platform.

For instance, state compression enables data to be kept directly on the chain, dramatically lowering costs and opening up new use cases that were previously impractical.

As a result, Solana has become one of the most economical ways to produce NFTs, with the cost of minting 100 million of them now only equal to 50 SOL.

With more advancement expected, the Solana network success story is still far from over.

Good News For SOL After XRP’s Win Over the SEC

Also, on July 13, a court determined that most XRP sales do not qualify as securities transactions, giving Ripple a significant victory in its nearly three-year-long legal conflict with the US Securities and Exchange Commission (SEC).

The possible ramifications for cryptocurrencies like Solana (SOL), Cardano (ADA), Polygon (MATIC), and other tokens facing similar accusations of being unregistered securities have been questioned in light of this.

The outcome of the Ripple-SEC case may have repercussions for these under-investigation tokens. These initiatives may find inspiration in Ripple’s effective defense tactic. They can be driven to refute regulatory accusations in order to support their claims and assert the non-security status of their tokens.

Furthermore, the sector may benefit from more transparency and regulatory stability thanks to Ripple’s legal victory.

As it scales and develops, the platform is positioned to further establish itself as the top decentralized blockchain for smart contracts.

Developers, investors, and fans worldwide are becoming interested in the Solana network due to its consistent performance, expanding ecosystem, and cutting-edge solutions.

It is a desirable alternative for projects in the DeFi and NFT sectors due to its ability to process many transactions at amazing speeds, encouraging future development and adoption in the blockchain sector.

Solana Layer 2 Could Solve Scalability Issues

Solana is prepared to advance and influence the direction of decentralized technology because of its strong base.

According to Anatoly Yakovenko, the co-founder of Solana Labs, the notion of using Ethereum (ETH) as a layer-2 for the Solana (SOL) blockchain is not as crazy as it may sound, despite some restrictions and potential hazards.

Yakovenko examined how such an integration would develop in a series of tweets  a few weeks ago, saying that the technical partnership is “probably more likely than you might think at first glance.”

The scalability problems that blockchains like Ethereum, which have seen congestion and high transaction fees during periods of heightened activity, are being addressed through layer-2 solutions. Solana, a blockchain platform that boasts a high throughput and low transaction cost, claims to be able to efficiently support various decentralized financial (DeFi) applications.

Yakovenko claimed that because these scaling solutions “are bridge protocols that provide one-way security,” holders of SOL assets on the Ethereum blockchain would have “finality guarantees” of being able to safely exit back to Solana even in situations where there are transaction double spends or invalid state transitions.

A Crypto Phone – An Ongoing Saga

Last year, the Saga was presented . It was created as a premium Android smartphone by Solana Mobile, a Solana Labs company. It has unique functionality and features that are tightly connected with the Solana blockchain, making it simple and secure to transact in web3 and manage digital assets like tokens and NFTs.

Yakovenko then commented, “almost 7 billion people use smartphones around the world and more than 100 million people hold digital assets, and both of those numbers will continue to grow.” “Saga establishes a new benchmark for the mobile web3 experience,” he commented.

The team at OSOM, a top Android development company with experience producing hardware for companies like Google, Apple, and Intel, among others, designed and produced Saga.

The latest flagship Snapdragon® 8+ Gen 1 Mobile Platform, whose security features will enable the Solana Mobile Stack’s Seed Vault, is featured in Saga along with a 6.67″ OLED display, 12 GB RAM, 512 GB storage, and other components. The Seed Vault keeps private keys, seed phrases, and secrets distinct from the application layer with the addition of a Secure Element integrated into the device, while still being able to communicate with apps running on the device or via a mobile browser.

The cost of SOL has significantly increased recently. In the past week, the SOL token’s value increased by more than 21%. Previously, the SOL price had increased by more than 30% from the prior week. The victory over the SEC by Ripple is what caused the sharp increase. The cost was $27.10 at the time of writing.

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