Solana: Unique contracts deployment registers an increase, thanks to…

• March has witnessed a spike in the number of unique contracts deployed on the Solana network.
• SOL price has begun recovery after an initial slump.

The Solana outage, which occurred not too long ago, revived debates about issues plaguing the network for a while. Recent smart contract deployment data, however, shows that Solana is still seeing a decent number of deployments despite these obstacles.

Read Solana (SOL) Price Prediction 2023-24

Solana smart contracts on the rise

According to statistics from Artemis, Solana has observed a rise in the number of unique contracts deployed on the network recently. Data collected indicate that the increase is not unique to March and is the greatest level for the entire year.

Seventy-five different contracts were active as of the time of writing. A few weeks ago, the figure had increased to 98, further demonstrating the volume of deployments that March has seen.

Source: Artemis

Understanding unique contracts

A smart contract’s deployment onto the blockchain network is referred to as a contract deployment in the context of cryptocurrencies. An automated program that runs on the blockchain called a “smart contract” can be used to automate the execution of contracts between parties.

A special kind of smart contract deployment called a unique contract deployment uses a contract code intended to be one-of-a-kind and unreplicable. The meaning is that only one contract instance can exist on the blockchain network, and the contract code cannot be copied or utilized in any other way.

Unique contract deployments, for instance, can be used to produce one-of-a-kind digital goods, such as collectibles or artwork, in the context of non-fungible tokens (NFTs). 

Given the increase in the deployment of unique contracts on Solana, we might soon see a new NFT collection on the network. It also shows that creators still had faith in the network despite the recent downtime.

Solana development activity

Solana’s development activities increased in March, mirroring the number of unique contracts. It seemed like the metric was steadily regaining ground, even though it was still below where it was before the network breakdown.

As of this writing, the development activity was over seventeen, with some brief fluctuations being noticed.

Source: Santiment

The state of Solana (SOL)

How did this development impact Solana (SOL)? According to an analysis of Binance funding rates, few investors are taking SOL positions.

However, the dominant position visible on the chart was a long position, which meant that investors were placing a bet on a rise in price in the future. 

Source: Santiment

Furthermore, according to the TradingView chart, Solana (SOL) had been in an uptrend on a daily timeframe. SOL was trading at about $21.6 at presstime and had gained over 2%. Also, it had switched to a bull trend and managed to retain it. 

Source: TradingView

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It is also important to point out that Solana has been quite stable this year, despite the outage that generated a lot of debate.

According to a status check of the uptime, Solana has only seen one outage so far this year. While February had an uptime of 97.19%, January had a 100% uptime.