Solana [SOL] seems to have been long forgotten recently with other blockchains, such as Ethereum [ETH] and Cardano [ADA] grabbing the headlines. The network has long been scrutinized for its outages over the years.
However, Solana developers have been actively trying to fix these issues and create a secure hassle-free experience for users. This is the latest attempt by Solana to beat its old nemesis now.
Senior Messari analyst Dunleavy stated in a recent tweet that Solana has been building quietly in the past months. He further stated that the Solana network was “stable” and hadn’t suffered any outages in the past “3+ months”. With the latest upgrade, the network was running at over 3,000 transactions per second.
Interestingly, Solana is set to complete over 100 billion transactions on its network soon. The milestone is set to be completed towards the end of September or in early October. Nonetheless, this is a major feat for the network that was innumerable dubbed as the “Ethereum Killer”.
A Solana to savour
To further improve its scalability, Solana is set to launch the “Nitro” upgrade on its network. This is the first Solana scaling solution which will build an L2 for the Solana network. It will combine Solana’s “powerful execution environment and developer community” with the thriving Cosmos and IBC ecosystem.
Market analysts believe this upgrade will lead to Solana DeFi’s growth which has taken the brunt of the market conditions. At the same time, the Nitro upgrade can take the network’s sub-second finality to 600 MS with a transaction throughput of 20,000 TPS.
Furthermore, market insights platform Delphi Digital shared a tweet about Solana’s top NFT marketplace, Magic Eden. In the update, the site claimed that trading volume on Magic Eden hit “nearly 50%” of Ethereum’s Open Sea in September. The major uptick was seen after the y00ts collections was released on the network, which spurred interest among other Solana NFTs.
What now for SOL?
According to latest data, SOL was also one of the victims of the latest crypto massacre that witnessed the token drop 6.4% on the daily chart. This left Solana’s weekly losses at 17.6% and the token at $32.26 at the time of writing. Any major upturn in fortune is not expected until at least the Q4 of 2022.