Last upgraded: March 14, 2024 14:52 EDT|9 minutes checked out
Discover all you require to learn about the Solana community and SOL rate action in February 2024 in this thorough report.
Secret takeaways:
- SOL is on the increase! It struck a high of $130 in February, while TVL went beyond $2.5 billion. All-time sales reached $5 billion.
- The pattern is most likely to continue as we see more platforms like Helius safe and secure raising financial investments and more trending coins like WIF, BONK, and SMOG bring increased attention to the network. Smog drew in more than 30,000 holders within 48 hours after trading begun.
- The Solana Foundation continues to support the neighborhood and invests cash in its advancement, just recently revealed Web3 Hackaton must bring more awareness to the community.
- Solana Mobile's Chapter 2 mobile phone got 100,000 preorders in less than 30 days.
- Solana's NFT environment reached brand-new turning points with $5 billion in all-time sales volume and over 3.8 million deals in February.
What You'll Find in This February Solana Analysis:
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- About Solana
- Solana On-chain Data and SOL Price Performance
- Solana Ecosystem Updates and Acquisitions
- Solana Meme Coins
- Solana Airdrops and DEXs
- Solana NFTs and Games
- Looking Ahead– Will SOL's Price Continue to Ascend?
About Solana
Established in 2017 by Anatoly Yakovenko, Solana is an open-source blockchain platform concentrated on scalability and speed. It intends to surpass existing blockchains in deal processing without jeopardizing on cost-effectiveness. Solana accomplishes this through a distinct Layer 1 network architecture, enabling it to manage over 710,000 deals per 2nd (TPS).
This architecture likewise assists in the development of wise agreements and decentralized applications (DApps), making it appropriate for different usage cases like decentralized financing (DeFi) and nonfungible tokens (NFTs) markets.
Introduced in 2020 after comprehensive screening, Solana sticks out from platforms like Ethereum by preventing the requirement for extra scaling services. Rather, it makes use of effective and quick computer systems to keep the network and handle information storage. SOL, the native cryptocurrency of Solana, plays an important function in making it possible for deals and protecting the network through staking.
This report supplies an extensive introduction of the Solana environment in February 2024, examining SOL rate efficiency, community advancements, and updates.
Solana On-chain Data and SOL Price Performance
Solana's day-to-day deal volume has actually seen a considerable boost, increasing from 22.1 million on Feb. 6 to 33.7 million on Feb. 26. This increase in activity recommends growing engagement and usage of the Solana blockchain. By the end of the month, the day-to-day deal volume dropped as soon as more, reaching 28.5 million.
Solana's overall worth locked (TVL) has actually reached $2.5 billion, which represents a 30% boost year-to-date. In contrast, Ethereum's TVL grew by 15% throughout the exact same duration, and BNB Chain saw a 12% boost in BNB deposits considering that Dec.[ยป19659026]…
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