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Solana has a lot to cheer about in 2023, but…

Press Releases Crypto News AMB-Crypto Solana has a lot to cheer about in 2023, but…

Solana recorded a 100% uptime year-to-date.
TVL, DeFi velocity, and transactions were indicative of a healthy network.

Solana [SOL] negotiated several hurdles on its path in recent times to emerge as one of the most sought-after blockchain networks.

While the price action of the native token hasn’t been impressive, the proof-of-stake (PoS) network utilized the bear market to improve its underlying technology and forged important partnerships with the who’s who of the traditional finance ecosystem.

How much are 1,10,100 SOLs worth today

Solana leaves network outages behind

On-chain analytics firm Nansen released a report, outlining notable achievements, risks, and growth prospects of the Solana ecosystem.

First and foremost, it was critical to understand that Solana’s fundamental strengths were its cost-effectiveness and fast speeds, which earned it the moniker “The Ethereum Killer”. Indeed, the transactions processed per second (TPS) on the network were in excess of 3,000, nearly 30 times that of Ethereum [ETH].

Such network advantages go a long way in attracting decentralized applications (dApps) in different realms like finance, gaming, and non-fungible tokens (NFT). However, what undermined this strength was the long list of downtime issues and network halts.

Having said that, Solana made significant improvements in this regard in 2023. Notably, it maintained a 100% uptime year-to-date according to the report.

Impressive on-chain indicators

The marked change in network stability began to have a positive impact on the chain’s liquidity. The total value locked (TVL) in terms of SOL was 27.12 million at the time of writing, more than double of what it was at the beginning of the year.

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Author: Aniket Verma

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