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- 1 Web3 games are adding significantly to the activity on Solana.
- 2 SOL was trading at $22.38 at the press time.
The seventh largest crypto asset by market cap, Solana (SOL), continues to become the altcoin of choice according to weekly research by CoinShares, a digital asset management company. Most importantly, the network saw the largest week of inflows since March 2022. Furthermore, digital asset investment products in the crypto market witnessed $78 Million in inflows.
Largest Weekly Inflow Since March 2022
Solana bagged $24 Million in inflows as per the CoinShares study this week. All-inclusive crypto inflows rose, according to the research, by nearly 370 percent. The trading volume of exchange-traded products also increased by 37 percent. Europe accounts primarily for the inflows. Bitcoin topped the charts with $43 Million.
Web3 games are adding significantly to activity on Solana. Star Labs, a gaming experience on the blockchain by the Star Atlas team, registered over 16 Million transactions to this date. The figures contemplate 15 percent of total transactions on the ecosystem. The team posted the metrics on social media platform X (formerly Twitter) yesterday.
SAGE Labs has liftoff! Updated stats below. 👇
— Star Atlas (@staratlas) October 9, 2023
🔹 16,000,000+ Solana transactions
🔹 15% of daily @solana transactions 🤯
🔹 2,000,000+ DAILY transactions
🔹 8,577 profiles created
🔹 37,640 fleets created
➡️ Join the journey now: https://t.co/o8W50NyxsP
Developers of the blockchain aim to solve an issue called blockchain trilemma, a notion compromised on issues including scalability, decentralization, and security. Unsurprisingly, Solana does not make an exception. The network has a long history of outages with the biggest one spanning for over 18 hours.
FTX drama caused a lot of wobbling in the crypto market after going bankrupt, spreading a winter like wildfire. The company chose Galaxy Digital, a capital market business, to manage its assets. Solana is likely to take a blow out of it as Galaxy plans to liquidate FTX assets. The once-renowned crypto organization is the largest holder of Solana’s native cryptocurrency SOL.
The crypto sector registered a dip in the past 24 hours according to data aggregator CoinMarketCap. Altcoins are following the dominating cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). The sector reflects geopolitical tensions, specifically due to the ongoing Israel-Hamas war.
Israel is home to over 2 Million crypto users. The war has brought life to a standstill after the deteriorating landscape in the country. Reports suggest that the crypto community is contributing to aid the situation. An initiative, Crypto Aid Israel, was established for humanitarian aid.
Solana is Growing in Popularity
Deribit, a leading crypto exchange, is planning to launch options contracts for Solana, Ripple (XRP), and more. The launch may elevate crypto activity on the SOL blockchain. A bright side for Solana in the crippled crypto landscape continues to be the possibility of the asset making its way into the mainstream.
Galaxy Research, the research arm of Galaxy Digital, asserts the growing popularity of Solana among low-income users. Additionally, the network’s integration with leading market players, Shopify and Visa, gives it an upper hand on several crypto projects working its finger to the bone.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
