Can Solana Make a Comeback?
Solana has had extremely turbulent times in the past, following the FTX incident. With numerous outages and the migration of various leading NFTs to other protocols, the odds piled up against the protocol. Despite the failures, there has been an increase in activity on the network. While the increase in Solana’s activity was high, it wasn’t enough to keep up with competitors on the network like Ethereum and Arbitrum. But that could soon change, according to Messari’s data.
Many popular dApps on the network such as Magic Eden, Jupiter and Wormhole currently do not have native tokens. If they do release their tokens in the future, this could lead to higher activity on Solana and higher fees charged by the network. According to Messari, while these dApps have not publicly announced their token launch plans, recent moves by competitors and newly launched bounty programs indicate that such launches are likely, as is common with successful application protocols.
When comparing benchmark valuation indicators, the potential market value for crypto applications is estimated to be high. They predicted growth of between $1 billion and $2.5 billion for top token less projects in Solana. The release of tokens may also affect Solana’s market value. It was found that payers grew by twice the market value and 210K-290K new users were estimated after the new project launch.
On the other hand, the number of code commits on GitHub continues to increase. This increase in development activity has shown that new upgrades and updates are on the way to the Solana network. These updates can attract new users to the network and help generate more revenue and compete with other major protocols in the cryptocurrency space.
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