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Solana’s community skyrockets year to year, with over 2,000 developers in a month

Winnie Kimeu

Writer, News

Feb 2, 2023 at 10:21

Electric Capital’s latest Developer Report reveals that the developer community on Solana has skyrocketed by 83% in just one year.

To boot, more than 2,000 developers are actively creating on the blockchain every month. This impressive feat propels Solana into second place, hot on the heels of Ethereum, in terms of the sheer magnitude of developers working on the platform.

SOL Price. Source: CoinMarketCap
SOL Price. Source: CoinMarketCap

SOL value is currently worth $24.87, which is a huge drop from its peak of $260 in November 2021.

Hard times for Solana

In 2022, Solana’s network was beset by a series of outages, causing it to falter and halting its ability to process transactions.

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These disruptions were the result of a multifaceted array of challenges, including a surge in transaction demand, technical malfunctions within the network, and security breaches.

Solana's network glitches
Solana’s network glitches

In addition, frequent outages damage Solana’s image as a dependable and secure platform, causing investors to doubt its stability and trust.

It sparked a downward spiral, as some investors offloaded their holdings and others hesitated to invest in the platform.

Solana-FTX relationship

Last summer, Sam Bankman-Fried sang the praises of Solana. He declared it one of the most overlooked gems in the cryptocurrency world.

However, since the downfall of crypto exchange FTX, Solana’s market value has taken a nosedive, much to the dismay of investors and supporters alike.

In order to reassure the community and reignite their faith in the Solana project, the Solana Foundation published a blog post. The article sheds light on the financial connections between Solana and the fallen empire, FTX.

It reveals the amount of SOL tokens – over 50.5 million – that FTX and Alameda had purchased, worth an estimated $500 million, which would be locked until 2028.

Additionally, they uncovered the fact that on November 6, 2022, the day FTX was forced to temporarily halt customer withdrawals due to liquidity issues, there was approximately $1 million in cash or assets sitting on the exchange.

DeGods NFTs
DeGods NFTs

Two of its top NFT collections, DeGods and y00ts, announced plans to move their offerings to other blockchain platforms, such as Ethereum and Polygon.

y00ts NFTs
y00ts NFTs

With the steep decline in its value and repeated network outages, the stability of the platform has come under scrutiny. Many question the long-term prospects of decentralized exchanges built on Solana, like Serum.

Solana’s new era of stability may be near

Nonetheless, the Solana team remains optimistic.

A validator client crafted by the talented team at Firedancer is poised to mitigate the risk of network outages, ensuring smooth sailing for the Solana ecosystem.

A validator client - Solana x Firedancer
A validator client – Solana x Firedancer

In testing, it has demonstrated the capability to process a breathtaking 0.6 million transactions per second. Plus, its introduction marks a major step forward as the network transitions from beta.

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