Solana Roundup: NFT Sales Volume Nears $2.50 Billion, Recent Outage Raises More Concerns, Alchemy Introduces Solana Support
Here are the recent events and the best stories around Solana
Solana NFT sales top $2.35 billion mark
Solana’s NFT ecosystem is doing modestly amid the crypto bear market despite the native token, SOL, struggling to reclaim early May highs. The latest market data shows that Solana trails only Ethereum and Ronin in NFT sales volume, having previously passed the $2 billion mark in all-time NFT sales. The rise in NFT’s sales volume was attributed to the increase in the number of buyers over the past few months.
The sales volume on the Solana blockchain was last observed at $2.370 billion at the time of writing. Despite a massive drop (45.05%) in 30-day sales, the channel is ahead of rivals including Flow, Polygon, Avalanche, Tezos and Waves. The 30-day sales volume of $183.30 million is only lower than Ethereum’s sales which more than halved during this period.
To learn more about Solana, visit our Investing in Solana guide.
Web3’s AWS Alchemy adds support for Solana
Alchemy, a Web3 developer focused on the Ethereum framework, has integrated development support for Solana. In an official announcement last Monday, Alchemy said the product launch will initially be in a “public beta” before it becomes available for the rest in a few weeks.
Alchemy, which bills itself as Web3’s Amazon Web Services, said the partnership will result in the launch of tools suitable for developing the Solana blockchain. This is in addition to Polygon and Flow, which stack on the chains in which the infra creator propagates.
Alchemy’s toolkit is expected to accelerate the growth of the Solana ecosystem by accelerating and facilitating the development of new applications. Web3 blockbusters like NFT market Magic Eden and fitness program Step’n are already on the blockchain, with more projects in the works.
The blockchain node and API provider is focused on optimizing reliable, scalable, and accurate products for developers. He spent years developing, refining and testing a sophisticated Web3 development platform. NFT initiatives like OpenSea, Nifty Gateway, SuperRare and Royal, as well as DeFi projects like 0x, Aave and dYdX. The use of Alchemy in these projects is a recurring theme as it has allowed them to create quite popular and unique Web3 experiences.
Survive the tides
Notably, recent market turmoil has hit most players, but not Alchemy. Its business model is the saving factor, given that if exchanges suffer losses in numbers, Alchemy sees increased usage, which means more revenue.
A company spokesperson said Decrypt that the number of developers running its service has tripled since February of this year. This stands out as a clear sign of growth, given that markets have been bearish for most of the year. The company is well positioned to ride the waves deeper in the seas.
Solana downtime incident gets Cardano’s Charles Hoskinson talking
Last Wednesday Solana blockchain again stopped as it is now becoming characteristic, with users unable to transact for up to four hours. The outage marked the third major and fifth overall case of downtime in 2022.
The Solana team, via Twitter, confirmed the outage, attributing it to a bug in the so-called durable nonce transactions feature. This bug caused a section of the network to consider the block invalid; consensus could therefore not be reached.
Austin Federa of Solana Labs said CoinDesk that these annoying occasional transactions were only a small part of the transactions on the Solana network. Charles Hoskinson, whose Cardano network has yet to see any downtime since its launch in 2017, couldn’t miss the chance to take a look at Solana.
Where does the breakdown leave Solana and her investor?
Following the latest shutdown of the Solana blockchain, a undated clip was shared on Twitter in which Solana co-creator Anatoly Yakovenko criticized Cardano’s approach to blockchain development over its insistence on accuracy. In his opinion, the most important thing is to ship. To cut round corners and “Kiss some frogs in your design” is the optimal development approach.
In short, Yakovenko didn’t come across as a fan of Hoskinson’s “esoteric” approach, and that’s why he thought Cardano might never ship.
Solana’s troubles may well continue as he seems determined to get things done, and Yakovenko’s recent remarks bear witness to that. The blockchain led by Yakovenko is not too pressed for security and reliability. The string of failures exposed Solana’s design flaw, which could set it back because competing chains like Algorand don’t understand robustness versus performance.
Hoskinson strikes back
In an arrogant response referencing Solana’s downtime, Hoskinson suggested a “fix” to network problems. The proposed fix was a tutorial to make old NES games work again. When asked if he was worried his claim might reflect Do Kwon’s eventual downfall, the IOG CEO acknowledged that anything is possible.
He more justified that his behavior was in response to the Terra and Solana communities who relentlessly mocked Cardano for wanting to do everything right.
To learn more about these blockchain projects, check out our Cardano vs Solana guide.