Recently, Solana has been going through a rough patch, which may be attributed to the fact that it is affiliated with FTX and Alameda. Because of this, it has suffered several setbacks, and some people are concerned that this could be the beginning of the end.
On the other hand, it looks like Solana is putting up a fight, at least about ecology. These recent occurrences provide evidence that the ecosystem is assisting the network in regaining its previous level of stability.
NFTs are Experiencing an Ongoing Rally
Because of its low gas prices and prompt service, Solana has been a favorite choice among builders, particularly NFT. As a result, this prompted the proliferation of many profitable NFT initiatives on the platform.
Statistics (1) provided by Solanafloor indicated that these NFT trades were still active at the time. The blue-chip index jumped from 28.9% to 82.109% during the same period as the average daily number of transactions of Solana NFT rose by 67.7%.
The upward trend also showed the upward trajectory that blue-chip NFTs had enjoyed that the Solana floor index chart displayed. The chart initially displayed a decline in November; however, it has since rebounded and is again moving upward.
Yoots and DeGods are two examples of well-known non-fungible tokens that may be traded on the Solana platform. According to the findings of DappRadar (2), the leading nine non-fungible tokens (NFTs) running on the Solana platform experienced growth in a number of crucial metrics over the course of the preceding month.
For example, Yoots NFT experienced a growth in volume that was 274.87% higher, an increase in traders that was 290.7% higher, and a rise in sales that was nearly 500% higher. According to DappRadar, all of the other NFTs that made it into the top nine NFTs all showed an increase in these metrics, albeit to various degrees.
The fact that these NFTs continued to be popular and profitable despite issues with the Solana network confirmed this.
A New Solana App for fiat-to-crypto Exchanges
Stripe's payment processing company has introduced a new platform that will assist companies in sending and receiving cryptocurrency payments. On December 1st, a joint statement was issued by Stripe and Solana, in which they broke the news (3) to the general public for the very first time.
The product is a widget that enables users to purchase coins instantaneously and can be customized and integrated into a Web 3.0 app, DEX, NFT platform, wallet, or dApp. This gives consumers the ability to trade digital assets. Eleven of the initial sixteen developments the company is working on are located in the Solana neighborhood.
1/ @Stripe debuted its fiat-to-crypto payments onramp — and 11 of the 16 projects in the program are built on Solana 💪@AudiusProject@xNFT_Backpack@FastAF@fractalwagmi@glowwallet@MagicEden@magic_labs@orca_so@ottrfinance@spotwallet@UltimateMoneyhttps://t.co/F8uNupoucQ
— Solana (@solana) December 1, 2022
Is There Any Impact on SOL Price?
The news has not had much impact on Solana's price. The asset is almost flat from the previous trading period. When this article was written, the price of SOL on the market was approximately $13.63.
Solana continues to receive funding from the NFT space, demonstrating that the network is held in high esteem. Because of the recent advances with Stripe and its dApps, there is a possibility that the network will experience a rise in the number of users.
Although the ecosystem may have been harmed, it works tirelessly to guarantee that the network returns to its usual state. Once this goal is accomplished, SOL may enjoy great levels of stability.
