It can be said that at the present time, Solana is one of the rare Layer 1s that still focuses on building and developing its ecosystem through events such as Hackathon Global, Hacker House,… Not only that, The number of builders coming to Solana is also increasing day by day.
So in the past time, what new things has Solana done? Let’s find out together in this article.
Solana Ecosystem On-chain Parameters
Overview number of wallet addresses & transactions
Solana blockchain network metrics
Except when the Solana network is shut down, the Solana network operates relatively well with transaction speeds always around 4K – 5K TPS with almost zero transaction fees. In the network update section, I will share with you. everyone more about Solana upgrades and development progress.
Besides, Solana is undeniably one of the most decentralized blockchains with a total of 3,155 validators. In the most recent article updating Solana’s blockchain on February 10, 2023, the number of validators increased to 128 new validators.
Times when the Solana network was shut down
In 2023, for the first time in the new year, the Solana network will be overloaded, leading to a restart on February 28, 2023. This shutdown caused the Solana network to freeze for up to 8 p.m. However, unlike previous times, people seemed to be quite calm and not too concerned about this news.
Perhaps this will be the fatal weakness that the development team and Solana Foundation need to focus on to solve this “evil and persistent cancer” because if it cannot be solved, it will be very difficult to convince retailers. or whales transfer money to the Solana network.
Some on-chain metrics of the Solana blockchain
Most on-chain indicators of the Solana network are not too positive at this time when the market is showing signs of recovery. However, what we can be optimistic about here is that although the Solana network is not too active, it is still active with a small number of remaining users.
At this time, it will be relatively difficult for Solana to explode strongly, but we will focus on other numbers related to Hackathon Global events, Hakerhouse, projects under construction, network upgrades. In the next time,…
About Total Value Locked (TVL)
Solana ecosystem TVL
The TVL of the entire Solana ecosystem shows no signs of recovery as the whole market is sinking in the green. This proves that Solana itself is no longer attractive to cash flow and cash flow is not flowing to the Solana ecosystem. There are a number of reasons why Solana is no longer so attractive at the present time, including:
- Negative effects from the fact that the Solana network is often “shutdown”.
- The ecosystem no longer has sky-high yield sources.
- Projects in the Derivatives segment, especially the Perpetual segment, do not attract users and the community like current popular projects such as dYdX, Perpetual or GMX.
- The departure of large NFT projects on Solana from the network is also a relatively big impact on DeFi & NFTFi.
- Although projects on the Solana ecosystem still have real Builders like Orca or Marinade Finance, they have not made too much of a difference.
Perhaps this will be a relatively quiet period for the Solana ecosystem so that they can solve all the remaining problems so they can officially return to the Layer 1 and Layer 2 track in the future. not far away.
Update About Solana & Solana Foundation
March 18, 2023: Solana officially closed the Solana Hackathon Grizzlython Global with 813 participating projects, the highest number ever for the Solana ecosystem. Currently, Solana Foundation has not announced any winning projects, so everyone can wait in the near future and find gems in this Hackathon.
Also this March, Solana Mobile had a lot of new information and updates such as:
- The first applications built on the Solana Mobile Stack SDK have been deployed and are being tested with videos leaked on popular Twitter channels.
- Solana’s phone battle has also been leaked on social networking sites, along with familiar operations in the Crypto market such as mint NFT,…
Regarding updating, developing and upgrading the network, updates such as QUIC, Stake – weighted QoS, Fee Markets, Transaction size increase, Campact vote state have not had new updates since December 2022. Important upgrades such as QUIC, Stake – weighted QoS, Fee Markets are still only in the Mainet – beta process.
In the most recent network upgrade update taking place in early March 2023, Solana will officially launch the Testnet network instead of bringing all new updates to Mainet – beta as in the past. It can be seen that somewhere in the past there was haste in developing the Solana Foundation network and it led to the current situation.
Also in this update, the Solana Foundation shared that there are many major problems going on with Solana’s network. However, they will prioritize solving problems directly related to user experience first and then solve the next problems.
Solana Ecosystem Update
Outstanding projects on the Solana ecosystem
A quick look at the projects with the top TVL on Solana shows that although the top projects are still active, they lack updates on new features or new products such as Marinade Finance, Orca, Raydium, Quarry, Atrix, … In addition, some new projects also have outstanding updates such as:
Zeta Markets – Perpetual platform on Solana, also officially cooperates to use Chainlink’s services.
Drift Protocol – the Perpetual platform on Solana, is somewhat more active as it continuously lists new assets that allow users to Long – Short such as MATIC, BONK, APT,… and also organizes events. events to attract users such as Trading Competition, Market Maker Incentive Program,… There is a high possibility that if Perpetual on Solana has growth, Drift will also benefit a lot.
Francium also hosts a Bug Bounty program to find potential bugs in the platform’s smart contracts. Besides, the project also provides additional incnetive in the SOL/stSOL pool with an additional reward of LDO.
Update winning projects in the latest Hackathon
In Solana’s most recent Global Hackathon, Solana Summer Camp Hackathon, there were outstanding winning names such as IronForge, Sphere, StellarSOL, Solfront, CandyPay, Monstre, RPQ Quest, DeBeasts, Artemi,… Now we also score Take a look to see if those projects have had any recent updates recently.
Projects that receive single awards
Solstamps – University Award, a project to solve the problem of email phishing. The project is expected to launch a paid product in the near future and currently everyone can “Join The Waitlist” to be able to use the product as soon as possible.
Beluga Protocol – Community Choice Award, the AMM StableSwap platform on Solana, has launched its product but it is still quite rudimentary with only a pool of USDC – USDT or mSOL – SOL – stSOL. In the near future, Beluga plans to release more new products related to NFTs.
WiHi – Climate Award, a project on weather forecasting and post-decentralized climate monitoring solutions is still in the process of construction and development.
Projects received major awards
Dual Finance – the winning project in the largest DeFi category. Dual Finance is actively developing its product suite, however these products are not yet complete and still need more upgrades in the near future.
Lulo FInance – P2P Lending, although still in development and does not have any information yet, has received investment from famous investment funds such as Maple Finance, Parafi Capitalm Ciccle, Solana Ventures, Alliance, Volt Capital,…
DeBeats – the Listen to Earn platform has made a lot of progress, having launched Alpha Testing in February 2023. It can be said that DeBeats’ operating model has many similarities with StepN, which has been very successful on Solana. Everyone can participate in testing with this project to better understand how the project operates and how the project’s economics work.
Artemi – A GPS-based project that helps creators distribute their NFTs in the real world has also launched its product on the Mobile platform.
Looking at the projects that won the Solana Summer Camp Hackathon, most of the projects are still in the research and development process and will need another 3 – 6 months to launch proper products.
Summary
Looking at the Solana ecosystem, everything seems to be quite slow and sad. The largest projects are simply maintaining project operations and have no plans to release new features or new products in the near future.
Clearly, when the crypto market shows signs of recovery, Layer 1 is showing the opposite face and that is not only the story of the Solana ecosystem but it is also the story of Avlanche, Fantom, Celo, Near Protocol,… The future of Layer 1 ahead seems to be quite dark.
