Despite "blocker bug," Solana's NFT trading volume hits new highs
Despite a "blocker bug" in y00ts, the community morale remained high as the NFT collection pushed Solana's trading volume to new local heights.
The overall demand for NFTs may be faltering, but those on the Solana are not. In fact, Solana NFT transactions skyrocketed to one million weekly, according to Nansen data. This is great news for those invested in the Solana network, as it shows that there is still strong demand for NFTs on this platform.
The latest surge in activity in the blockchain can be credited to Solana-based y00ts mint t00b, which has fetched over $10.5 million in trading volume. This increase in activity is pushing the trading volume across Solana-based NFT marketplaces and is increasing their respective market shares of the overall NFT space.
Solana NFT transactions per week presented without comment pic.twitter.com/LCJBtjQMaI
— Nansen Intern
(@nansen_intern) September 12, 2022
Solana's y00ts Steals the Show
This is great news for the crypto community! y00ts is a project that is really gaining traction and making a name for itself in the NFT space. Keep an eye on this one, it could be big!
It's great to see that the "y00ts mint t00b" collection is giving Ethereum NFTs a run for their money. After a hot start last week, it even topped OpenSea volume charts. However, we were disappointed to see that its launch was plagued by delays and complications. We hope that y00ts can get its act together and provide a smooth experience for users in the future.
It's been a wild ride for the team behind the Dust Protocol project, but they've managed to come out on top. The team has secured $7 million in funding from multiple venture capital firms, including FTX Ventures and Solana Ventures. Additionally, its whitelist included celebrities such as football legend Wayne Rooney, former basketball star Allen Iverson, and rapper Lil Baby. With this strong backing, the team is poised to continue their work on building a better, more decentralized internet.
Solana scales to over 2,000 nodes
Despite some recent setbacks, the Solana ecosystem appears to be on the rise again thanks to the growing popularity of NFTs. According to Messari, Solana has scaled over 2,000 nodes, which is indicative of the fixes brought about by the development team. This trend is likely to continue as more and more people turn to Solana as a reliable platform for their NFT needs.
It is worth noting that running a node on Solana is an expensive affair because of low transaction fees or validator revenue. Hence, validators have to come up with a strategy to monetize transactions with low fees. One possible strategy for validators is to offer transaction fee discounts to users who transact frequently on the Solana network. This would incentivize users to keep using the Solana network, and would help offset the costs of running a node.
if Solana can maintain its low transaction fees compared to Ethereum, it may see more widespread adoption in the coming months. This could be especially true if more companies in the blockchain space, like Helium, begin to migrate to Solana's network. This would provide a boost to Solana's scalability and efficiency, making it a more attractive option for businesses and users alike.
The voting to move Helium Oracles and migrate Helium’s tokens and governance to the Solana blockchain is currently underway and is expected to pass. This is a big move for the Helium network, and it is one that is sure to garner a lot of attention from the crypto community. With the move to Solana, Helium will be able to take advantage of the high transaction speeds and scalability that the Solana blockchain offers. This is a positive development for the Helium network, and it is one that is sure to benefit the community in the long run.
The post Solana Tops 1 Million Weekly Transactions appeared first on CryptoPotato. This is a huge milestone for the Solana project, which has only been live for a few months.
