Investors who have put their faith in Solana have seen their confidence in the protocol justified this week, with Solana reaching record highs along with the Polygon network. The protocol has also seen record capital inflows and has also announced a new partnership with Chainlink, with the latter launching price feeds on the Solana Devnet.
Solana Sees Record Capital Inflows, Outpacing Even Ethereum And Bitcoin
Digital asset manager CoinShares, in its weekly report, stated that Solana, an alternative scaling option to Ethereum, saw a record level of capital inflow during the last week. In fact, Solana recorded more inflows than any other crypto asset over the past week. The report stated,
“Solana, a competitor to Ethereum offering a flexible infrastructure and faster transaction settlement, saw the largest inflows of any digital asset last week, totaling $7.1m. Ethereum saw minor inflows totaling $3.2m last week along with other altcoins such as Cardano, Litecoin, and Polkadot, which saw inflows of $6.4m, $1.8m, and $1.1m respectively.”
The protocol is backed by FTX CEO Sam Bankman-Fried and has seen an exponential rally of 92.9% over the past couple of weeks. Its main competitor Ethereum on the other hand posted an increase of 11% in the same time.
Solana Reaches Record High As Markets Continue To Rally
After breaking into the top ten cryptocurrencies earlier in the week, Solana has continued its bullish trend in the week, with the SOL token reaching an all-time high of $78.63 in the early hours of the morning. After reaching its all-time high, Solana retreated a little and settled at $78.17. Solana has seen an increase of 8.91% overnight and has recorded a 100% increase over the past fortnight.
Several factors have contributed to Solana setting its all-time high this week, with several DeFi and NFT related developments fueling the growth. The Degenerate Ape Academy launched their digital collectibles on Solana and were sold out within 8 minutes, with the most expensive purchase resold barely 24 hours later for 100,001 SOL. The Solana network also crossed $2 Billion in total value locked in DeFi protocols.
Chainlink Announces Partnership With Solana
The Chainlink protocol has also announced that it is partnering with Solana, with the partnership allowing Chainlink’s price feeds for DeFi to be launched on the Solana devnet. Chainlink has stated that mainnet integration will occur before the end of Q4, with the integration a result of months of close collaboration between Solana and Chainlink’s development teams.
Co-founder and CEO of Solana Labs Anatoly Yakovenko commented on the partnership stating,
“Integrating Chainlink natively into the Solana blockchain can significantly increase the rate at which Solana developers can build secure, high-throughput DeFi applications by providing them with direct access to reliable off-chain data and computation. The combination of high-quality oracle infrastructure and Solana’s high-speed blockchain network can enable DeFi applications to scale to a global level.”
With the launch of the price feeds, developers can access highly decentralized, high-quality, and fast-updating price reference data by leveraging the Chainlink price feeds. This will allow them to create a host of hybrid smart contract applications specifically for DeFi. Thanks to the integration with the high-performance Solana blockchain, Chainlink is able to provide sub-second speeds on-chain without having to compromise on security and quality. Solana can now support 65,000 transactions per second at a lower per-transaction cost. The Chainlink price feeds on Solana will also quicken the pace of DeFi and allow it to compete with different aspects of centralized finance, such as risk management quality and trade execution.
Sergey Nazarov, the co-founder of Solana, added,
“With Chainlink Price Feeds providing sub-second updates on the Solana blockchain, smart contract developers will have the proven oracle infrastructure they need to build high-speed and tamper-proof DeFi applications. We are excited to be supporting the growth of the Solana ecosystem through oracle networks that provide end-to-end decentralization, data accuracy, and a wide range of secure off-chain services.” shared Chainlink co-founder Sergey Nazarov.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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