PayPal looks into Solana to scale payment network, pushing SOL closer to breakout


  • PayPal looks into Polkadot and other Ethereum-killer projects to boost the scalability of its technology. 
  • Solana developers believe that the SOL network blockchain could be four times faster than it is currently. 
  • On-chain activity on Solana exploded as the daily active wallets crossed 200,000. 
  • Analysts expect SOL price to bounce back to a new all-time high. 

At the Solana Breakpoint Conference in Lisbon, the developers revealed that the SOL blockchain could be four times faster than now. The DeFi and Metaverse ecosystems on the Solana network boost the token’s utility. 

PayPal is keen on scaling its payments network

In a recent episode of the Unchained podcast, Paypal’s Senior VP Jose Fernandez da Ponte stated that the firm was tracking cryptocurrencies like Ethereum, Solana, Polkadot and Algorand. 

The online payments platform is actively monitoring layer-1 and layer-2 platforms to scale payments. Fernandez was quoted as saying:

I’m sure that if you ask me six weeks from now I could give you four or five different names. This is how exciting it is.

Anatoly Yakovenko, co-founder of Solana, spoke at the Breakpoint Conference. Yakovenko said, 

In relativistic terms, Solana’s about four times slower than it should be. The speed of light halfway around the world is about 110 milliseconds. It’s going to take a lot of blood, sweat, and tears to get there, but in theory, that could be the theoretical limit for how fast the network is.

Developers believe that the Solana blockchain could be faster than it is currently. According to data from CryptoCompare, Solana was the most volatile that it has been since September, at 88.7%. 

Historically a spike in volatility is indicative of an SOL price rally. Of the $12.5 billion in total value locked on the Solana network, a majority is locked in decentralized exchanges. 

DEXes have boosted SOL utility and adoption over the past two months. FXStreet analysts have evaluated the SOL price trend and expect the altcoin to take a dive to $160 as the cryptocurrency loses key support. 

 

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