- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
AI crypto coins rally ahead of ChatGPT creator OpenAI plans to announce Google search competitor on Monday
Barely before the hype around NVIDIA stock gain is over, AI crypto tokens have another bullish catalyst coming their way, which could provide more tailwinds to drive the price of the sector’s tokens.
Ethereum needs a bullish trigger, Joseph Lubin blasts the SEC
Ethereum co-founder alleges that the SEC aims to stifle innovation through its enforcement actions against Ethereum-related companies. Grayscale CEO says he's optimistic the SEC would approve its spot ETH ETF application.
Franklin Templeton declares it’s “Base Season” as the Coinbase low-cost L2 sees significant rise in activity
Franklin Templeton, an investment firm with up to $1.46 trillion in assets under management, has declared that “It’s Base Season.” It comes amid growing activity on the low-cost ETH L2 solution.
Binance fined by Canadian financial regulator over AML violations
Canada's financial regulation body, the Financial Transactions and Reports Analysis Centre (FINTRAC), has fined Binance for refusing to abide by the status quo for all foreign monetary bodies in the country, according to a report on May 9.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.