|

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. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

NEAR Protocol Price Forecast: NEAR rebounds on the launch of India’s biggest IPO, Jio Platforms perps

NEAR Protocol price ticks higher extending its roughly 3% rebound from the previous day. NEAR Intents launched confidential trading of India’s biggest IPO, Jio Platforms, perpetual contracts on Tuesday. Institutional investors' activity shows mild profit-taking after nearly $5 million in outflows on Tuesday.

Top 3 Price Predictions: BTC, ETH and XRP recover as Big Tech earnings take center stage

Bitcoin, Ethereum, and Ripple extend their recovery on Wednesday as investors turn their attention to major technology companies' earnings reports. Microsoft and Alphabet are due to report their Q3 earnings on Wednesday, followed by Amazon on Thursday.

Pepe Price Forecast: PEPE climbs as Justin Sun-linked wallets spark bullish sentiment

Pepe surges over 15% so far this week, trading above $0.00000494 as bulls remain in control. Improving derivatives metrics and rising social dominance signal bullish sentiment, amid reports that Justin Sun-linked wallets hold almost 3% of the PEPE supply. In addition, strengthening bullish momentum suggests further upside for the meme coin.

Ethereum ETFs near record monthly outflows as ETH tests $2,310
Ethereum (ETH) held steady on Tuesday, consolidating at $2,340, just above $2,300 after last week’s decline. Three measures sit within about $18 of each other: ETH’s realized price at $2,310, the 200-day Exponential Moving Average (EMA) at $2,315, and the $2,328 average cost basis of wallets holding 1K-10K ETH.
Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.