Explore our Solana news section to know the market trends, new projects, and updates of Solana. This is a public blockchain that was mentioned in a white paper published by Anatoly Yakovenko in November 2017. Solana's first block was created in 2020. Solana attains consensus through the use of a proof-of-stake mechanism and its model, known as the ""proof-of-history"" mechanism.

Similar to other blockchains, Solana can run smart contracts too. Its execution environment is established on eBPF, which permits the use of programming languages such as Rust, C, and C++. Stay tuned to our Solana news section to read more about Solana updates and stories.

Solana News

Solana Labs, the tech company that develops the Solana network, recently launched a new initiative called &#8220;Solana Incubator.&#8221;



Solana&#8217;s incubator seeks to help nurture and develop the next generation of large companies in the ecosystem.



In a recent announcement thread on Thursday, the company stated that selected startups will receive marketing, technological, and fundraising support. While the initiative primarily focuses on Solana-related products, web2 teams that incorporate Web3 will also receive onboarding and development support from Solana. For developers interested in participating in the program, applications can be submitted until November 30.



In this regard, Product Manager at Solana Labs Emon Motamedi said: &#8220;Our priority with the Incubator program is to remove the biggest obstacles currently facing founders, including barriers around Web3 integrations and fundraising, so that these teams can spend their time on what they do best: solving the burning problems of their users. By providing founders with the resources they need to succeed, we hope to not only bring more sustainable businesses to the Solana ecosystem but also to help grow the Web3 industry as a whole.&#8221;



Solana&#8217;s Anatoly Yakovenko recently made derogatory remarks about Ethereum, referring to it as a &#8220;digital carnival,&#8221; in what seems to be another attempt by Solana to undermine Ethereum&#8217;s position as one of the leading blockchain ecosystems.



According to a report by crypto.news in early October 2023, Yakovenko questioned Ethereum&#8217;s decentralization, calling it a &#8220;novel spectacle of bourgeois upheaval.&#8221; Solana has suffered a significant setback following the collapse of FTX, with data from DefiLlama showing that the total value locked (TVL) in the ecosystem has dropped by 96% since its all-time high. As of press time, the TVL stands at $380 million, representing a massive decrease from over $10 billion in November 2022.

Solana

Web3

Solana Launches Incubator for Web3 Startups

A well-known reporter from China, Colin Wu, recently shared news about NFTs based on Solana. Wu announced that in August, the Compressed NFTs on Solana had a record-breaking minting volume of over 15.6 million.



The reporter also revealed that this impressive feat was achieved with a mere 82 SOL in fees, which equates to a dollar value of $1,596, considering SOL&#8217;s current trading price of $19.47. It&#8217;s worth noting that Solana&#8217;s Compressed NFTs are a new feature that significantly reduces the cost of minting NFTs on the Solana blockchain. This is accomplished by compressing the data stored on-chain for each NFT.



&#8220;In August, the minting volume of <a href="https://upyo.com/en/news/tags/solana">Solana</a>&#8216;s ultra-low-cost Compressed NFT exceeded 15.6 million, setting a record high and incurring only 82 SOL fees. The number of Solana compressed NFTs has approached 78 million, surpassing non-compressed NFTs, accounting for 55.62% of the total, and contributing 21.5% of Solana NFTs&#8217; monthly sales volume in August,&#8221; Wu tweeted.



He has reported that Compressed NFTs on Solana have reached a new record high in ultra-low cost. Wu, the reporter, shared that this achievement was made with a fee of just 82 SOL, which amounts to $1,596, with SOL trading at $19.47.



It is important to note that the ultra-low-cost Compressed NFT is a new feature on Solana&#8217;s blockchain, which reduces the cost of minting NFTs by compressing the data stored on-chain for each NFT. Wu also revealed that the total number of Solana-compressed NFTs has surged to almost 78 million, surpassing its non-compressed counterparts.



According to tracking data, compressed NFTs now account for 55.62% of the total NFTs on Solana&#8217;s network. These compressed NFTs have also contributed significantly to monthly sales, making up 21.5% of Solana NFTs&#8217; total sales volume for August. It&#8217;s worth noting that this growth has occurred amidst the US regulator&#8217;s inaugural enforcement move on NFTs.

Over 15.6 Mln Compressed NFTs Minted on Solana in August

Cosmic Wire, a startup specializing in infrastructure projects in the Web3 industry, announced it has raised $30 million as seed funding led by Polygon and the Solana Foundation. The Solana Foundation is a non-profit organization that aims to build, support, and grow the <a href="https://upyo.com/en/news/tags/solana" target="_blank" rel="noreferrer noopener">Solana</a> network.



The seed funding positioned Cosmic Wire as the first-ever cross-chain funded Web3 company, according to Venture Beat website. According to Cosmic Wire, the fund will be used to beef up the development of a decentralized, secure, and transparent digital Web3 ecosystem. It eyes expanding its global Web3 ecosystem through cross-chain technology, facilitating data transfer and interoperability across different blockchains.



In this regard, CEO and founder of Cosmic Wire Jerad Finck noted that the funding will allow the startup to scale and deliver its technology to products that are ready for mass adoption, especially in fields that are missed in the Web3 space.



Meanwhile, Johnny Lee, the general manager of games, entertainment, and media at Solana Foundation, said: &#8220;Their [Cosmic Wire] metaverse SDK solutions significantly reduce development times of high-fidelity, 3D, browser-based metaverse experiences with e-commerce of both physical web3 digital products, [content delivery networks], payment solutions and avatar [user generated content] all integrated.&#8221;



Cosmic Wire is working on blockchain-based projects that develop decentralized apps that provide peer-to-peer communications and transactions in addition to producing cross-chain technology that allows interoperability among various blockchains and blockchain-agnostic tools.



Moreover, the Miami-based startup also announced that it has been chosen as a participant in Google Cloud’s Web3 startup program prior to its official launch. The program allows Web3 projects and startups to access new benefits that give them the technology, community, and resources they need.

Cosmic Wire

Blockchain

Cosmic Wire Gets $30 Mln Led by Polygon, Solana Foundation

CCData collaborated with CCRI in issuing the first benchmark, which assesses the Environmental, Social, and Governance (ESG) risks and opportunities associated with 40 of the largest and most liquid digital assets.



The benchmark used qualitative and quantitative metrics to offer a unique lens through which digital assets can be evaluated for ESG exposure, covering 11 core evaluation categories, including fundamentals, electricity consumption, climate impact, transparency, and community engagement, according to 24/7 Wall St website.



Each digital asset is ranked a grade ranging from AA to E based on its compliance with ESG criteria. Digital assets, which are graded from AA to BB, meet minimum thresholds for ESG risk, while the lower tier is for digital assets which are graded from B to E.



The ESG Benchmark found that Bitcoin accounts for 90% of the annual electricity consumed by the top 40 cryptocurrencies as the <a href="https://upyo.com/en/news/crypto" target="_blank" rel="noreferrer noopener">cryptocurrency</a> consumes more than 100 terawatt-hours (TWh) per year. Bitcoin received a B grade.



&#8220;Although Bitcoin ranks second in Social, and fourth in Governance, it ranks last in Environmental due to heavy electricity consumption and the carbon intensity of the electricity it utilizes, amongst other environmental externalities,&#8221; the report said.



However, Ethereum, the second largest cryptocurrency, was the only cryptocurrency that received an AA grade, followed by <a href="https://upyo.com/en/news/tags/solana">Solana</a> and Cardano. Cryptocurrencies of Solana, Cardano, and Binance Coin, got an A grade.



According to the report, 34 out of the 40 cryptocurrencies have much lower electricity consumption, typically not exceeding 10 GWh annually.



The report also found that 62.5% of the analyzed assets have a carbon intensity of electricity usage that is lower than the current global average of 459 gCO₂/kWh and the top 10 wallets control 50% or more of the token supply for 20% of the analyzed assets.

Bitcoin

Crypto

Bitcoin Accounts for 90% of Annual Electricity Consumed by Top 40 Cryptocurrencies

DeGods and Y00ts, two of the most popular NFT collections on Solana, are expected to leave the platform by the next year to migrate to Ethereum and Polygon.



DeGods will move to the Ethereum blockchain, while Y00ts will bridge to Polygon. The migration will finish by the first quarter of 2023, according to Coin Desk.



The team behind the two NFT projects revealed that their move came to boost their sales and give them more capacity to develop on additional blockchains.



In a Twitter space, Rohun Vora, known as&nbsp;<a target="_blank" href="https://twitter.com/frankdegods" rel="noreferrer noopener">Frank</a>, the founder of the two projects, said: &#8220;There’s an argument to be made that [DeGods] has capped out on Solana. It’s hard to accept, but it’s been tough to grow at the rate we want to grow. If Ethereum is where we have to go to keep growing, it’s what we have to do.&#8221;



Vora pointed out that bridging to Ethereum and Polygon, which will occur through the cross-chain bridge, is the most effective way to make the two NFT collections reach a larger audience among the NFT collectors. He also added that the NFTs holders are free to keep their digital collectibles on Solana if they want as the migration would be optional, not mandatory.&nbsp;



Following the news, the sales of DeGods hiked, which gave a push for its floor price to reach around 566 SOL, according to Magic Eden. While the floor price of Y00ts became 153.9 SOL. It is worth noting that the sales of the two NFT collections represent nearly 70% of all Solana NFT sale volume.&nbsp;



The Solana market is currently suffering because of its links with Sam Bankman-Fried and the fall of the FTX. The Solana token declined from $31 in November to $11.7 at the time of writing.&nbsp;

Degods

DeGods, Y00ts Collections to Leave Solana to Ethereum, Polygon

Solana, a decentralized blockchain platform, announced that the preorders for its upcoming smartphones will start in early 2023, however, it did not set a date for the availability of these phones.



This announcement was revealed during the ecosystem’s annual gathering at Breakpoint 2022 in Libson, held from November 4 to 7, <a href="https://cointelegraph.com/news/solana-unveils-google-partnership-smartphones-web3-store-at-breakpoint" target="_blank" rel="noreferrer noopener">according to Cointelegraph</a>.



The Solana mobile team pointed out that their smartphone is made for people as it securely stores the private keys of crypto wallets. It will be powered by a Qualcomm chipset sporting an Arm-based SoC, allowing for higher productivity.



Solana said that it would launch its dApp store, which will be based on Web 3.0 technology without any fees or charges, promising those who are interested that the submissions would open in January 2023.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A demo of the <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw">@solana</a> phone 👇 <a href="https://t.co/TVL0MIGJIX">pic.twitter.com/TVL0MIGJIX</a>&mdash; Cointelegraph (@Cointelegraph) <a href="https://twitter.com/Cointelegraph/status/1588868080771354624?ref_src=twsrc%5Etfw">November 5, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



During the four-day conference, Solana&#8217;s new partnership with Google Cloud caught the attention as Google Cloud is building a block-producing Solana validator to participate in and validate the network.



Google Cloud is currently working with Solana to bring its Blockchain Node Engine to the Solana ecosystem. Blockchain Node Engine is a fully managed node-hosting service that can reduce the need for node operations. Therefore, more users can run the Solana node in less time through the addition of Solana to the Blockchain Node Engine.



According to the partnership deal, Google Cloud will bring indexing data from the Solana network into BigQuery, a fully-managed, serverless data warehouse that enables scalable analysis over petabytes of data.



The SOL native token spiked by 15% following Google Cloud&#8217;s announcement.



Solana&#8217;s current price is $35.69 at the time of this writing, with a 24-hour trading volume of over $2.46 billion. Solana has increased by over 3.5% in the last 24 hours, according to CoinMarketCap.

Solana News

Latest Solana News