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As Firedancer Comes Online On The Testnet, Solana Earns 80% In Just One Month

2023-11-02 16:32:55

Firedancer, Solana's scalability approach is thought to be a long-term fix for the blockchain's previously frequent disruptions.


In the last week, Solana has gained more than 30% due to the testnet deployment of Firedancer, the blockchain's much-needed scaling option. The cryptocurrency has seen gains of around 81% during the last 30 days. SOL hit highs it hadn't touched before August of last year on Nov. 2, reaching over $41, according to statistics from Cointelegraph Markets Pro. SOL, which has long been hailed as an Ethereum killer, has surpassed competitor Ether, which has seen increases of less than 11% over the last month. As reported by CoinShares, SOL-related securities also saw contributions of millions of dollars throughout the previous few weeks. Nonetheless, SOL has still dropped over 84% since its all-time peak of nearly $260 on November 6, 2021. 

Dan Albert, the president of the Solana Foundation, revealed the testnet debut of Firedancer on October 31 at the Breakpoint event held in Solana. Jump Crypto, a Web3 software development business, has been working on the project since August. In the words of Solana Labs chairman and CEO Anatoly Yakovenko, the goal of Firedancer, an innovative validator application for the network as a whole, is to increase validator variety, speed, and stability. The first half of 2024 is when the mainnet is expected to launch.

In 2022, Solana experienced fourteen major or partial outages; however, in 2023, its availability was enhanced, with just one major failure that was announced in February. Selling pressure, though, might potentially affect SOL given that $56 million worth of FTX-related coin was unstaked and transferred to an unidentified wallet. A further $32 million in SOL connected to Alameda Research and FTX was also sent to a wallet believed to be Galaxy Digital, the companies' appointed liquidator.

Strong price increases in other cryptocurrencies were also witnessed over the month as attitude toward the crypto market improved. The Crypto Fear and Greed Index increased by six points to 72 out of 100 on Nov. 2 from the previous day, indicating a greedy feeling. The previous 30 days have seen a rise of almost 54% for ChainlinkAvalanche and Bitcoin, however, saw 30% and 32% 30-day increases.

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