Investing.com – has faced various issues over the past months and years. The extremely capable blockchain is still experiencing technical issues, as was last seen on February 25, when transaction processing was nearly impossible for several hours. It was the last such major disaster since the network was unable to do what it was designed to do for several days in January 2022.
In addition to these problems, important sources of liquidity have dried up with the collapse of FTX and the disappearance of Sam Bankman-Fried (SBF). The growth of the ecosystem has been considerably slowed down.
At the zenith, in 2021, a fortune of around 10 billion dollars was committed to the most diverse projects (TVL). Today, according to CryptoCompae’s asset report, it’s a mere $259 million.
But while the absolute numbers don’t speak for a rosy development, the report also shows that TVL has risen 26.5% since the start of the year. And this, without any generous multi-billionaire like SBF, only thanks to the strength of the community.
In February, the 16.5% growth of the TVL even exceeded (11.4%), (6.15%) as well as and (0.53 and 0.91%).
It therefore appears that the developers are not impressed by the technical difficulties and the shock wave caused by the collapse of the FTX.
The strength of the Solana community is also evident with SafeCoin, the first community project based on vastly improved Solana code. The masterminds around lead developer Jeff Galloway have managed to iron out the imperfections of the initial source code, as so far the community blockchain has not experienced any technical difficulties.
Improved code design also increased transaction processing efficiency, which quickly reduced the configuration required to run a validator compared to Solana itself. While SafeCoin performs better than Solana, a Validator can be used on a standard computer.
It is quite different for Solana, as explained to BTC-Echo Max Sherwood, Growth Manager of the Berlin cryptographic start-up Unstoppable Finance. He talked about the fact that many validators in the Solana network are loss-making, which is due to the immense hardware requirements, “because we’re talking here about computers with 64 CPU cores and over 500 gigabytes of RAM, for tens of thousands US dollars”.
One reason why companies like Powerledger choose to bet on the improved version of Solana. Added to this is the fact that SafeCoin can process more real transactions, because of the 60,000 announced by Solana, only a fraction is for transactions, as Sherwood explains:
“Solana is famous for its high processing speed – currently around 500 transactions per second and if voting transactions are included, this figure can even reach 60,000”.
Opposite, Powerledger CTO John Bulich said:
“We have integrated the Safecoin consensus, which reduces the number of administrative transactions (votes) the blockchain has to handle. Most of the throughput can then be used for transactions directly related to providing services to our customers, such as statements smart meters, energy trading and certificate trading”.
So, besides Solana, the ecosystem of the community project is also growing. As of last month, CEX SafeTrade supports USDT multi-network, allowing deposits and withdrawals from via , Binance Smart Chain, Solana, and Tron. The crypto community thus has the possibility, from all common blockchains, to participate not only in SafeCoin but also in other interesting projects such as Aquachain, Space, MineOnlium and many others, which one searches in vain on other platforms.
Solana: benchmarks for technical courses
With a price of $21.65, Solana is currently recording a loss of -0.32 percent, while on a weekly basis it is showing a gain of 8.42 percent.
The cryptocurrency managed to break away on the upside from the 50 percent Fibo retracement zone of $17.56 and break through the psychologically important $20 threshold.
In recent days, the resistance of the 23.6 percent Fibo retracement of $22.56 was repeatedly tested, but could not be exceeded based on the daily closing price. But only if this is the case can the February 20 high of $27.04 be targeted.
On the other hand, the 38.2 percent Fibo retracement offers immediate support at $19.79, bolstered by the psychological $20 threshold.
By Marco Oehrl