{"id":626114,"date":"2024-06-24T17:30:49","date_gmt":"2024-06-24T17:30:49","guid":{"rendered":"https:\/\/uniquehot.com\/?p=626114"},"modified":"2024-06-24T12:22:29","modified_gmt":"2024-06-24T12:22:29","slug":"solana-developer-sol-price","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-developer-sol-price\/","title":{"rendered":"Solana Developer Shares \u201cBig News\u201d That Could Send The SOL Price Flying"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoinist.com\/solana-vs-ethereum-helius-labs-ceo\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Mert Mumtaz<\/span><\/a><span style=\"font-weight: 400\">, CEO of Solana\u2019s development platform Helius Labs, recently shared \u201cbig news\u201d that presents a bullish outlook for the <\/span><a href=\"https:\/\/bitcoinist.com\/pantera-capital-solana-ethereum\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Solana ecosystem<\/span><\/a><span style=\"font-weight: 400\">. This development could also positively impact Solana\u2019s price, which has recently been on a downtrend.\u00a0<\/span><\/p>\n<h2>A New Dawn For Solana<\/h2>\n<p><span style=\"font-weight: 400\">Mumtaz mentioned in an X (formerly Twitter) post that \u201c<\/span><a href=\"https:\/\/bitcoinist.com\/zksync-vs-optimism-zero-knowledge-proof-race\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">ZK compression<\/span><\/a><span style=\"font-weight: 400\">\u201d is being introduced directly on the Solana network without requiring <\/span><a href=\"https:\/\/bitcoinist.com\/ethereum-l2s-sees-surge-in-uniswap-v2-pools\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">layer-2 networks<\/span><\/a><span style=\"font-weight: 400\">. He claimed that this changes everything and every impression one has about Solana and scaling layer-1 networks. Mumtaz further explained what the ZK compression is really about.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-whale-shib-robinhood\/\">Shiba Inu Whale Withdraws 2.2 Billion SHIB From Robinhood, Should You Follow The Whales?<\/a><\/div>\n<p><span style=\"font-weight: 400\">He stated that they have managed to compress the on-chain state to get \u201c10,000x scale improvements,\u201d which he claimed brings them one step closer to building the financial computer. He added that this means that <\/span><a href=\"https:\/\/bitcoinist.com\/solana-in-unprecedented-prime-condition\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">developers<\/span><\/a><span style=\"font-weight: 400\"> can \u201cnow build and scale anything they want directly on <\/span><a href=\"https:\/\/uniquehot.com\/news\/solana\/is-solana-becoming-the-preferred-choice-for-ethereum-developers-sols-uptrend-suggests-a-shift\/\"><span style=\"font-weight: 400\">Solana<\/span><\/a><span style=\"font-weight: 400\"> without needing to leave it.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Mumtaz also gave an example to highlight how significant this development was in terms of a reduction in transaction costs. He claimed that it would usually cost over $260,000 for a project to carry out an airdrop to 1 million users. However, ZK compression makes it way cheaper now as only $50 will be needed now to airdrop these tokens to those 1 million users.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, on the technical side, Mumtaz highlighted how this is a much-welcome development for Solana developers. He noted that allocating accounts, paying rent, and scaling with users has been a \u201cmassive roadblock\u201d for them, but that has now been fixed with this ZK compression.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/bitcoinist.com\/ethereum-mev-bots-solana-has-succeeded\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Mumtaz<\/span><\/a><span style=\"font-weight: 400\"> also highlighted how this opens the door for <\/span><span style=\"font-weight: 400\">Solana<\/span><span style=\"font-weight: 400\"> to enjoy significant growth, noting that state growth has been a major issue for scaling blockchains. However, that is set to change now as ZK compression makes it possible to compress all Solana state. The Helius CEO added, &#8220;This has further implications for hardware requirements and the overall performance of the entire network.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Mumtaz believes Solana has a \u201creal shot at this crypto thing\u201d when this ZK compression is combined with \u201cfiredancer, multiple concurrent leaders, async execution, and ecosystem of thousands of insanely cracked devs.\u201d<\/span><\/p>\n<h2>Institutional Investors Also Believe In Solana\u2019s Potential<\/h2>\n<p><span style=\"font-weight: 400\">The introduction of ZK compression on Solana follows the <\/span><a href=\"https:\/\/bitcoinist.com\/pantera-capital-solana-ethereum\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">recent prediction<\/span><\/a><span style=\"font-weight: 400\"> made by <\/span><a href=\"https:\/\/bitcoinist.com\/pantera-capital-ceo-bitcoin-etf-years\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Pantera Capital\u2019s<\/span><\/a><span style=\"font-weight: 400\"> analysts that <\/span><a href=\"https:\/\/bitcoinist.com\/circle-rolls-out-two-phase-solana-integration\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Solana<\/span><\/a><span style=\"font-weight: 400\"> will steal a massive chunk of the crypto market from Ethereum in terms of blockchain developer activity. These analysts highlighted Solana\u2019s \u201cmonolithic architecture,\u201d which enables several use cases and user experiences.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-crash-to-52000\/\">Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000<\/a><\/div>\n<p><span style=\"font-weight: 400\">They added that Solana\u2019s technology enables \u201ccompelling applications\u201d and gave examples of crypto projects that have benefitted from Solana\u2019s capabilities, including the non-fungible (NFT) platform DRiP.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Asset manager Franklin Templeton also <\/span><a href=\"https:\/\/uniquehot.com\/news\/solana\/bitcoin-etf-issuer-franklin-templeton-bullish-on-solana-sol-foresees-it-as-3rd-largest-crypto\/\"><span style=\"font-weight: 400\">previously predicted<\/span><\/a><span style=\"font-weight: 400\"> that Solana would become the largest crypto token by market cap thanks to the network\u2019s \u201csuperior tech.\u201d They claimed that Solana would host the sectors that will drive the next wave of crypto adoption and also alluded to the <\/span><a href=\"https:\/\/bitcoinist.com\/jump-crypto-solana-validator-client-software\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">firedancer update<\/span><\/a><span style=\"font-weight: 400\"> as one of the reasons they are bullish on Solana.\u00a0<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/9G27wOd0\/\" alt=\"Solana price chart from Tradingview.com\" width=\"3286\" height=\"1576\"><figcaption class=\"wp-caption-text\">SOL price struggles below $130 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">SOLUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mert Mumtaz, CEO of Solana\u2019s development platform Helius Labs, recently shared \u201cbig news\u201d that presents a bullish outlook for the Solana ecosystem. This development could also positively impact Solana\u2019s price, which has recently been on a downtrend.\u00a0 A New Dawn For Solana Mumtaz mentioned in an X (formerly Twitter) post that \u201cZK compression\u201d is being introduced directly on the Solana network without requiring layer-2 networks. He claimed that this changes everything and every impression one has about Solana and scaling layer-1 networks. Mumtaz further explained what the ZK compression is really about. Related Reading: Shiba Inu Whale Withdraws 2.2 Billion SHIB From Robinhood, Should You Follow The Whales? He stated that they have managed to compress the on-chain state to get \u201c10,000x scale improvements,\u201d which he claimed brings them one step closer to building the financial computer. He added that this means that developers can \u201cnow build and scale anything they want directly on Solana without needing to leave it.\u201d Mumtaz also gave an example to highlight how significant this development was in terms of a reduction in transaction costs. He claimed that it would usually cost over $260,000 for a project to carry out an airdrop to 1 million users. However, ZK compression makes it way cheaper now as only $50 will be needed now to airdrop these tokens to those 1 million users.\u00a0 Furthermore, on the technical side, Mumtaz highlighted how this is a much-welcome development for Solana developers. He noted that allocating accounts, paying rent, and scaling with users has been a \u201cmassive roadblock\u201d for them, but that has now been fixed with this ZK compression.\u00a0 Mumtaz also highlighted how this opens the door for Solana to enjoy significant growth, noting that state growth has been a major issue for scaling blockchains. However, that is set to change now as ZK compression makes it possible to compress all Solana state. The Helius CEO added, &#8220;This has further implications for hardware requirements and the overall performance of the entire network.\u201d Mumtaz believes Solana has a \u201creal shot at this crypto thing\u201d when this ZK compression is combined with \u201cfiredancer, multiple concurrent leaders, async execution, and ecosystem of thousands of insanely cracked devs.\u201d Institutional Investors Also Believe In Solana\u2019s Potential The introduction of ZK compression on Solana follows the recent prediction made by Pantera Capital\u2019s analysts that Solana will steal a massive chunk of the crypto market from Ethereum in terms of blockchain developer activity. These analysts highlighted Solana\u2019s \u201cmonolithic architecture,\u201d which enables several use cases and user experiences.\u00a0 Related Reading: Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000 They added that Solana\u2019s technology enables \u201ccompelling applications\u201d and gave examples of crypto projects that have benefitted from Solana\u2019s capabilities, including the non-fungible (NFT) platform DRiP. Asset manager Franklin Templeton also previously predicted that Solana would become the largest crypto token by market cap thanks to the network\u2019s \u201csuperior tech.\u201d They claimed that Solana would host the sectors that will drive the next wave of crypto adoption and also alluded to the firedancer update as one of the reasons they are bullish on Solana.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[12837,89406,86420,83626,89405,85361,86410,83627],"class_list":["post-626114","post","type-post","status-publish","format-standard","hentry","category-solana","tag-sol","tag-sol-news","tag-sol-price","tag-solana","tag-solana-news","tag-solana-price","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\n<title>Solana Developer Shares \u201cBig News\u201d That Could Send The SOL Price Flying<\/title>\n<meta name=\"description\" content=\"Mert Mumtaz, CEO of Solana\u2019s development platform Helius Labs, recently shared \u201cbig news\u201d that presents a bullish outlook for the Solana ecosystem. 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