Wednesday, June 12, 2024

Solana leads staking charts with $35 billion, underwent harsh price correction

Like other cryptocurrencies starting off 2022 on a low, Solana saw a “harsh” price correction – a 48.5% correction year-to-date. But it leads the staking charts with $35 billion in value locked.

Analysts say Solana’s price decline may be because of the four network outages in late 2021 and early 2022. The latest incident was on January 7 due to a distributed denial-of-service (DDoS) attack. As such, Solana Lab developers had to update the code.

But investors are concerned about the centralization caused by the costs of being a Solana validator. Experts recommend a 12 core 2.8 GHz CPU, 256 GB memory, high-speed 1 TB SSD drives and a low-latency internet connection to help attain 400 millisecond block times. UltraXBT believes Solana is cool for a centralized corporate state-sync machine.

In early-November 2021, Solana’s primary decentralized application metric showed weakness after the network’s TVL began to stall at $15 billion. The network’s DApp saw a 50% drop in three months as the indicator reached its lowest level since September 8. In contrast, Fantom’s TVL is $9.5 billion after doubling in three months. Terra LUNA also spiked to $23.2 billion with a 87% increase in TVL. Solana Ventures, on November 5, partnered with FTX and Lightspeed Venture to launch a $100 million fund for the sector.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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