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Braxton WM Reports Solana’s Stellar Surge: A Promising Outlook for the Altcoin

Solana’s surge and institutional interest signal strong growth potential. With Solang’s introduction and reputation restoration, it emerges as a standout altcoin to watch, while “The Rekt Test” by The Solana Foundation could further boost its price.

Recently, Solana (SOL) has emerged as a standout performer, with its recent price surge and impressive development efforts propelling it to new heights. Despite facing setbacks in the past, SOL has demonstrated resilience and progress, making significant strides in the crypto market.

Kate McArthur, a crypto expert at Braxton WM, has explored the recent price surge of Solana, the factors driving its success, and the potential for further growth. With Solana’s momentum and increased development activity, it appears to be on a trajectory to reach new milestones, making it an altcoin to watch in the coming months.

Increased Institutional Interest and AUM Proves SOL’s Growth Potential

According to recent data from CCData, a crypto analytics firm, SOL-based investment products experienced a remarkable surge of 55.7%, boosting its assets under management (AUM) to an impressive $87.8 million.

This surge in institutional interest in SOL coincides with its outstanding performance, as the cryptocurrency saw a 6% increase in value over the last seven days. This upward momentum has solidified Solana’s position as a standout performer.

The substantial surge in institutional interest and AUM for SOL-based investment products reflects growing confidence in Solana’s innovative technology, high throughput, and low transaction fees, positioning it as a competitive and beneficial blockchain network for investors.

Solang and the Growth of Solana’s Ecosystem

An essential catalyst for Solana’s recent outperformance in the market is the platform’s announcement of Solang, a compiler that enables developers to write Solana smart contracts using Ethereum’s Solidity language. This groundbreaking feature allows developers to leverage their existing skills and knowledge to build decentralized applications (dapps) on the Solana blockchain easily. The introduction of Solang is expected to foster significant growth in the Solana ecosystem by attracting more developers and projects to the platform.

The increased development on the Solana network is likely to result in a surge in dapps running on its chain, leading to higher demand for SOL, the native utility token of the network. Notably, Solana has already established itself as a prominent blockchain, currently ranking fourth for Github commits. This robust developer activity further demonstrates the platform’s growth and appeal to the development community.

Overall, Solang’s introduction and the growing developer interest indicate a positive trend for Solana’s future. The increased development activity and a flourishing ecosystem are expected to support SOL’s price growth and enhance its overall market position.

The Restoration of Solana’s Reputation

One of the critical challenges that Solana faced in 2022 was a series of damaging outages that undermined confidence in the platform. However, the network has shown resilience and improvement over time, addressing and overcoming these issues effectively. As a result, Solana has regained its reputation as a stable and reliable blockchain network, restoring investor trust and confidence.

In the second quarter of 2023, Solana achieved an impressive feat by maintaining 100% uptime, a significant milestone that speaks to the platform’s advancements and enhanced infrastructure. This accomplishment has solidified Solana’s position as a robust network capable of handling high-throughput demands without compromising on security and performance.

As Solana’s reputation was restored and its network stability improved, investor interest and confidence surged, leading to a substantial increase in SOL’s value. Going forward, this enhanced reputation is likely to attract more investors and developers to the platform, further bolstering its growth trajectory.

The Solana Foundation’s ‘The Rekt Test’: Boosting Web3 Security and Solana Price

The Solana Foundation is at the forefront of web3 security with its pioneering initiative, “The Rekt Test.” Developed in collaboration with partners Immunefi and Trail of Bits, this test sets a baseline security standard for web3 projects, addressing concerns raised by exploits and hacks in the ecosystem.

Collaborating with industry giants like Fireblocks and Ribbit Capital, The Solana Foundation has crafted a comprehensive set of questions that ensure web3 projects adhere to essential security performance levels. This covers crucial aspects like system documentation, key management, incident response, personnel security, code security, and external audits.

“The Rekt Test” provides web3 users with a valuable tool to assess a project’s security before investing. Given the staggering $3.9 billion lost to hacks and scams in the web3 ecosystem, user trust has been shaken. By implementing “The Rekt Test,” The Solana Foundation aims to bolster user confidence and help them evaluate a project’s quality and security infrastructure.

As “The Rekt Test” gains adoption and improves overall security standards, it can potentially impact Solana’s price positively. Investors are likely to view Solana projects that pass the test as more secure and trustworthy, attracting more capital into the ecosystem. A safer web3 environment could lead to increased adoption of Solana and potentially contribute to its price appreciation.

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Organization: Braxton WM

Contact Person: Media Relations



Country: Switzerland

Release Id: 0308235255

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