Could these Solana updates attract creators and cause SOL to rise

[ambcrypto.com] 3 days ago

  • Solana has announced what its dApp store on its Saga phone would comprise.
  • Metaplex has also announced mechanisms to help NFT collections enforce royalties.

Solana [SOL] has been recovering from the FTX incident, which caused its price to drop dramatically. Recent updates from the network and projects on it show that it is still actively working, despite the recent upswing in fortune. Could these changes affect the network or SOL in any way?


Read Solana’s [SOL] Price Prediction 2023-2024


The dAppstore Saga

Solana’s innovative new phone, Saga, will be released by Sol Mobile soon. On 24 January, an announcement was made on the Sol Mobile handle, detailing the final accessories that would be included with the Saga phone upon release.

2/8

The dApp store is the first of its kind:

◦ No 30% fees for developers
◦ Crypto-friendly policies
◦ Censorship-resistant: App executables on decentralized storage
◦ Composable: App metadata accessible on-chain

It's the gateway to accessing Solana apps on your phone.3/8

— Solana Mobile (@solanamobile) January 24, 2023

The company claimed that there would be a “dApp store” pre-installed on the phone. In the original plan, the dApp store was to be a centralized location where users could access all Solana network’s decentralized applications.

Solana mobile made a passing reference to a lack of pushback and development fees. With this latest release, Solana could extend an open welcome to the network’s developer and creator community. The implication is that the shop may become a popular hangout for developers and creators, which, assuming it grows, may increase the network’s traffic.

Metaplex to enforce Royalties 

Additionally, a different Solana network project, called Metaplex recently made a creator-facing announcement. Metaplex implemented a mechanism allowing NFT collections to be upgraded to programmable NFTs or pNFTs.

1/ Updates on timelines for allowing collections to upgrade to Programmable NFTs with royalties enforcement below 👇

— Metaplex (@metaplex) January 24, 2023

Allowing creators to impose royalties on their collections is the rationale behind the pNFT. The program’s stable deployment to Devnet, which is anticipated to reach Mainnet on 25 January, was announced by the project.

TVL and NFT count still modest

Solana’s best move and those of the projects on it notwithstanding, it has not exactly left a lasting impression on its Total Value locked (TVL). According to information from DefiLlama, Solana’s TVL was $269.76 million at the time of writing. The figure also made the downturn that the TVL had experienced recently apparent.

The total number of NFTs in USD has also been modest. The cumulative count was less than $1 million as of the time of writing. Additionally, the count could not reach the $2 million barrier throughout the previous three months.

Source: Santiment

Slight drop but SOL still bullish

SOL was trading at about $24 at the time of this writing. It had lost over 6% of its value during the preceding trading period, as seen on a daily timeline. However, it had recovered a larger portion of the loss because, as of this writing, it had made over 5% in profit.

Source: Trading View


Realistic or not, here’s SOL market cap in BTC’s terms


The Relative Strength Index showed that Solana was also experiencing a bull run. The RSI line showed a strong bullish trend and was slightly under 70.

According to recent changes on the Solana network, it is attempting to draw in more producers and developers, which could be crucial for attracting additional users. Essential metrics may decline in the short term, but if key products and services are successfully deployed, they may increase and make SOL a more desirable investment.