Solana (SOL) Development Activities Increase Despite Recent Price Drop
On March 17th, 2022, Santiment tweeted that Solana developments are on the rise despite prices dropping vastly. The developments could be in anticipation of the beta release sometime soon. Aside from development, Solana continues to expand its home for DeFi applications.
Price Drop But Development Continues
Solana continues with its high development despite prices dropping by 66%. Santiment’s tweet mentions that Solana is trading at only 66% of its ATH. In November 2021, SOL hit its ATH of about $258. Today, barely four months later, Solana is trading at about $89.
Solana price rises in the past were triggered by its support for Dapps and increased development activities. Due to the drop in prices, some investors may think that the development works would be lower. However, based on Santiment data, the development works have increased in the period.
“$SOL is -66% from its #AllTimeHigh established back on November 6th. However, there has been a sharp development activity rise from the #Solana devs, indicating a push to improve. Additionally, keep an eye on volume spikes acting as price reversals.” per Santiment feed
Despite the price plunges, the rise in development activity indicates a strong confidence level from the development team. It also shows the commitment of the project to its future.
Solana’s Ongoing Developments
Based on analytics charts, between December 1st, 2021, and March 17th, 2022, the development activity within Solana nearly doubled. Basically, at the start of December, there were 1588 development activities in Solana, and today, the activities are about 3081.
The development activities increase in Solana is mainly because of their much anticipated mainnet release. According to several sources, Solana plans to release their mainnet in 2022 publicly. The mainnet release is the only project remaining in the roadmap.
Last year in March, Solana mentioned that they would keep their project at Beta for an extra year to check the stability. Since their statement was in March, the year ends sometime in March. Hence, Solana investors expect the mainnet to be released this March.
However, there are other ongoing activities, especially Github projects. Moreover, there are proposals for onchain governance. The onchain governance proposal was designed to allow Sol investors to participate in the project’s development decision-making. There are plans to create a trading desk and investing arm for Solana. Development is still at the core of the entire Solana project.
Solana and Decentralized Applications
Last year, Solana garnered around $314 million in a private token sale. The amount aims to help in the development of the project and also support Defi. All the developments by Solana intend to achieve a single goal, support for the Defi world.
Accordingly, Solana Labs Co-Founder and CEO Anatoly Yakovenko noted that Their “next phase is onboarding a billion users.” He also notes that the Solana chain can scale and support large sizes. The development of Defi within Solana will surely help attract many users soon.
