Chart and tokenomics
- The current supply is 419.58 million SOL, which is 74.71% of the total supply.
- FDV – $22.70 billion
- Market capitalization – $16.36 billion
- Daily volume – $641.69 million
No one knows how much the SOL token would have grown if not for SBF and its manipulations. As is known, he used clients’ money to pump up the token. But even if it weren't for Sam, Solana would still have shown the strong growth it is showing at the moment.
Behind Solana is a CEO who has copied the behavior of many project heads. Solana exists in its own world, where there are no other projects, where it is alone.
Solana also shows an increase of more than 60% over the past month and a fourfold increase from the local bottom ($9.5 at the end of 2022) after all the events with FTX to the recent $42.
Apparently MM did his job well, even despite the risks associated with FTX, but more on that later.
Arthur Hayes took on the role of influencer:
People, I am confessing something shameful. I just bought SOL, I know this Sam coin is just a piece of crap that is just a meme at this point. But he is growing, and I am degen. As they say, let's go!
Arthur Hayes
Comparison with competitors
Compare Solana with Ethereum doesn't make much sense since Solana's market cap is only 7.6% of Ethereum's market cap.
Therefore, let's compare with Polygon and Near, although this is also not the most correct comparison.
Solana
- TVL – $368 million
- Market capitalization - $16.36 billion
- Revenue - $4 million (according to Messari's third quarter report)
Polygon
- TVL – $900 million
- Market capitalization – $6.14 billion
- Revenue – $5.1 million (according to Messari’s report for the third quarter)
Near
- TVL – $51.8 million
- Market capitalization – $1.49 billion
- Revenue - $107.5 thousand (according to Messari’s report for the third quarter)
Although Polygon is almost three times smaller than Solana in terms of market capitalization, it showed the best result, surpassing Solana in revenue by $1.1 million.
Near’s revenue is very small and amounts to $107.5 thousand.
FTX and risks
It is still not known how many SOL tokens FTX may have. According to the on-chain analytical project Lookonchain, on November 2-3 alone, FTX transferred 1.1 million SOL ($42.35 million) to exchanges.
In total, FTX transferred more than 2.8 million SOL, which is just under $103 million.
Also, according to Lookonchain, more than 4 million SOL ($154 million) are stored in known wallets owned by FTX:
There are two risks: First, there is the risk of sales pressure. But in the case of a bull market, buyers will take this volume without any problems. Secondly, the most important risk is that no one knows how many tokens FTX and Alameda have. We only see data from public wallets, and how many other wallets with assets exist is unknown.
According to Messari, FTX/Alameda's SOL is subject to varying unlock schedules, with an average unlock time expected to be in the fourth quarter of 2025.
Andrew Kang warns about oversupply of alts and SOL in particular:
BTC is stable, but coins like SOL are entering a high time frame (HTF) zone where supply increases significantly. And many other altcoins are also in a similar situation.
Andrew Kang
As for technical issues, judging by the state of the network and messages from validators, Solana stopped working for five days and finally fixed all technical problems.
What's new in the project?
AWS Blockchain Node Runners
< p> Solana nodes can now be quickly deployed on AWS using the infrastructure-as-code application from the AWS Blockchain Node Runners repository. Companies looking to build projects on Solana will be able to deploy their own consensus nodes and remote procedure call (RPC) nodes with minimal technical effort and low cost to connect their dApps to the blockchain.Google's BigQuery
As mentioned above, Google Cloud has launched BigQuery integration with Solana, which makes it easier for developers to access historical Solana data.
Solana Incubator
Applications for the Solana Incubator are now open. Selected teams will work directly with the Labs team, taking into account their specific needs:
- Practical blockchain development
- Design and go-to-market planning
- Assembly support funds and getting to know leading venture funds
- Connect to the Labs network
OnFinality & Solana
OnFinality, a blockchain API service, has announced support for Solana.
By connecting to Solana through the OnFinality API, developers can:
- Gain quick access to the Solana network in just a few minutes, without the need for configuration and infrastructure management. < li>Leverage global performance, auto-scalability, and high availability
- Get valuable API insights to quickly identify application problems and make quick fixes.
IoTeX & ; Solana
W3bstream from IoTeX is integrated with Solana.
Now developers can use real world data and create DePIN dApps that impact everyday life.
Circle's CCTP
Circle's CCTP has launched on Solana DevNet, a step towards introducing cross-chain USDC into the Solana ecosystem.
Update V1.16
Update V1.16 was received by almost all participants by the end of the quarter. This update reduces the memory requirements of validators, adds essential features for confidential transfers, and improves support for zk-proofs.
inEVM from Injective
Injective announced the launch of inEVM, the first-ever Ethereum Virtual Machine capable of providing compatibility between Cosmos and Solana.
Ethereum L2 on SVM
The Eclipse Foundation has introduced a new Layer 2 on Ethereum running on the Solana Virtual Machine (SVM).
QCAD on Solana
Stablecorp, a leading global player in digital assets, announced the launch of the QCAD digital dollar on Solana.
SOL in Metamask
MetaMask has added support for Solana using SolFlare.
By installing Solana's Snap, created by SolFlare, MetaMask users can:
- Store Solana tokens and NFTs.
- Quickly transition from EVM.
- Use all Solana applications supported by SolFlare.
New projects
From the new projects in recent months, we can highlight Neon EVM with FDV $212 million, although for 3 months the token was below the purchase price on CoinList ($0.01), but at the moment the price has already made 4x from ATL and reached $0.21.
Who left?
- Project Cardinal on Solana (raised $4.4 million in 2022), which has not yet launched its token, closed in June 2023.
- At the beginning of the year, NFT projects DeGods, y00ts transferred additionally to other networks.
- New MMO game Gas Hero from the creators of STEPN will be launched on Polygon.
- Lido decided to close staking on Solana due to low funding.
Launchpads
Due to the collapse of FTX and the bear market, projects began to appear much less frequently on launchpads. One of the interesting ones this year was the mobile game Honeyland (like axie, where you need to perform various quests) raised $80k on Solanium (priced at $0.05, already done 4x).
Growth narratives
Despite possible risks associated with FTX and Alameda, Solana has all the prerequisites for further growth. This project is an established player, with over 75% of the tokens in circulation. In the third quarter of 2023, Solana experienced strong growth across the board, with revenue up 18.8% quarter-over-quarter, market capitalization up 16.6%, and total funds locked (TVL) up 32.3%. Additionally, the token itself has quadrupled its value since hitting its low in late 2022.
It is also worth noting that attention to Solana in the media continues to grow, which contributes to its popularity. The conclusion of the SBF trial also has a positive impact on the overall outlook of the project. All these factors make Solana one of the promising and worthy attention projects on the market.
In addition, new projects are beginning to appear more actively (more than 900 projects took part in the Solana Hyperdrive hackathon alone) based on Solana, which indicates a growing ecosystem and interest from investors and developers.
