Research Summary
The report discusses key announcements from the Solana Breakpoint 2023 conference, including the launch of Firedancer, a validator client developed by Jump Crypto. It also highlights the integration of Solana nodes with Amazon Web Services and Solana data with Google Cloud’s BigQuery. The report also mentions the bullish performance of SOL, the Solana token, and the increase in total value locked on the platform. Developments associated with the Cosmos platform and the launch of Celestia’s mainnet beta are also discussed.
Key Takeaways
Solana’s Breakpoint 2023 Conference Highlights
- Firedancer Launch: Jump Crypto announced the launch of Firedancer, a validator client for Solana, at the Solana Breakpoint 2023 conference. Firedancer aims to increase Solana’s network capacity to 1M transactions per second and its data throughput to 1,250MB per second.
- Solana’s Integration with AWS and Google Cloud: Solana nodes are now available on Amazon Web Services, and Solana data has been integrated with Google Cloud’s BigQuery. These developments could potentially increase Solana’s accessibility and usability.
Solana’s Performance
- SOL’s Bullish Performance: SOL, Solana’s token, rallied by around 73% in October ahead of the Breakpoint conference. This bullish performance was supported by a 32% increase in total value locked on the platform, driven by a 273% spike in Jito’s liquid staking project.
- Digital Asset Investment Inflows: SOL attracted digital asset investment product inflows of almost US$68M in October, outpacing all peers except BTC. This increased attention may have led to momentum trading and the liquidation of around $64M of shorts on SOL futures positions since mid-October.
Cosmos Platform Developments
- Celestia’s Mainnet Beta Launch: Celestia, built on the Cosmos SDK as a modular data availability network, launched its mainnet beta and issued its native token TIA. The launch led to increased volumes on decentralized exchange Osmosis, which weighed on Cosmos’ Inter-Blockchain Communication-based infrastructure.
- dYdX v4’s Standalone Layer-1 Network Launch: Derivatives exchange dYdX v4 launched its standalone layer-1 network, based on the Cosmos SDK, as mainnet alpha in late October.
Actionable Insights
- Monitor Solana’s Developments: With the launch of Firedancer and the integration of Solana nodes with AWS and Google Cloud, it’s crucial to keep an eye on Solana’s developments and their potential impact on the network’s performance and adoption.
- Assess SOL’s Performance: Given SOL’s recent bullish performance and the significant increase in digital asset investment inflows, it’s important to assess SOL’s performance and market sentiment regularly.
- Track Cosmos Platform Developments: The launch of Celestia’s mainnet beta and dYdX v4’s standalone layer-1 network could have significant implications for the Cosmos platform. Therefore, it’s essential to track these developments and their potential impact on the platform.
