Latest Solana News

The Hivemapper Foundation has recently formed a strategic partnership with Kamino and Jito Labs to launch the HONEY-JitoSOL liquidity treasury incentive plan. This initiative comes at a time when many investors in the cryptocurrency market are still engaged in zero-sum games, while decentralized physical infrastructure networks (DePIN) are paving new avenues for value creation. The rapid advancement of Web3 technology is facilitating a deep integration of DePIN and decentralized finance (DeFi), which is reshaping the blockchain industry's landscape. This integration promises to enhance the liquidity of physical assets and foster substantial innovation across the blockchain ecosystem. Hivemapper, a decentralized mapping network operating on the Solana blockchain, has made significant strides since its inception in November 2022, mapping 29% of the world’s roads within two years. Utilizing innovative “Bee” dashcam devices and AI technology, Hivemapper captures over 28 million kilometers of street-level imagery monthly, outpacing Google Street View by five times. The project has garnered investments from notable institutions, including A16Z and Binance, and has established partnerships with global mapping giants. The HONEY token incentivizes user participation in data collection, addressing challenges in developing high-precision maps through a unique AI+DePIN model. The newly launched liquidity solution on the Orca trading platform offers up to $17,000 in rewards for HONEY token liquidity providers. It features automated transaction fee income, smart rebalancing, and professional analysis tools to help users navigate risks. The market response has been overwhelmingly positive, with the HONEY-JITOSOL liquidity pool achieving a Boosted APY of 36.02% and a total value locked (TVL) exceeding $500,000 shortly after launch. This innovative cooperation not only highlights the potential of integrating DePIN with DeFi but also sets a precedent for future developments in the blockchain space, demonstrating how decentralized finance can empower the real economy and create new opportunities for users.

The cryptocurrency market is witnessing significant developments, particularly with the Akash Network's DePIN protocol, which has recently crossed a billion-dollar market cap. This surge has led to a notable increase in the Akash price, reflecting growing investor confidence. Meanwhile, Solana is on the brink of achieving a new all-time high (ATH), with its market cap inflow allowing it to surpass BNB. The excitement surrounding Solana's impending ATH is not just a win for the platform but also for the broader cryptocurrency ecosystem, showcasing its potential for mainstream adoption and robust development activity. In the realm of decentralized finance (DeFi), Lunex Network has emerged as a promising new player. This hybrid exchange offers a unique solution by facilitating cross-chain trading with over 50,000 trading pairs and a zero-fee structure. Lunex Network aims to simplify DeFi for both novice and experienced traders, making it more accessible to retail investors. With an impressive liquidity of $2.95 million already secured, Lunex is positioning itself as a key facilitator in the DeFi space, potentially democratizing access to this lucrative market. The rise of Akash Network, Solana, and Lunex Network highlights a broader trend towards decentralized innovation beyond traditional finance. Akash's recent 10% surge in the last 24 hours and a remarkable 36% increase over the past week emphasize its potential to disrupt conventional cloud services. As the demand for decentralized, trustless platforms grows, these tokens present exciting investment opportunities. With Solana nearing its ATH and Akash's momentum, investors are keenly watching these developments, while Lunex Network continues to attract attention with its DeFi offerings.

In a recent podcast episode of DePIN Power, Starpower co-founder Laser engaged in a conversation with Kuleen, the DePIN lead at the Solana Foundation, about the future of energy-focused DePIN projects. Starpower is positioning itself as an open distributed energy network protocol, aiming to connect third-party energy devices and surpass Tesla in device connections within five years. With the mainnet launch expected in the first quarter of next year, Starpower is optimistic about the growth of DePIN in the energy sector, especially as they conduct airdrop activities to build momentum before the launch. Kuleen expressed excitement about the intersection of DePIN and energy, predicting that energy DePIN will emerge as a significant trend in the coming months. He highlighted the need for a transformation in energy infrastructure due to climate change and increasing energy demands. Kuleen's experience at the Solana Foundation, where he collaborates with various teams, has allowed him to witness the potential of DePIN in addressing energy challenges. He noted that the decreasing costs of renewable energy sources, particularly solar, make this an opportune time for innovation in the sector. Both Laser and Kuleen emphasized the importance of community and collaboration within the Solana ecosystem. Kuleen pointed out that the cultural fit, technical advantages, and economic foundation of Solana attract many DePIN projects. As the ecosystem grows, maintaining community interaction and support becomes crucial. With talented founders entering the energy DePIN space, there is optimism that the right conditions are aligning for significant advancements in energy infrastructure, driven by decentralized solutions and innovative technologies.

In October, Solana's real economic value (REV) reached an impressive 111% of Ethereum's, driven by significant growth in decentralized finance (DeFi) and innovative projects such as Hivemapper and Helium. The price of Solana (SOL) surged by 36% recently, hitting $213, but it now faces a crucial challenge at the $221 resistance level. Despite strong network activity and a notable increase in staking, concerns linger about the sustainability of this momentum. The decentralized exchange (DEX) volumes have also seen a remarkable rise, with daily trading exceeding $5 billion for three consecutive days last week, totaling $16 billion from November 10 to 15, primarily driven by Raydium and Orca. Staking activity has emerged as a key factor in bolstering investor confidence, with over $8 billion worth of SOL staked, which helps alleviate selling pressure and enhances price stability. This represents one of Solana's strongest metrics during its current rally. Technical indicators support a positive outlook, as the average directional index (ADX) for SOL stands at 32, indicating a strong trend. However, the inability to breach the $221 barrier could result in a price range between $201 and $221 in the short term, with potential pullbacks signaling a reversal of the bullish trend. Solana's DeFi ecosystem continues to thrive, with meme coin trading contributing to a daily volume of $1 billion, showcasing its growing appeal among retail traders. The network's impact extends beyond DeFi, with projects like Hivemapper mapping a significant portion of global roads and Helium expanding its device network. With robust staking, increasing transaction volumes, and strong technical indicators, Solana is poised for further growth. However, breaking the $221 resistance is critical for unlocking greater potential, with medium-term targets projected between $400 and $500, supported by a bullish cup-and-handle formation on its chart.

The IoTeX Network has made significant strides with the launch of its 2.0 upgrade in Q3’24, which aims to provide decentralized infrastructure, public goods, and governance tools for Decentralized Physical Infrastructure Networks (DePIN). This upgrade has led to a notable increase in network activity, with active wallets and transactions rising by 13% and 8% quarter-over-quarter (QoQ), respectively. The introduction of the ioID protocol has been pivotal, transforming hardware devices into on-chain entities with verifiable identities. As of Q3’24, the network is secured by 112 delegates who are actively staking $172 million, marking a 17% increase QoQ, and achieving an average staking participation rate of 41.3%. The IoTeX 2.0 upgrade also features an enhanced tokenomic design that seeks to balance inflationary staking rewards with deflationary token burns, thereby driving the utility of the IOTX token. Throughout Q3’24, IoTeX has integrated with several prominent networks and protocols, including Solana and Polygon, which positions the IoTeX Network as a robust ecosystem for DePIN projects. The middleware solution, W3bstream, is set to launch on the mainnet in Q1’25, further enhancing the network's capabilities by providing verifiability and scalability for DePINs. In addition to the technical advancements, IoTeX has established the Marshall DAO to manage a pool of IOTX tokens dedicated to funding DePIN projects. This community-driven approach allows token holders to propose and vote on initiatives, fostering a collaborative environment for innovation. The DePIN ecosystem on IoTeX has expanded significantly, with over 230 dApps and more than 50 dedicated DePIN projects, solidifying IoTeX's position as a leading player in the decentralized infrastructure space. The future looks promising as the network continues to evolve and attract diverse applications across various sectors, including DeFi and GameFi.

In a groundbreaking integration, Lit Protocol has demonstrated how to securely combine the capabilities of OpenAI and the Solana blockchain. By utilizing Wrapped Keys on Solana, developers can sign responses generated by the OpenAI API within a Lit Action. This integration opens up a myriad of innovative applications, particularly in the realm of AI-powered autonomous agents. These agents can operate on the blockchain without exposing sensitive API keys, thanks to Lit's threshold-based Programmable Key Pairs (PKPs) and Trusted Execution Environments (TEE). This ensures that all sensitive operations remain protected, allowing AI agents to interact with both blockchain and traditional web services while maintaining decentralized identities. The integration also emphasizes the importance of private compute and data processing. By encrypting data and executing large language model (LLM) prompts within Lit’s TEE, developers can ensure that sensitive information, such as medical records or financial data, remains secure throughout the process. The TEE provides hardware-level isolation, meaning even node operators cannot access decrypted data. This end-to-end encryption allows for the secure processing of private information, ensuring that all computations occur within a secure environment before results are re-encrypted and sent back. Furthermore, the integration facilitates the generation of cryptographic proofs for training and inference. By restricting PKP signing permissions to specific IPFS CID hashes, developers can guarantee the authenticity of LLM-generated content. This proof system is particularly beneficial for audit trails and compliance requirements, as it enables third parties to verify the authenticity of the content produced by the LLM. Overall, this integration showcases the potential of combining AI with blockchain technology, paving the way for more secure and efficient applications in the future.

The Solana network is making significant strides in closing the gap with Ethereum, as highlighted by a bullish report from hedge fund Syncracy Capital. According to the report published on November 12, 2024, Solana's real economic value (REV) reached 111% of Ethereum's REV in October 2024, a dramatic increase from just 1% a year prior. This metric, which encompasses transaction fees and maximal extractable value (MEV) tips paid to validators, indicates a robust economic activity on the Solana network. Additionally, Solana's total application revenue (TAR) was reported at 109% of Ethereum's, showcasing its growing popularity and the increasing fees paid to protocols and applications built on the blockchain. The surge in Solana's economic activity can be largely attributed to the recent memecoin mania, which has seen several new memecoins gain traction within the ecosystem. Notable examples include Goatseus Maximus (GOAT), which achieved a market cap of $400 million in just one week, alongside other significant performers like SPX6900, Apu Apustaja, and FWOG. This influx of interest has resulted in heightened network volumes, fees, and total value locked (TVL), with Solana's TVL reaching a two-year high of over 42 million SOL, while Ethereum's TVL remained stagnant at 17.7 million ETH. Despite the excitement surrounding Solana's memecoin activity, there are concerns regarding its long-term sustainability. Syncracy Capital views this speculative trend as a necessary stress test for the network's reliability, drawing parallels to the early days of DeFi on Ethereum in 2020. Solana has faced challenges with outages since its inception, including a notable five-hour service interruption in February 2024. The network is also attracting decentralized infrastructure protocols, with four unicorns in the DePIN sector. Looking ahead, the Solana Foundation plans to release the full version of the Firedancer upgrade in 2025 to support its growing activity and infrastructure demands.

Blockmesh, a decentralized physical infrastructure network (DePIN) project, has gained significant attention after winning the Solana Renaissance Hackathon. This innovative project leverages AI technology to create a decentralized monitoring model that enables users to monetize their idle bandwidth and computing resources. By doing so, Blockmesh allows individuals to generate passive income from their unused resources, while also ensuring that AI activities are closely monitored to mitigate risks such as misinformation and privacy invasion. The project is reminiscent of other successful models like Grass, Dawn, Nodepay, and Gradient, and it has already attracted over 60,000 participants eager to engage in its airdrop program. Currently, Blockmesh has launched a Node program that allows users to accumulate points, which will later be converted into airdrops. To participate in this airdrop, users must follow a straightforward process that includes registering for a Blockmesh account, downloading the Blockmesh Network app from the Chrome store, and connecting their Solana wallet and Twitter account to boost their points. The project emphasizes that users should operate under the principle of one device, one Wi-Fi connection, and one account to ensure compliance with its guidelines. However, it is important to note that the development team, investment fund, and tokenomics details have yet to be announced, leaving some uncertainty about the project's future. In summary, Blockmesh presents a unique opportunity for users to engage with a cutting-edge DePIN project while earning potential rewards through its airdrop program. As the project evolves, participants are encouraged to stay informed about updates and developments. The insights provided in this article aim to equip readers with the necessary knowledge to effectively navigate the airdrop opportunity and maximize their involvement in the Blockmesh ecosystem. By following the outlined steps, users can position themselves to benefit from this promising initiative in the rapidly growing blockchain landscape.

On-chain liquidity is essential for the effective trading of tokens on decentralized exchanges (DEXs). The recent launch of the Hivemapper Network has led to the organic formation of on-chain liquidity around its token, HONEY. This proposal aims to allocate up to 750,000 HONEY as a promotional incentive for a user-friendly "liquidity vault" that would enhance on-chain liquidity. By increasing liquidity, the Hivemapper Network can reduce price volatility and foster greater confidence in the HONEY economy, ultimately supporting its overall health and efficiency. The mechanics of DEX trading rely on liquidity pools created by individual users who contribute tokens to facilitate trades. Currently, HONEY has around $450,000 in on-chain liquidity, primarily on Solana's Orca DEX. In contrast, other decentralized physical infrastructure tokens on Solana boast over $3 million in liquidity, highlighting the need for HONEY to bolster its liquidity to avoid excessive volatility and inefficiencies in the market. Liquidity providers earn fees based on their contributions, but they also face risks such as impermanent loss, which can deter participation. To counteract this, some projects offer incentives comparable to staking yields to encourage liquidity provision. The proposed liquidity vault will be an experimental program lasting a minimum of three months, with rewards for liquidity providers varying based on their contributions. If approved, the vault is expected to launch in November, in collaboration with partners from the Solana ecosystem. Educational sessions will be held to inform community members about the benefits and risks of participating in the liquidity vault. The Hivemapper community is invited to engage in discussions and provide feedback on this proposal to ensure the network continues to evolve effectively toward its goal of creating the world's freshest map.

In a week marked by political tension surrounding the U.S. elections, Solana experienced a notable downturn, losing approximately 14% from October 31 to November 5. However, the mood shifted dramatically on election day when Solana's native token, SOL, surged by over 15%, reaching $187. This rebound was driven by a significant increase in trading volume, which more than doubled to over $6 billion. The optimism surrounding Donald Trump's election win, who has been a vocal supporter of cryptocurrency, is expected to lead to more favorable regulations in the U.S., alleviating concerns about Solana's classification as a security. Despite a generally bearish week for the cryptocurrency market, Solana managed to maintain its upward momentum, outperforming rivals like Ethereum and BNB. The Solana ecosystem showcased impressive metrics, with a total value locked (TVL) in DeFi reaching $6.326 billion, giving it a 7.09% share of the DeFi landscape. Additionally, Solana's dominance in the NFT space is evident, commanding over 40% of daily users and significantly outpacing competitors. Institutional confidence is also on the rise, with DApp investments hitting $173 million in Q3, the highest since 2022. As the race heats up for the first U.S. Solana ETF approval, firms like Canary Capital, VanEck, and 21Shares are vying to launch products that track SOL prices. Solana has recently flipped BNB to become the fourth-largest cryptocurrency by market capitalization, reflecting a wave of market optimism. Furthermore, Solana's DEX trading volume reached 27% market share in October, solidifying its position as a leading player in decentralized trading. With a loyal developer community and high transaction counts, Solana continues to be a major force in the blockchain ecosystem.