Solana Weekly Recap Week 34 (11/8 – 17/8)

Solana and the Solana ecosystem are constantly growing and moving forward. To help you not miss any news & movements of the ecosystem in the last 7 days, here is your Solana Weekly Recap.

TL;DR

  • The massive movement of Solana funding from Defi apps to Gaming & NFTs apps in 2022. 
  • Jump Crypto sets out to build a new Validator Client for the Solana Blockchain to increase the throughput and reliability of the network.
  • IDO season is coming back to Solana.
  • NFT burning is launching on Phantom Wallet.

Ecosystem Updates

Despite the recent problems relative to the Solana network, the NFT market has always been the bright spot that makes Solana stand out. Let’s take a look at some key information from the big projects below:

Solana Highlight On-chain Data

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Magic Eden has always maintained the top 1 in terms of active users on Solana for more than 3 months. Proof that NFTs on Solana have not shown any signs of cooling down yet. In addition to OpenSea, another NFT Marketplace representative, Yawww, also featured in the Top 10.

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For the first time since its launch, the NFT collectible of Genopets Genesis Habitat has reached the top 1 for purchases on Solana. Not long ago, Genopet collaborated with Solana’s largest NFT marketplace platform, Magic Eden, to develop a new NFT standard, Semi-NFT.

The massive movement of Solana funding from Defi apps to Gaming & NFTs apps

In 2022, the NFTs and Gaming segments officially surpassed DeFi in terms of Funding and outperformed in Q2 2022. 

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According to data compiled by The Block, the gap between NFT and DeFi amounts to over $200 million.  This shows that in the upcoming Q3, the battle between Solana over NFTs and Gaming will become more and more fierce.

Let’s review all the NFT puzzle pieces on Solana through the infographics below:

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Jump Crypto sets out to build a new Validator Client for the Solana Blockchain

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Validators are the heart of any decentralized proof of stake blockchain, and this initiative to develop a second independent client for the Solana blockchain represents an important step in the network’s continued decentralization. 

Jump Crypto will propose significant upgrades to Solana’s open-source core software along with building a second and new validator client, separate from the one originally built by Solana.

In case you didn’t know, Jump Crypto is a very active VC in the Solana ecosystem. They have invested in many large projects on Solana and have rescued projects from collapse, typically the Wormhole bridge hack in early 2022.

IDO season is coming back to Solana

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After almost 3 months of silence, NFTs and Gaming projects on Solana have announced their IDO plans.

Specifically, in the IDO Launchpad segment, Core Stater and Guild Pad are the next generations on Solana. Other gaming projects include Hive, Solana Prime, Elementies NFT , and Legends of Aria.

NFT burning is launching on Phantom Wallet

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Solana is an ecosystem with the cheapest transaction costs in the market today, but this helps Spam to grow. In particular, NFTs Spam is currently a painful problem faced by users.

These unwanted NFTs often claim to give users a free gift/NFT if they click a link in the description. Clicking the link leads the users to a site where typically one of two things happen:

  1. Users are asked to approve a transaction to “mint” or “claim” a free NFT, but instead, they lose their funds.
  2. They are asked to input their seed phrase, which results in a total loss of funds.

Therefore, Phantom – the leading wallet on Solana came up with a solution: Burning Spam NFT to earn SOL.

Their blocklist has already 800+ mint addresses of malicious NFT collections and is integrated with how we identify scams in our site-blocking. If you are interested in flagging scams, you can even create a pull request to their blocklist: https://github.com/phantom-labs/blocklist/blob/master/nft-blocklist.yaml

Additional Notable Events

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