Chinese Developers Eager To Build On Solana: Will SOL Breeze Past $30?
18 Octobre 2023 - 12:00AM
NEWSBTC
China developers are active and willing to build on leading
blockchain platforms if statistics from Solana Hyperdrive Hackathon
submission details are anything to go by. In an X post on October
17, Matty Taylor, the Head of Growth at the Solana
Foundation, said there were far more developers from
China who submitted applications, willing to participate in the
Solana Hyperdrive hackathon than from the United States.
Solana Attracting Chinese Developers The hackathon has a prize pool
of $1 million, and all submissions had to be submitted by
October 15. It is an online event aiming to “nurture and expand”
the Solana ecosystem. Developers from 68 countries submitted,
with the highest numbers coming from China and Vietnam. The rest
were mainly from the United States, India, Mexico, Turkey, and
Germany. That notable participation from Chinese developers can be
a massive boost for Solana, indicating that the blockchain could be
popular in the Asian economic powerhouse. China remains
pro-blockchain and believes that the technology can give them an
edge and even improve efficiency in some critical sectors, like
agriculture, healthcare, governance, and finance, that the country
seeks to enhance gradually. Related Reading: Ripple Job
Posting Sparks IPO Rumors, Will XRP Price Finally Cross $100?
However, China has banned crypto trading and mining, citing the
“need to go green, protect consumers, and ensure financial
stability.” The Chinese central bank, PBoC, said cryptocurrencies
could pose a risk to the country’s financial system. Unlike
Ethereum, Solana permits fast transaction processing and is
relatively scalable with decent activity. Although the project
suffered following the collapse of FTX in November 2022, there has
been a revival in price and on-chain activity. The Revival, Will
SOL Breach $30? To illustrate, non-fungible token (NFT) trading
activity on Solana has steadily risen over the past few months.
While there was a spike, the network didn’t halt, as in previous
instances, especially in 2022. Related Reading: Polkadot Road
To Recovery – Will $4 Mark The Turning Point? Instead,
the high reliability seems to have inspired activity,
directly helping revive SOL prices that collapsed by over 90%,
worsened by news that Sam Bankman-Fried and Alameda Research
allegedly embezzled customer funds. FTX had invested in Solana and
has a considerable share of SOL, which will be liquidated and
reimbursed to impacted clients. At spot rates, SOL is up 36% from
September 2023 lows and overly firm. Looking at the candlestick
arrangement in the daily chart, SOL is trading at October and 2023
highs and could break higher if bulls press on. The October 16 bull
bar is wide-ranging, has marked trading volumes, and could anchor
the next leg towards July 2023 highs of around $32. Feature image
from Canva, chart from TradingView
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