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Solana Tide Up 58%, Polkadot Nomination Pool Hits Milestone, Snowfall Protocol Keeps Rising

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The world of cryptocurrency is constantly evolving with new players entering the market and established ones experiencing fluctuations in value. Among the most exciting developments in recent months are the trio of blockchain projects known as Solana (SOL), Polkadot (DOT), and Snowfall Protocol (SNW).

These three projects have been making waves in the crypto space, with each offering unique features and benefits to users. In this article, we will take a closer look at these three projects, and explore their potential impact on the world of blockchain and cryptocurrency.

Solana’s (SOL) history of volatility raises concerns for investors

Despite its recent surge in price, Solana (SOL) is not without its disadvantages. One of the biggest concerns about Solana (SOL) is its history of dramatic price fluctuations. Last year, the price of Solana (SOL) collapsed by more than 80%, which has recently begun to recover. This volatility can make it difficult for investors to make accurate predictions about the future value of the coin.

Additionally, Solana’s (SOL) position as an “Ethereum killer” may be overstated. While the project has some unique features, it still faces stiff competition from other blockchain platforms. The current price of Solana (SOL) is $23.01, with a 24-hour trading volume of over $1.5 billion. However, Solana (SOL) has seen a 1.07% decrease in value in the last 24 hours.

Polkadot’s (DOT) lack of transparency raises questions about Nomination Pool functionality

Polkadot (DOT) has made significant progress with its new Nomination Pool feature, but it is not without drawbacks. The platform has been cautious in providing details about how the Nomination Pool works, which can make it difficult for users to fully understand its capabilities. Additionally, Polkadot’s (DOT) decision to double the maximum number of pools to 128 may lead to a higher level of centralization. Moreover, Polkadot’s (DOT) recent ranking as the number one cryptocurrency with the highest Nakamoto Coefficient metric may be misleading as it is not a measure of decentralization. As of now, the value of Polkadot (DOT) is $5.76, with a 24-hour trading volume of over $308 million. However, Polkadot (DOT) has seen a decrease of 3.63% in the last 24 hours.

Investors take notice of Snowfall Protocol’s (SNW) potential for long-term success

The multi-chain communication mechanism was difficult and immature until Snowfall Protocol (SNW) was introduced. However, Snowfall Protocol’s (SNW) dApp enables the easy and secure transfer of both fungible and non-fungible assets. It is the first cross-chain platform to allow asset transfers across EVM and non-EVM chains. While still in its early stages, Snowfall Protocol’s (SNW) excellent performance during its presale phase has piqued the interest of both investors and industry experts.

The initiative is expected to grow rapidly, with potential profits of up to 1000x. Leading investors are starting to realize Snowfall Protocol’s (SNW) long-term potential, making it an excellent moment to participate in the project because the price is still relatively low compared to where it will be once the presale phase concludes on February 3rd. Snowfall Protocol (SNW) is currently trading at $0.191, and is predicted to rise higher in value.

Conclusion

Solana (SOL), Polkadot (DOT), and Snowfall Protocol (SNW) are all exciting projects with unique features and benefits. While Solana and Polkadot (DOT) have their drawbacks, Snowfall Protocol (SNW) stands out as a revolutionary project with the potential to change the way we think about blockchain and cryptocurrency. With its innovative dApp and strong investor interest, Snowfall Protocol (SNW) is a project to watch in the coming months.

Get in while you can and invest in Snowfall Protocol (SNW) today!!!

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Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.





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Solana (SOL) Sustains Second Week of Inflows as Blockchain Sentiment Improves

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According to CoinShares data, digital asset investment products saw $117 million inflows last week, the largest since July 2022, while total assets under management (AuM) have risen to $28 billion, up 43% from their November 2022 lows.

While the focus seemed to be almost entirely on Bitcoin, which saw $116 million in inflows last week, altcoins such as Solana saw inflows as well.

Solana is sustaining its second week of inflows as sentiment around its blockchain has generally improved. Solana investment products saw inflows of $1.1 million in the past week, surpassing those of the previous week, where inflows of $0.1 million were recorded.

Solana saw a remarkable rebound after declining over 42% in the wake of the FTX implosion. Once dubbed an “Ethereum killer,” Solana was once the darling of FTX co-founder Sam Bankman-Fried.

In late December 2022, Solana’s token price steadily declined before plunging by as much as 20% on Dec. 29. Following Ethereum founder Vitalik Buterin’s support tweet, SOL’s price has more than tripled since then.

The January price bump has seen the cryptocurrency reclaim the $26 level as its price has risen. According to CoinGecko data, SOL is up 1.3% in the last seven days and 149% higher in the last 30 days. The crypto asset traded at $24.58 at press time.

SOL reclaimed the 10th spot on the list of largest cryptocurrencies by market cap before losing this spot to Polygon MATIC at press time.

Earlier in January, Citi Research published its report on Solana, saying that activity on the blockchain remained high. It also noted that a handful of key metrics had returned to pre-FTX-collapse levels, suggesting relief for some users on the chain.



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Solana-based Friktion urges users to withdraw funds as it halts front-end operations

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Solana-based DeFi platform Friktion has urged its users to withdraw their funds from the protocol, as it moves to suspend all frontend operations.

The Friktion team said it made the tough decision to suspend its operations due to the worsening financial crisis resulting from the FTX collapse and Solana’s repeated outages.

Specifically, the platform’s operating cost is said to be too expensive when compared to its profit and cash flow.

As a result, Friktion announced on Jan. 27 that it has disabled its frontend interface to prevent users from initiating new deposits.

However, the platform is in “withdrawal-only mode” to allow users to withdraw their Volt deposits.

“In the meantime, we strongly encourage users to withdraw funds as the Friktion user platform begins the process of sunsetting,” the Friktion team said.

Before the recent insolvency crisis, Friktion reached over $150 million in total-value-locked (TVL) on Solana and recorded about $3 billion in trading volume, DeFiLarma data shows.

The post Solana-based Friktion urges users to withdraw funds as it halts front-end operations appeared first on CryptoSlate.



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Solana (SOL) Migrating to New NFT Standard in Next 60 Days

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Sharky.fi, an NFT lending protocol on Solana, has shared information on the migration to a new standard of NFTs.

As stated in a thread of tweets, Solana is migrating to “programmable NFTs,” or pNFTs. This refers to a new standard of NFTs introduced by Metaplex to help creators get their royalties back.

Metaplex refers to the Solana-powered protocol that allows for the creation and minting of non-fungible tokens, auctions and visualizing NFTs in a standard way across wallets and applications.

The new asset class, “programmable NFTs,” will exist alongside “normal NFTs” and may likely become the predominant standard for royalty enforcement going forward.

The pNFT standard would allow creators to decide which protocols their NFTs are or are not allowed to interact with. This would be achieved by modifying allow-and-deny lists.

According to Sharky.fi, most of the top marketplaces, AMMs, lending protocols and staking protocols are actively working on adding support for it. It further indicated that a decent chunk of the NFT collections on Solana might migrate there in the next 30 to 60 days.

Already Solana’s crypto wallet for DeFi and NFTs, Phantom has indicated support for the Metaplex royalties enforcement standard with programmable NFTs, saying “pNFTs represent a huge step forward for the ecosystem and its creators,” while adding it was on track for a Feb. 15 release across all platforms.

Programmable NFTs now deployed on mainnet

As stated on the official Metaplex Twitter handle, programmable NFTs have now been deployed on the mainnet.

It urges developers, marketplaces and wallets to use the latest stable version of token metadata to integrate the new pNFTs’ instructions.

It further adds that creators would only be able to upgrade existing collections to pNFTs with royalties enforcement when more than 50% coverage of the new asset class has been reached across marketplaces and wallets.





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