Solana 2023: Fueling record growth, DeFi boom, and Web3 expansion

Solana has ended yet another year with a bang. Although 2023 was filled with challenges, the Solana community turned it into an eventful year.

It is no wonder it is nearing the 100-dollar price mark again. Currently trading at 99 dollars, the token has gained 17.34% in the past 24 hours. Its 1-week growth accumulates to 31%, while it has gained 82.43% value in the past month.

Such numbers are the reason why crypto traders are reviewing every Solana forecast to assess its growth. This spike in price is not the result of mere market optimism. To derive these results, the Solana community kept its composure for the longest of times.

The network maintained its high throughput and low fees even during the coldest of periods. It was in December 2022 that people started getting a unique token with a Shiba Inu logo in their wallets. It was the start of Bonk, a token used in Solana projects and dApps. A year later, the token is ruling the Web3 circle. 

Solana started 2023 with Solana Mobile’s Saga introduction. Now, the Web3-native mobile device is completely sold out. In February 2023, Helium migrated from its L1 blockchain to Solana. It took Helium a month to complete the migration, and Solana helped the network throughout the journey.

The year also worked wonders for Solana DeFi 2.0. The project brought new tools, led by the decentralized community. It witnessed the launch of Armada, TBTC bringing BTC to Solana, and Maple Finance returning to Solana.

Given AI’s popularity boom, it was a given for Solana to integrate the technology. The network implemented a plugin that helps AI interact with the Solana blockchain. It lets developers create unique tools to bring the power of AI and blockchain together.

The Solana community came together to celebrate its expansion with two hackathons. Named Hyperdrive and Grizzlython, the events saw a record number of submissions. Hyperdrive brought 900 projects to the network despite the adverse market conditions.

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Names like Mastercard joined hands with the Solana Foundation to bridge the gap between Web2 and Web3 businesses. Even Visa reached out to Solana to expand its USDC stablecoin pilot program. Solana was also integrated with Shopify to unlock USDC payments for millions of businesses. With the year nearing its end, Solana is looking forward to closing it out with a bang.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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