Solana Developer Shares “Big News” That Could Send The SOL Price Flying

Mert Mumtaz, CEO of Solana’s growth platform Helius Labs, just lately shared “huge information” that presents a bullish outlook for the Solana ecosystem. This growth might additionally positively impression Solana’s value, which has just lately been on a downtrend. 

A New Daybreak For Solana

Mumtaz talked about in an X (previously Twitter) submit that “ZK compression” is being launched straight on the Solana community with out requiring layer-2 networks. He claimed that this adjustments every part and each impression one has about Solana and scaling layer-1 networks. Mumtaz additional defined what the ZK compression is basically about.

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He acknowledged that they’ve managed to compress the on-chain state to get “10,000x scale enhancements,” which he claimed brings them one step nearer to constructing the monetary pc. He added that which means that builders can “now construct and scale something they need straight on Solana with no need to depart it.”

Mumtaz additionally gave an instance to focus on how important this growth was when it comes to a discount in transaction prices. He claimed that it might normally price over $260,000 for a mission to hold out an airdrop to 1 million customers. Nonetheless, ZK compression makes it approach cheaper now as solely $50 shall be wanted now to airdrop these tokens to these 1 million customers. 

Moreover, on the technical facet, Mumtaz highlighted how this can be a much-welcome growth for Solana builders. He famous that allocating accounts, paying hire, and scaling with customers has been a “huge roadblock” for them, however that has now been fastened with this ZK compression. 

Mumtaz additionally highlighted how this opens the door for Solana to take pleasure in important development, noting that state development has been a serious subject for scaling blockchains. Nonetheless, that’s set to vary now as ZK compression makes it potential to compress all Solana state. The Helius CEO added, “This has additional implications for {hardware} necessities and the general efficiency of your entire community.”

Mumtaz believes Solana has a “actual shot at this crypto factor” when this ZK compression is mixed with “firedancer, a number of concurrent leaders, async execution, and ecosystem of hundreds of insanely cracked devs.”

Institutional Traders Additionally Consider In Solana’s Potential

The introduction of ZK compression on Solana follows the latest prediction made by Pantera Capital’s analysts that Solana will steal an enormous chunk of the crypto market from Ethereum when it comes to blockchain developer exercise. These analysts highlighted Solana’s “monolithic structure,” which permits a number of use circumstances and consumer experiences. 

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They added that Solana’s know-how permits “compelling purposes” and gave examples of crypto initiatives which have benefitted from Solana’s capabilities, together with the non-fungible (NFT) platform DRiP.

Asset supervisor Franklin Templeton additionally beforehand predicted that Solana would change into the most important crypto token by market cap due to the community’s “superior tech.” They claimed that Solana would host the sectors that may drive the following wave of crypto adoption and in addition alluded to the firedancer replace as one of many causes they’re bullish on Solana. 

Featured picture created with Dall.E, chart from Tradingview.com