Another dApp – Light Protocol – witnessed an improvement in terms of activity on the Solana network. The protocol verifies ZK SNARKs on the network. At press time, the protocol had managed to complete over 2 millionDespite the success of Solana’s protocols, however, the overall TVL of the network declined. It fell from $281 million to $243.06 million over the past few weeks alone.The decline in Solana’s TVL was accompanied by a decline in interest for its NFTs.
In fact, SOL has also suffered during this time period. According to Santiment’s data, the trading volume for SOL fell from 3.41 billion to 1.36 billion. The price volatility, however, continued to hike. Higher volatility would make many risk-averse traders shy away from buying SOL.However, development activity on the Solana network surged over the last few weeks.
However, the promise of new upgrades hasn’t been enough for traders to become optimistic about the future of Solana. In fact, according to Coinglass’ data, 52.08% of all trades against Solana have been short positions.Subscribe to get it daily in your inbox.