Solana Blockchain Striving Hard to Make a Strong Comeback

• Post the FTX debacle Solana has been striving hard to make a strong comeback.
• Both TVL and transactions have been steadily rising as the SOL price tries to rebound.

Rune Christensen, MakerDAO founder, wrote a blog for the MakerDAO community, in which he outlined the fifth and final step of the Endgame as recreating the MakerDAO protocol on a fresh independent blockchain.

Even though MakerDAO has been running on Ethereum since its inception. The next new native chain will be based on a fork of Solana’s codebase rather than the Ethereum Virtual Machine (EVM). 

The last stage will be a complete re-implementation of the Maker Protocol on a fresh independent blockchain. And it is anticipated that this process will take at least three years, if not longer. Christensen said on Twitter that they should switch to Solana since it is a superior option for their blockchains. 

Key Developments

Moreover, Solana Pay, created by Solana Labs, had earlier reached a key milestone with its integration with Shopify, a leading e-commerce giant. Businesses will be better able to conduct transactions and communicate with the world of cryptocurrencies thanks to this collaborative effort. When using Solana Pay, third-party processors are no longer required, thus eliminating extra charges and long holding periods.

Amid recent developments, Solana saw a significant growth in the TVL on its blockchain. Solana’s TVL has increased from 205.11 million since the start of 2023 to 308.07 million.

Also, DefiLlama, a crypto intelligence tracker, shows that both TVL and transactions have been steadily rising as the SOL price tries to rebound. Post the FTX debacle, Solana has been striving hard to make a strong comeback. This seems to be a result of Solana’s rise to prominence as the preferred platform for DeFi 2.0 apps and strategic collaborations.