Solana Weekly Recap Week 34 (18/8 – 24/8)

Source : cryptodaily.io

Solana and the Solana ecosystem are constantly growing and moving forward. To help you not miss any news & movements of the ecosystem in the last 7 days, here is your Solana Weekly Recap.

TL;DR

  • Solana Highlight On-Chain data.
  • The DegenTown Rugpull.
  • Brave Wallet supported Solana Network and 9 Dapps on mobile.
  • Coinbase Wallet supported Solana Network.
  • Bybit partnered with SolanaFM to publish The quarterly state of the Solana report.

Ecosystem Updates

Despite the recent problems relative to the Solana network, the NFT market has always been the bright spot that makes Solana stand out. Let’s take a look at some key information from the big projects below:

Solana Highlight On-chain Data

Top Solana NFTs Marketplace by 7D Volume

Magic Eden is currently still dominating the transaction volume on Solana. On the other hand, Magic Eden’s biggest competitor, OpenSea, has now dropped out of the Top 2, making way for Exchange Art and Coral Cobe.

The DegenTown Rugpull

Solana Weekly Recap Week 34 (18/8 - 24/8) - 2

DegenTown is an NFT collection implemented on Magic Eden’s Launchpad. Despite receiving much support from Magic Eden, the project disappointed the community when there were condemnable actions during development.

According to data from Magic Eden Analytics, after just 1 week of launch, the price of DegenTown has increased seamlessly to nearly 13 SOL. At the end of July 2022, the project’s Twitter account was hacked, and the link on the bio account was changed to a phishing link.

Solana Weekly Recap Week 34 (18/8 - 24/8) - 3
The Floor Price of DegenTown NFT – Source Magic Eden

This has caused many NFT holders to lose a lot of money and Degentown’s NFT price has plummeted. Shortly after, the project team announced that they would refund the marked amount. But they did not fulfill their word, which continued to rug pull.

As a place to appraise and trade DegenTown, Magic Eden has also officially given a response to the above case. Here are notable points that Magic talks about:

  • Urge the original co-founders of Degen Town, including @NFTRamo & @0xLerk to return funds raised from the project.
  • Find a third party to help them analyze lost wallets for damage assessment and refunds soon.
  • Update their “Launchpad vetting criteria”.
  • Try to improve transparency in the Launchpad & Grill Twitter Spaces where the community asks questions every Friday.
  • Keep marketing benefits more consistent across Launchpad projects.
  • Launch a scholarship program to champion artists & founders on Launchpad.

For more details, please read full the article here

Coinbase Wallet and Brave Wallet supported Solana Network

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Within 1 week, Brave announced to support Solana network and integrate 9 Dapps on Solana. This marks the first time that Brave Wallet on mobile offers supports for a non-EVM chain.

With version 1.42, Brave Wallet mobile users on Android and iOS can:

  • Create a new Solana wallet.
  • Import an existing Solana wallet.
  • Send and store Solana (SOL) and Solana Program Library (SPL) tokens.
Solana Weekly Recap Week 34 (18/8 - 24/8) - 5

Another huge support comes from Coinbase Wallet which is the product of the leading US exchange Coinbase. Users can directly connect Coinbase Wallet to Solana Dapps.

Bybit partnered with SolanaFM to publish The quarterly state of the Solana report.

A detailed report on the activities of the Solana network, DeFi, and NFTs written by Bybit Insight with data support from SolanaFM. If you are too busy and still want to have an overview of Solana in Q2, this is a great gift for you. 

Read the details here

Additional Notable Events

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