Solana is showing signs of recovery after a challenging year in 2022. The NFT and liquid staking sectors are driving the project’s progress. Solana’s Total Value Locked (TVL) has increased from 25.12 million SOL to 30.95 million SOL, indicating growth in both SOL and USD. Despite the damage caused by the collapse of FTX exchange and network outages, Solana has achieved 100% chain uptime since the beginning of the year. Partnerships with Shopify and Visa have also been well-received.
In terms of liquid staking, Solana offers higher returns compared to other platforms like Ethereum. The LSD market on Solana is currently worth about $258 million, with potential for further upside. Additionally, innovations in the technology stack, such as the State Compression solution for NFTs, have reduced storage costs and optimized data storage.
While Solana still has a long way to go to catch up to Ethereum, these developments have brought it closer to its goals and improved its growth prospects for the future.
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