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

Must read

Mert Mumtaz, CEO of Solana’s development platform Helius Labs, recently shared “big news” that presents a bullish outlook for the Solana ecosystem. This development could also positively impact Solana’s price, which has recently been on a downtrend. 

A New Dawn For Solana

Mumtaz mentioned in an X (formerly Twitter) post that “ZK compression” is being introduced directly on the Solana network without requiring layer-2 networks. He claimed that this changes everything and every impression one has about Solana and scaling layer-1 networks. Mumtaz further explained what the ZK compression is really about.

He stated that they have managed to compress the on-chain state to get “10,000x scale improvements,” which he claimed brings them one step closer to building the financial computer. He added that this means that developers can “now build and scale anything they want directly on Solana without needing to leave it.”

Mumtaz also gave an example to highlight how significant this development was in terms of a reduction in transaction costs. He claimed that it would usually cost over $260,000 for a project to carry out an airdrop to 1 million users. However, ZK compression makes it way cheaper now as only $50 will be needed now to airdrop these tokens to those 1 million users. 

Furthermore, on the technical side, Mumtaz highlighted how this is a much-welcome development for Solana developers. He noted that allocating accounts, paying rent, and scaling with users has been a “massive roadblock” for them, but that has now been fixed with this ZK compression. 

Mumtaz also highlighted how this opens the door for Solana to enjoy significant growth, noting that state growth has been a major issue for scaling blockchains. However, that is set to change now as ZK compression makes it possible to compress all Solana state. The Helius CEO added, “This has further implications for hardware requirements and the overall performance of the entire network.”

Mumtaz believes Solana has a “real shot at this crypto thing” when this ZK compression is combined with “firedancer, multiple concurrent leaders, async execution, and ecosystem of thousands of insanely cracked devs.”

Institutional Investors Also Believe In Solana’s Potential

The introduction of ZK compression on Solana follows the recent prediction made by Pantera Capital’s analysts that Solana will steal a massive chunk of the crypto market from Ethereum in terms of blockchain developer activity. These analysts highlighted Solana’s “monolithic architecture,” which enables several use cases and user experiences. 

They added that Solana’s technology enables “compelling applications” and gave examples of crypto projects that have benefitted from Solana’s capabilities, including the non-fungible (NFT) platform DRiP.

Asset manager Franklin Templeton also previously predicted that Solana would become the largest crypto token by market cap thanks to the network’s “superior tech.” They claimed that Solana would host the sectors that will drive the next wave of crypto adoption and also alluded to the firedancer update as one of the reasons they are bullish on Solana. 

Solana price chart from Tradingview.com
SOL price struggles below $130 | Source: SOLUSDT on Tradingview.com

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

Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

More articles

Latest article