Solana (SOL) Testnet Upgrade: Paving the Way for Major Blockchain Innovations

  <li>Solana requests validators to upgrade the protocol on the testnet.</li>
  <li>Stakeholder highlights Solana’s impressive mainstream encroachment.</li>
  <li>Blockchain upgrades and resident dapps are contributing to Solana’s growth.</li>
<p><strong>Discover the latest developments in Solana's blockchain ecosystem, including protocol upgrades and mainstream penetration.</strong></p>
<h2><strong>Solana Requests Testnet Upgrade to v1.18.14</strong></h2>
<p>Layer 1 blockchain project Solana continues to record significant milestones, both as a blockchain and as a hotbed for decentralized applications within its ecosystem. In line with Solana’s growth and development, the project has requested validators on its testnet to upgrade to version v1.18.14. According to Rex St. John, head of developer relations at Anza, Solana makes such requests when there is less than 5% delinquent stake.</p>
<h3><strong>Implications for Mainnet-Beta</strong></h3>
<p>Meanwhile, St. John explained that upgrading to v1.18.14 is the next step in the sequence, leading to installing the same version on the mainnet-beta. He advised users to pay attention to when the testnet begins to run v1.18.14 supermajority and look out for a follow-up announcement later this week.</p>
<h2><strong>Solana's Mainstream Penetration</strong></h2>
<p>In another development, Drift Protocol co-founder Cindy Leow has highlighted Solana’s penetration into the mainstream institutional audience. In a recent post, Leow cited Drift’s inroads, a derivatives exchange for perpetual futures built on Solana, into the mainstream sector.</p>
<h3><strong>Bloomberg Crypto Feature</strong></h3>
<p>Expanding on her views, Leow noted that Bloomberg Crypto featured Drift Protocol for its significant traction this year as a direct and transparent alternative to centralized exchanges (CEXes). In the report, Bloomberg noted that Drift Protocol holds collateral on-chain so that balances “can be verified at all times.”</p>
<h2><strong>Advantages of On-Chain Collateral</strong></h2>
<p>The report also cited Leow’s comments, where she noted that holding collateral onchain reduces counterparty risks and forestalls nefarious practices like front-running. As of Leow’s post, Drift Protocol’s total value locked (TVL) stood at approximately $385 million, according to data from DeFiLlama.</p>
<h3><strong>Solana's Token Performance</strong></h3>
<p>Solana’s achievements are mirrored in the blockchain token’s performance, with SOL gaining over 1,000% between October 2023 and March 2024. The blockchain token has retraced following a pullback in the crypto market but remains in an accumulation stage ahead of the upcoming bull run.</p>
<p>Solana's continuous upgrades and mainstream adoption highlight its growing influence in the blockchain space. With significant developments like the testnet upgrade to v1.18.14 and Drift Protocol's mainstream traction, Solana is well-positioned for future growth. Investors and stakeholders should keep an eye on upcoming announcements and market movements to capitalize on Solana's promising trajectory.</p>
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Jocelyn Blake
Jocelyn Blake
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.

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