The Solana Foundation recently launched two new tools to facilitate the integration of Web3 capabilities into mainstream platforms and blockchain adoption.
In a series of social media poststhe foundation has released “Actions” and “Blockchain Links” (Blinks), which, according to the announcement, is a step forward in enabling developers to build blockchain functionality into websites and social media platforms.
Alongside these developments, the Solana ecosystem continues to expand its tools and services, with notable advancements in transaction cost reduction and network efficiency.
Seamless Web3 Transactions?
Actions, one of the recently introduced tools, allows users to participate in native Web3 transactions, including asset transfers, non-fungible token (NFT), voting, betting and tips for content creators.
Complementing Actions, Blinks allows developers to format any Action into a shareable link, transforming websites and social media platforms into practical entry points for blockchain interactions.
These tools supposedly provide an important bridge between traditional web applications and decentralized finance (DeFi), facilitating the integration of blockchain capabilities into everyday digital experiences.
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Additionally, to optimize transaction costs, Light Protocol and Helius Labs recently launched a testnet to ZK Compression on the Solana network. ZK Compression uses zero-knowledge proofs and call data to reduce the cost of transactions on the network.
By minimizing the amount of data stored on-chain, ZK Compression enables considerable fee savings while reducing the computational demand of Solana transactions.
Mert Mumtaz, CEO of Helius Labs, estimates that ZK Compression can reduce the cost of airdropping tokens for one million users on Solana from $260,000 to just $50, providing an attractive and cost-effective solution. Mumtaz further stated:
cost difference example: do an airdrop for 1,000,000 users. That today would cost more than $260,000 for the state alone. Now it costs US$50 – 5,200 times cheaper. But a token account is just one example of this: *everything* in Solana is an account, which means everything can scale.
ZK Compression on Solana
While ZK Compression has received praise for its cost-saving potential, critics in the Ethereum community argue that it functions as a Layer 2 (L2), contrary to Solana’s anti-Layer 2 ethos.
Some skeptics argue that ZK compression essentially operates as an L2 feature or validity-based rollup. Adam Cochran, Vice President of Operations at SBT Partners, stated that ZK Compression is an L2 solution.
In response Anatoly Yakovenko co-founder of Solana highlighted that ZK Compression addresses many issues commonly associated with Ethereum-based L2 solutions.
Yakovenko emphasized its independence from security board multisigs, chain ID switches, governance tokens, and external sequencers, while ensuring that Solana validators receive transaction fees.
SOL Price Analysis
SOL suffered a temporary dip on Monday, with its price hitting a low of $122. However, crypto analyst “Skew A” examined SOL’s 4-hour chart and pointed out its recovery, surpassing the recovery of other big tokens.
According to for “Skew A”, specific factors need to be considered when evaluating the potential uptrend and price recovery of SOL. Firstly, SOL price movement above the 1-day 200MA (moving average) is a positive sign.
This suggests that the token’s value is trending above the average price over the last 200 days, indicating potentially bullish sentiment. Furthermore, confirmation of SOL’s uptrend would involve observing higher highs (HH) above $150.
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Over the past 24 hours, SOL has notably recovered with a 9% increase, bringing its current trading price to $138. This upward movement positions the token favorably as it aims to overcome key resistance levels on its way to consolidation above the significant $200 milestone.
To reach the $200 mark, SOL must successfully overcome and breach great resistance walls at $150, $162, $174 and $186. These levels represent significant hurdles that must be overcome before potentially crossing the crucial $200 threshold.
It remains to be seen whether continued momentum and positive developments in the Solana ecosystem will sustain SOL’s current recovery and allow it to retest the higher price levels reached in recent months.
Featured image of DALL-E, chart from TradingView.com