2 months ago
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Solana (SOL) has confirmed the launch of ZK Compression on its mainnet. The update aims to boost developments on the blockchain by reducing developer costs by 1000X.
ZK compression is live on Solana mainnet 1000x cost savings for Solana developers
Notably, the upgrade comes as the blockchain hit a new milestone, with monthly active addresses at ATHs of above 75 million.
Solana’s ZK Compression goes live
The latest update on the Solana network introduces ZK Compression to reduce developer costs. According to the announcement, the upgrade introduces “1000x cost savings for Solana developers.”
Meanwhile, the new technology compresses data using zero-knowledge proofs, lowering charges for on-chain storage and transactions. The announcement triggered market interest as it underscored heightened scalability.
Notably, ZK Compression solves the prevailing challenges associated with state growth, making the SOL blockchain more scalable and efficient.
Moreover, the new technology goes beyond cost-cutting, setting the foundation for future zero-knowledge compute apps on the Solana network.
Further details show OtterSec and Neodyme audited ZK Compression, underscoring Solana’s dedication to security. The perpetual bug bounty program with Immunefi eyes robust user safety.
3/ Security-first: ✓ Audited by Neodyme and OtterSec ✓ Formally verified ZK Compression circuit ✓ Perpetual bug bounty with Immunefi
The update comes as Solana witnessed massive user activity, with active addresses hitting all-time highs.
Solana active addresses hit ATH’s above 75 million
The SOL network has hit a new milestone as monthly active addresses touch new all-time highs of 75.2 million. That indicates a significant surge in adoption and user activity.
Solana hits a new ATH with 75.2M monthly active addresses! 🤯 This surge in user activity highlights Solana’s growing dominance in DeFi and NFTs. Will the price follow suit? #Solana $SOL #crypto #Blockchain #NFT #DeFi #Achievements #activeaddresses @solana
The latest increase in activity confirms Solana’s growing popularity as the blockchain attracts more users, decentralized applications, and developers.
Solana will likely witness more adoption as the network expands, with new updates and features (like ZK Compression) keeping the crypto on investors’ radar.
Meanwhile, the altcoin has seen notable growth in user activity since mid-last year as the blockchain positioned itself as among the most scalable networks in the NFT and DeFi industries.
Moreover, the growth reflects Solana’s capability to handle massive transactions efficiently – a crucial factor in cryptocurrency adoption.
Enthusiasts can expect these trends to continue as Solana solidifies its presence as a top project in the blockchain sector.
SOL price outlook
Solana exhibits a bullish stance at press time, changing hands at $138 following a more than 4% uptick in the previous 24 hours. The upsurge comes after the Fed confirmed a 50 basis point rate cut, elevating broad market sentiments.
Source – CoinmarketcapFed’s move fueled optimism in the financial space, catalyzing notable jumps in crypto prices. SOL’s 60% jump in daily trading volume reflects magnified investor optimism, suggesting continued upswings.
Solana printed a bull-flag setup amid the prevailing sideways movements. Strengthened bullishness could propel SOL towards the flag pattern’s resistance, translating to a 40% uptick.
A possible breakout will amplify the upside momentum, pushing Solana to $275 before jumping to explore $300. That would translate to an approximately 118% increase from SOL’s current price.
However, sudden bearishness could see the alt slumping below the support barrier of $132.48. further weakness might plummet SOL to $120, invalidating the anticipated near-term rallies.
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