Solana to compete with Venmo? Here’s what SOL holders need to know

Just a few months ago there were bullish investors trading on Solana . counted [SOL] reaching $300. At press time, however, SOL was trading at $83.45which is up 1.53% in the last 24 hours, but is down 10.39% in the last seven days.

That said, prices are only one dimension of a crypto asset and during an episode of The Money Movement podcast, Anatoly Yakovenko, co-founder of Solana, spoke with Jeremy Allaire of Circle about the state of the Solana network and plans to expand.

SOL me this pen

Ethereum was never far from Yakovenko’s mind when he described Solana’s recent behind-the-scenes progress. The co-founder explained that the network saw two million monthly active users — or active signers, as Solana calls them.

He further expressed his surprise at the popularity of Metaplex, the NFT Solana standard, which was launched in May 2021. said

“However, there are over a million users with NFTs in their wallets, I think nearly eight million NFTs have been minted. I think it mints, I don’t know, I forgot, but as a multiple of the number of mints on Ethereum, in terms of real NFTs being launched. So that was the most surprising use case of all things to me.”

Solana’s co-founder then complained about the lack of a crypto-based payment system that could rival Venmo† Yakovenko then suggested that Solana could help meet such a demand and accommodate people who could not access Venmo for various reasons.

To achieve this he has stressed out on the importance of a reliable user interface and educating new users on how to protect their cryptocurrencies.

Hope vs Reality

During his conversation with Allaire, the co-founder of Solana also spoke about the pursuit of thousands of developers and 100 million users on the network. Let’s take a look at what the stats say to see how that goes.

Data from Santiment showed that both Solana’s development activity and contributors to the development activity were on a downward trend at the time of the press release. This can be partly attributed to the state of the market lately, as well as Solana’s struggles with network performance earlier this year.

Source: Holiness

Also at press time, Solana was the ninth largest crypto, putting it behind Cardano in terms of Market capitalization

That said, however, Solana’s collaboration with Circle suggests that the project, known for its speed, wants to move beyond DeFi and enter the payments market as soon as possible.

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