Cointime

Download App
iOS & Android

What's Driving Solana's Come Back?

Hello friends 👋,

Solana is spiking in interest, with SOL value increasing by +900% over the past year and 1.1M daily active wallets (vs. 300k on Ethereum), according to Messari Crypto.

Kicking off our first deep dive of the year, we’ll go deep into the Solana ecosystem, focusing on the crypto art scene.

In today’s deep dive:

  1. What is Solana?
  2. What are the top Solana NFT marketplaces?
  3. What are Solana’s artists and artworks to watch?
  4. What’s the best Solana crypto wallet?
  5. Why is Solana's interest and value rising?

🧱 What is Solana?

Solana is a blockchain that uses SOL as its cryptocurrency. It is unique for different reasons, like being blazing fast and highly cheap gas prices. To accomplish this, it uses a hybrid between Proof of Stake (PoS) and Proof of History (PoH), the second being Solana's novel method.

Proof of Stake (PoS) is a blockchain consensus mechanism where users 'stake' their cryptocurrency as collateral to validate transactions. The more they stake, the higher their chances of being chosen to confirm transactions and earn rewards. It's energy-efficient and more scalable than older methods like Proof of Work.

Proof of History (PoH), on the other hand, is a unique approach. It creates a historical record of events, essentially a cryptographic timestamp, to establish the sequence and timing of transactions. This sequence ensures a consistent and verifiable order of events, significantly speeding up the transaction validation process on the blockchain.

🏪 Solana NFT marketplaces

The NFT scene on Solana has taken off at breakneck speed. But you'll notice it's mostly about profile pics and collectibles. That is why I've put a spotlight on generative, AI, and crypto art in this lineup of Solana NFT marketplaces. We're talking everything from 1/1 pieces to long-form, short-form, and multi-editions.

Exchange.art

Second to no one regarding artists’ release options (1/1s, multi-editions, and collections), exchange art is moving the needle in terms of the crypto art movement in Solana.

Code Canvas

Code Canvas powers long-form generative art using the curated model. So far, eight artists have released generative art collections. Stay tuned as I highlight some of this in a bit.

Magic Eden

This is the Opensea of Solana, indexing and supporting almost any NFT token minted in this blockchain. Magic Eden started in Solana but quickly expanded to other blockchains and now supports Bitcoin Ordinals, Ethereum, and Polygon. If you are looking for crypto art, this isn’t the place tho, as most of the collections are PFPs and collectibles.

Mallow.art

Mallow is unique because it offers 0% fees. This marketplace doesn’t charge anything for selling or collecting NFTs on Solana.

Other Marketplaces

Solana Art and Digital Eyes are similar to Magic Eden, with fewer features and support for a lesser amount of blockchains. Tensor looks more like the Solana version of Blur. It is also worth noting that Form Function, a popular NFT marketplace, was discontinued a few months ago.

Although there are plenty of options, the figures of galleries or memberships focusing on blockchain art haven’t matured or aren’t as popular. This could open the door for established digital galleries to expand their blockchain reach.

🖼 Solana’s Art and Artists

I've gotta say, I was pretty surprised to see how many artists are getting into minting on Solana. And it's not just a recent trend – some have been at it for over two years, so it's not just about jumping on the bandwagon.

As usual, I'm picking artists based on my tastes and criteria to spotlight a few who I think are pushing the art movement forward. Remember, this list has no definitive right or wrong, and I'm probably missing out on mentioning quite a few talented folks.

Scenes from a Train Window by Studio Yorktown.

Comments

All Comments

Recommended for you

  • Gnosis Price Rises 20% After Thanefield Capital's $30M Token Buyback Offer

    The crypto fund Thanefield Capital has proposed a buyback plan for the Gnosis DAO native token. The proposal aims to deploy $30 million for regular token buybacks within six months. Gnosis co-founder Martin Köppelmann supports the proposal but warns that buybacks should be tied to growth plans. Since the proposal went live, Gnosis' price has risen by over 20%, reaching a high of $320, and is now trading at $308.

  • Nigerian court denies bail request for Binance chief Tigran Gambaryan

    A Nigerian court has rejected the bail application of Tigran Gambaryan, the compliance chief of Binance Finance. Judge Emeka Nwite believes that if the Binance executive's application is approved, he may not continue to appear in court. A Binance spokesperson expressed disappointment and sadness at the ruling. The court will adjourn for cross-examination on May 23.

  • ICBC: Hong Kong subsidiary has built a complete service system including the redemption, circulation and redemption of digital RMB

    Industrial and Commercial Bank of China (ICBC) has officially announced that its overseas subsidiary, ICBC (Asia) located in Hong Kong, has built a complete service system for digital renminbi exchange, circulation, and redemption. At the same time, ICBC Asia has launched a digital renminbi experience activity for local individual customers in Hong Kong.

  • The transaction volume of 6 Hong Kong virtual asset ETFs today was HK$26.1102 million

    According to Hong Kong stock market data, as of the close of trading, the turnover of 6 Hong Kong virtual asset ETFs today was HKD 26.11 million, including:

  • Cointime's Evening Highlights for May 19th

    1.US spot Bitcoin ETFs saw net inflows of $948.3 million this week

  • This year, there have been more than 90 Bitcoin ecosystem-related financings

    There have been more than 90 financing transactions related to the Bitcoin ecosystem since 2024, setting a new record for the highest number of financing transactions in a single year in Bitcoin's history. Kyle Samani, Managing Partner at Multicoin Capital, pointed out that with the emergence of the Bitcoin Taproot upgrade and the Ordinals protocol, the Bitcoin ecosystem is experiencing a "developer renaissance". For some developers, building financial tools on Bitcoin is more attractive because it is the oldest and most secure blockchain. Multicoin Capital's investment trend is reportedly shifting from Solana to the Bitcoin ecosystem. The venture capital firm has invested in projects such as Solana Labs and StarkWare, but recently participated in the funding of the Bitcoin-native music platform Arch Network and the Bitcoin scaling network Mezo.

  • $1.911 billion worth of SOL transferred

    According to Whale Alert monitoring, 11,040,253 SOL (US $1,911,291,365) was transferred from an unknown wallet to another unknown wallet.

  • DeFi TVL exceeds $95 billion again

    According to defillama data, as of May 18, 2024, the total value locked (TVL) in DeFi has once again surpassed $95 billion. It is currently reported at $95.069 billion, an increase of nearly $12 billion from the low point of $83.04 billion 35 days ago. Among the top five protocols in terms of TVL, Eigenlayer has the highest 30-day increase, with TVL rising by 19.67% to a total of $15.455 billion.

  • Cointime's Evening Highlights for May 24th

    1. CryptoPunks Launches “Super Punk World” Digital Avatar Series

  • An address mistakenly transferred about $7,000 in BTC to Satoshi Nakamoto’s wallet

    According to Arkham monitoring, someone accidentally sent 90% of their BTC assets to Satoshi Nakamoto's wallet address last night. They were trying to swap Ordinal for PupsToken, but ended up sending almost their entire wallet balance - about $7,000 worth of BTC.