Solana (SOL) has launched version 1.16, which brings enhanced privacy to its users through “Confidential Transfers.” This update includes encrypted Solana Program Library (SPL) token transactions, ensuring confidentiality instead of anonymity. After ten months of development and an audit by Halborn, Solana’s network of validators has majority support for the adoption of version 1.16. The update has undergone rigorous testing, with v1.16 running on testnet since June 7, 2023. Volunteer and canary nodes have played a crucial role in identifying and resolving issues during the testing phase. Solana Labs has also deployed canary nodes on mainnet-beta to monitor the stability of v1.16 under real-world conditions. Solana plans to adopt a more agile release cycle, targeting smaller releases approximately every three months.
According to a report by Nansen, Solana has seen a significant increase in its Total Value Locked (TVL) this year, almost doubling since the beginning of 2023, and currently boasting a TVL of 30.95 million SOL. Monthly transactions on the Solana network have remained relatively stable, with an increase in vote transactions. The report also highlights that Solana has implemented innovative solutions such as state compression and isolated fee markets to address prominent issues within its tech stack. State compression, in particular, has substantially reduced the cost of minting non-fungible tokens (NFTs) on Solana. Comparatively, minting a similar collection size on Ethereum would cost approximately $33.6 million, while on Solana with state compression enabled, the cost is significantly reduced to just $113. Despite the impressive growth, the current amount of staked SOL in Solana’s liquid staking protocols accounts for less than 3% of the total staked SOL, indicating room for expansion. However, there are concerns about the uncertainty surrounding FTX/Alameda’s SOL holdings, as FTX holds over 71.8 million SOL, representing approximately 17% of the circulating supply and 13% of the total supply.
#Solana #Crypto #Privacy #Blockchain #ConfidentialTransfers #SPL #Updates #NFTs
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