Solana Increased More Than 100% in Q1
After suffering losses of nearly 95% in 2022 due to the bankruptcy of FTX and its subsidiaries, altcoin Solana (SOL) has recovered in the past three months.
Starting in January, the cryptocurrency began to see an increase in value due to the activation of application developers using its blockchain.
As of April 10, the SOL rate had risen to $20.26 and its capitalization exceeded $7.874 billion, with a 104% increase in the first quarter of 2023.
Solana has outperformed even Bitcoin and Ether in terms of profitability, according to the Messari report which stated that the blockchain has maintained decentralization and become more productive.
On top of that, developers have announced an update to reduce storage costs for network data, making it more attractive for startups launching NFT projects on Solana.
The update would allow developers to reduce the costs of deploying up to 1 million non-fungible tokens.
