Solana How is Doing: “Compressed” NFTs, Integrations, and Funds

Let’s take a break from TON and see how Solana is doing. And its life is quite interesting.

NFTs and State Compression

In April, Solana developers released a new technology: state compression. This is a must-have for NFTs, as it significantly reduces costs when issuing tokens.

Now, to create 100 million (!) “compressed” NFTs, you only need 50 SOL (~$1000). The Dialect and Crossmint ecosystems quickly adopted this innovation, sensing profit.

And in August, the volume of minted “compressed” NFTs exceeded 15.6 million tokens. This is a historic record, ladies and gentlemen.

Integration of SOL Pay with Shopify

Solana Pay, a decentralized payment protocol, is integrating its plugin with Shopify to enable payments in USDC. Shopify accounts for 10% of all U.S. e-commerce. A very powerful integration.

Visa Uses Solana for Its Operations

The company is testing its integration with blockchain: it has transferred millions of dollars between its partners via Solana and Ethereum. These blockchains were chosen for their high performance, which is exactly what’s needed for cross-border transactions.

SOL Funds and Capital Inflow

Solana funds attracted $0.7 million this week, and this growth has been consistent for 9 weeks straight.

Meanwhile, $3.2 million was withdrawn from Ethereum funds, and $8.6 million from Polygon. For 7 weeks now, money has been flowing out of crypto investment products. But for Solana, it’s business as usual.

Update: We found information that SOL hit an anti-record — the number of active users stands at 207,500. This is the lowest value since 2021. Source: The Block.