The Solana Foundation recently launched two new tools to facilitate the integration of Web3 capabilities into major platforms and blockchain adoption.
In a series ofx.com/solana/status/1805587979723063440″ target=”_blank” rel=”nofollow”> social media postsThe foundation launched “Blockchain Shares” and “Blinks” (Blinks), which the announcement said is a step forward in allowing developers to incorporate blockchain functionality into websites and social media platforms.
Along with these developments, the Solana ecosystem continues to expand its tools and services, with notable advances in transaction cost reduction and network efficiency.
Smooth Web3 transactions?
Actions, one of the recently introduced tools, allows users to participate in native Web3 transactions, including asset transfers, non-fungible token (nft) interaction, voting, betting and tipping content creators.
Complementing actions, Blinks allows developers to format any action into a shareable link, transforming websites and social media platforms into convenient entry points for blockchain interactions.
These tools reportedly They provide an important bridge between traditional web applications and decentralized finance (DeFi), making it easier to integrate blockchain capabilities into everyday digital experiences.
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Additionally, to optimize transaction costs, Light Protocol and Helius Labs recently launched a testnet to ZK Compression on the Solana network. ZK Compression uses zero-knowledge proofs and call data to reduce the cost of transactions on the network.
By minimizing the amount of data stored on-chain, ZK Compression enables considerable fee savings by reducing the computational demand of Solana transactions.
Mert Mumtaz, CEO of Helius Labs, x.com/0xMert_/status/1804244166584516865″ target=”_blank” rel=”nofollow”>Dear All that ZK Compression can reduce the cost of airdropping tokens to one million users on Solana from $260,000 to just $50, providing a compelling and cost-effective solution. Mumtaz further stated:
example of cost difference: airdrop to 1,000,000 users. This today would cost more than $260,000 for the state alone. It is now $50, 5200 times cheaper. But a token account is just one example of this: *everything* in Solana is an account, which means everything can be scaled.
ZK Compression in Solana
While ZK Compression has received praise for its cost-saving potential, critics in the ethereum community argue that it works as a Layer 2 (L2), contrary to Solana's anti-Layer 2 spirit.
Some skeptics maintain that ZK Compression essentially functions as an L2 feature or validity-based summary. Adam Cochran, vice president of operations at SBT Partners, x.com/adamscochran/status/1804736068173885650″ target=”_blank” rel=”nofollow”>fixed that ZK Compression is an L2 solution.
In response, Anatoly Yakovenko, co-founder of Solana, x.com/aeyakovenko/status/1804257487312592993″ target=”_blank” rel=”nofollow”>highlighted that ZK Compression addresses many problems commonly associated with ethereum-based L2 solutions.
Yakovenko emphasized its independence from security board multisigs, chain ID switches, governance tokens, and external sequencers, while ensuring that Solana validators receive transaction fees.
SOL Price Analysis
SOL experienced a temporary drop on Monday, and its price hit a low of $122. However, crypto analyst “Skew A” examined the 4-hour chart of SOL and pointed out its bounce, outperforming the rally of other large tokens.
x.com/52kskew/status/1805612819360236026″ target=”_blank” rel=”nofollow”>According For “Bias A”, specific factors should be considered when evaluating the possible bullish trend and price recovery of SOL. First of all, SOL price movement above the 200MA (1-day moving average) is a positive sign.
This suggests that the token's value is trending above the average price over the last 200 days, indicating potentially bullish sentiment. Furthermore, confirmation of SOL's uptrend would imply seeing higher highs (HH) above $150.
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In the last 24 hours, SOL has recovered remarkably with a 9% increase, bringing its current trading price to $138. This upward move positions the token favorably as it aims to break through key resistance levels on its way to consolidation above the important $200 milestone.
To reach the $200 mark, SOL must successfully surpass and surpass great resistance walls at $150, $162, $174 and $186. These levels represent significant hurdles that must be overcome before potentially surpassing the crucial $200 threshold.
It remains to be seen whether the current momentum and positive developments within the Solana ecosystem will sustain SOL's current recovery and allow it to retest the higher price levels reached in recent months.
Featured image of DALL-E, chart from TradingView.com
