Chinese developers are active and willing to take advantage of major blockchain platforms if the statistics from the Solana Hyperdrive Hackathon presentation details are anything to go by. In an X post from October 17, Matty Taylor, head of growth at the Solana Foundation, saying There were many more developers from China who submitted applications willing to participate in the Solana Hyperdrive hackathon than from the United States.
Solana attracts Chinese developers
The hackathon has a prize pool of $1 million and all submissions had to be sent before October 15. It is an online event that aims to “nurture and expand” the Solana ecosystem.
Developers from 68 countries showed up, with the largest number from China and Vietnam. The rest came mainly from the United States, India, Mexico, Turkey and Germany.
That notable participation from Chinese developers could be a big boost for Solana, indicating that the blockchain could be popular in the Asian economic powerhouse. China remains in favor of blockchain and believes that the technology can give them an advantage and even improve efficiency in some critical sectors, such as agriculture, healthcare, governance and finance, which the country seeks to gradually improve.
However, China has banned cryptocurrency trading and mining, citing the “need to go green, protect consumers and ensure financial stability.” China’s central bank, PBoC, said cryptocurrencies could pose a risk to the country’s financial system.
Unlike ethereum, Solana allows for fast transaction processing and is relatively scalable with decent activity. Although the project suffered after the collapse of FTX in November 2022, there has been a revival of price and on-chain activity.
The revival, will SOL surpass $30?
As an example, non-fungible token (nft) trading activity on Solana has been steadily increasing in recent months. Although there was a peak, the network did not stop, as in previous cases, especially in 2022.
On the other hand the high reliability appears to have inspired activity, directly helping to revive SOL prices that collapsed by more than 90%, worsened by the news that Sam Bankman-Fried and Alameda Research allegedly misappropriated client funds. FTX had invested in Solana and has a sizeable stake in SOL, which will be liquidated and refunded to affected customers.
At spot exchange rates, SOL is up 36% from the September 2023 lows and is too firm. Looking at the candle arrangement on the daily chart, SOL is trading at October and 2023 highs and could rise if the bulls press ahead. The bullish bar on October 16 has a wide reach, has marked trading volumes, and could anchor the next leg towards the July 2023 highs of around $32.
Featured image from Canva, TradingView chart
