Solana Developer Update: Solana has introduced a big update for developers, reducing costs by 1000 times. In a recent announcement, the popular crypto platform revealed that ZK Compression is now live on its mainnet. This new feature has renewed talks about the possibility of SOL’s price reaching $300.
The ZK Compression upgrade is designed to help developers save significantly on costs. It uses zero-knowledge (ZK) proofs to compress data, which lowers the expenses of on-chain transactions and storage. The platform’s announcement on X highlights how this update improves scalability on its mainnet. In simple terms, this advanced technology addresses the ongoing issues of state growth, making the network more efficient and scalable. Along with reducing costs, ZK Compression also prepares the network for future ZK compute applications.
The update has been reviewed by security firms Neodyme and OtterSec, showing Solana’s commitment to both security and scalability. Additionally, a continuous bug bounty program has been set up with Immunefi to maintain long-term security.
SEE ALSO: Bitgo to Launch Usds Stablecoin, Offering Rewards for Liquidity
Fed Rate Cut Boosts Market Sentiment, But Rally Short-Lived
The crypto market has been highly unstable recently, with hopes for a possible Fed rate cut. After the latest FOMC meeting, the US Fed announced a 50 basis points interest rate cut, which boosted market sentiment. This decision also triggered a brief rally in the broader financial sector, including the crypto market.
However, the rally was short-lived, as Fed Chair Jerome Powell’s speech raised concerns. Powell hinted at uncertainties that weighed on market sentiment, leaving questions about whether the central bank will adopt a more cautious approach moving forward.
Despite this, recent updates on the Solana network have lifted market sentiment. SOL’s price increased by over 1.5% in the last hour, trading at $130.88 and reaching a 24-hour high of $132.63. Moreover, a recent Solana price analysis suggests the potential for a rally to $300, with several expected positive developments possibly driving up the price.
