Solana Reveals Major Update For Developers, SOL To Hit $300?
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Solana has revealed a major update for the developers, cutting costs by 1000X for them. In a recent update, the leading crypto player announced that the ZK Compression is live on its mainnet now. These latest developments have once again fueled discussions over SOL price’s potential rally to $300 going forward. Solana ZK Compression Update Live On Mainnet The latest upgrade on Solana, ZK Compression, aims for robust cost savings for developers. According to the official update, it focuses on cutting costs by up to 1000 times, sparking market interest. Notably, this technology leverages zero-knowledge (ZK) proofs to compress data, which aids in reducing the costs of on-chain transactions and storage. Source: Solana, X This announcement by the platform on X highlights the scalability benefits that this update brings to its mainnet. In other words, this cutting-edge technology offers a solution to the ongoing challenges related to state growth, which in turn makes the network more efficient and scalable. In addition, the ZK Compression has also other benefits apart from the cost-cutting feature. It lays the groundwork for future ZK compute applications on the SOL network. Meanwhile, the announcement showed that the update has been audited by Neodyme and OtterSec. This also reflects the focus of the network towards the security and scalability of the platform. Besides, a perpetual bug bounty has also been established with Immunefi to ensure ongoing security. SOL Price To Hit $300? The crypto market has been highly volatile lately, amid anticipations over a potential Fed rate cut. However, at the conclusion of the latest FOMC, the US Fed announced a 50 Bps interest rate cut, fueling the market sentiment. Notably, this development has also sparked a rally in the broader financial sector, including the crypto market. However, the rally appeared to have been short-lived, with…
Filed under: News - @ September 19, 2024 3:20 am