When you get bundled up and holed up to weather the weather and survive the cryptocurrency winter, it's not the time to go for the more speculative cryptocurrencies with inconsistent use cases. In this context, I am looking to increase my positions in some of the more stable projects among the various asset classes that have what it takes to survive the bear market and thrive when it is over. I want to invest in cryptocurrencies that people actually use and have ample funding in their coffers. A prime example is Solana: when a project with Solana's utility and user base is down nearly 80% from the previous year, there's no need to speculate further on the risk curve when you can. buy this flagship cryptocurrency at a discounted price.
The network continues to expand
Solana now has more than 1.800 validators, which shows that many people participate in the Solana network - a good sign for the health of the Solana ecosystem. This total surpasses that of other popular blockchains such as Avalanche, Polkadot, and Cosmos and only follows Ethereum in terms of proof-of-stake blockchains. According to crypto analytics firm Messari, the average active single payers (single accounts paying for one or more transactions per day) was around 320.000 in the second quarter of 2022.
The fact that Solana Labs is developing their own mobile phone is a testament to the strength and depth of the development team that Solana has. Few other cryptocurrencies have the resources to undertake a project of this magnitude. And since many of Solana's leaders, including co-founder Anatoly Yakovenko, come from Qualcomm, which makes mobile phone chips, there's reason to believe they are in a unique position to bring this project to fruition. Solana Mobile says the phone, dubbed Saga, will be marketed in early 2023.
It can overcome the crypto winter without too many problems
Thanks to substantial venture capital support, Solana has sufficient capital to survive the winter and develop new projects. In June, as much of the cryptocurrency market was melting, Solana Ventures and the Solana Foundation launched a new $ 100 million fund to invest capital in Web3 start-ups in South Korea, with a focus on games, DeFi and non-fungible tokens.
Solana has the necessary funds, a talented team and a sizeable user base to not only survive, but also thrive during the cryptocurrency winter.
