Solana Doesn't Give Up

GM Readers!📪 It's BitDegree Insider, and let's put those web3 veggies into the fridge.

⭐️Today's selection:

• 🌞Solana Persists
• 💭Wednesday Bubbles + Extra Stuff
• 👌Selected Meme of The Day
• 📰Bite-Sized News

SOLANA DOESN'T GIVE UP

Well, even though Solana was thought to be having a bad time, it looks like they're not giving up that easily.

Solana has announced its plans for 2023 and the following key points have been highlighted:

• 2023 marks a pivotal year for Solana as the community takes the lead.
• Solana continues to experience exponential growth, attracting over 2,000 developers each month.
• The network is growing stronger with an increasing number of validators.
• Solana's test client boasts a capacity of 600,000 transactions per second.
• The protocol aims to become one of the most secure ones in the industry.
• Unlike other platforms, Solana will not pay projects to switch to its network. Instead, it relies on organic growth.
• Solana is more than just its foundation or labs - it's a vibrant community that only continues growing.

This post serves as a motivational message for the start of 2023, reaffirming the community's faith in Solana's future.

This shows that the team behind the platform understands that in the Blockchain Sea, a ship truly begins to sink only when everyone feels that way.

Because just recently, everyone felt like Solana is about to face its sunset (we wrote about that here).

NFT collections like DeGods or y00ts announced their departure from Solana; the network itself a whopping 97% drop in its TVL (from $6.68 billion to $210 million).

But, it looks like Solana refuses to forget that despite how cloudy it might get... There's always the sun shining above the clouds.

'We have never felt more optimistic about this future', Solana's team claims in the announcement.

TL;DR: Solana has announced their 2023 plans, and what the platform will be aiming for. The message is optimistic, and the network doesn't communicate despair or hopelessness due to the recent hardships that the platform underwent.

WEDNESDAY BUBBLES +++

Okay, here's the last week's winners and losers of the never-ending coin race.

Some of these names may sound unfamiliar to some of the readers. Let's get to know them.

The dYdX coin. It's the native token of dYdX, a decentralized exchange that offers perpetual trading on cryptocurrencies, allowing traders to trade derivatives contracts and manage their exposure to price risk.

Sounds tough? Let's take a real life example:

Imagine you own a farm and plan on selling crops in the future. However, you are concerned that corn price may drop by the time you want to sell it. To avoid this risk, you can enter into a derivatives contract with a buyer.

The contract would specify the price at which you agree to sell the corn in the future, and the buyer would agree to pay it, no matter what happens.

In this way, you reduce your exposure to price risk. The buyer has taken on the price risk in exchange for the right to purchase the corn at a fixed price in the future.

So now you know what's a derivative contract!

In 2022, dYdX saw a cumulative trading volume of $466.3 billion and generated $137.8 million in commission revenue.

Despite the bear market conditions and a decrease in total value locked from a peak of $1.1 billion in October 2021 to its current $400 million, dYdX's turnover still managed to increase by 140% compared to the previous year.

So that's why we see the bubble grow as well.

FTM - Fantom. This coin shows growth because of how well the Fantom blockchain has been performing recently. As it was the last day of the month yesterday, Fantom reached yet another milestone. of completing over 450 million transactions in total + dealing with ~400K daily transactions. That's a 155% increase from what they had one year ago.

Mina hasn't achieved any milestones, yet it is worth mentioning that, in general, Mina is a Layer1 blockchain protocol that is a minimal "concise blockchain" designed to reduce computational requirements to run dApps more efficiently.

The $MINA network is only 22KB in size, which is jaw-dropping compared to Bitcoin's 300GB blockchain.

And one last addition about Cardano. Yesterday, they finally launched their own stablecoin, called Djed.

Each stablecoin must be backed by 400-800% ADA coin, and SHEN is used as a backup coin. This huge provisioning makes the coin similar to the DAI stablecoin, which is based on the Ethereum ecosystem, but it has a mining and burning mechanism.

So here you go. Some bubbles, some facts, some knowledge! Btw, none of this is financial advice. We're just describing what we see.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• UK's Reputation Misused for Fraudulent Cryptocurrency Schemes. Anarchy in the UK's Reputation
• Apple's App Store Lists Decentralized Social Media Platform Damus. Will you be the 'Nostra' to their 'Damus'?
• My Big Coin Founder Randall Crater Sentenced to More than Eight Years in Prison. My Big Coin, My Big Prison Sentence.