- The move was aimed at bridging the gap between blockchain systems.
- The total value locked (TVL) on Solana increased by 14% over the last week.
Popular smart contracts network Solana [SOL] has been buzzing with good vibes lately, with the landmark ruling in the Ripple [XRP] vs SEC case working wonders for the token.
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It was to the extent that after XRP itself, SOL was the second-largest gainer over the past week among the top 10 assets by market cap, data from CoinMarketCap revealed.
The coin, which was designated as a security last month by the U.S. Securities and Exchange Commission (SEC), hoped that the relief granted to XRP would set a precedent for other assets in the market as well.
SOL shot up by 23% ever since the details of the verdict were made public. The weighted sentiment has been steadily increasing ever since, implying that most investors started to have a favorable opinion about its prospects.
Source: Santiment
Riding high on this sentiment, Solana appeared poised to make further network advancements.
Solidity on Solana
The Solana ecosystem announced the launch of Solang, a tool which would enable developers to write smart contracts on Solana using the Solidity programming language. The development aimed to make the Solana network more appealing to Ethereum Virtual Machine (EVM) developers and contribute to bridging the gap between blockchain systems.
Solidity is the most popular language for smart contract development. Moreover, it is the primary language used on Ethereum [ETH] and some of the other EVM-compatible blockchain networks.
Developers on Solana, on the other hand, have mostly used Rust and C to launch decentralized applications (dApps) on the network.
Apart from Solana, networks like Avalanche [AVAX], BNB Chain [BNB], Polkadot [DOT], and Tron [TRX] are compatible with Solidity.
Impact on Solana’s DeFi landscape
With the latest move, Solana moves to challenge the hegemony of Ethereum in the smart contracts landscape and boost its dApp and decentralized finance (DeFi) activity. According to DeFiLlama, assets worth $664 million were locked in the network’s smart contracts at the time of writing.
Source: DeFiLlama
Realistic or not, here’s SOL’s market cap in BTC’s terms
The total value locked (TVL) increased by 14% over the last week, one of the strongest weekly growth rates among major blockchains.
Much like the native token’s value, the faith in Solana’s network has increased since the XRP verdict, raising hopes for future investments by DeFi investors.
