• Solana’s (SOL) NFT ecosystem has witnessed a massive decline in the past 30 days.
• Ripple (XRP) secured a partial victory against US SEC, leading to a price rally across tokens including SOL.
• Ethereum founder Vitalik Buterin is an admirer of the Solana protocol and believes it does not deserve to be targeted by US regulators.
Solana’s Decline
Solana [SOL] has witnessed a massive decline in its non-fungible token (NFT) ecosystem over the last 30 days. The latest CryptoSlam data revealed that Solana’s NFT sales volume plummeted by more than 56% last month. To add to the misery, its number of sellers dropped by a whopping 4,318%.
Ripple’s Victory
Ripple [XRP] secured a partial victory in its legal battle with the U.S. Securities and Exchange Commission (SEC) on 13 July. The U.S. District Court of the Southern District of New York ruled in its judgement that the sale of Ripple’s XRP tokens on crypto exchanges and though programmatic sales did not constitute investment contracts; hence, it is not a security in this case. But the court also ruled that the institutional sale of the XRP tokens violated federal securities laws. The crypto industry has lapped up the judgement instantly, generating a price rally across tokens including SOL which rose nearly 30%.
Ethereum as Layer 2
Solana Labs co-founder Anatoly Yakovenko seems to be in agreement with the idea of using Ethereum as a layer-2 for the Solana blockchain – holders of solana assets on ethereum would have finality guarantees that they can exit back into solana if needed without any trust or counterparty risk involved.
Vitalik’s Admiration
Even Ethereum founder Vitalik Buterin is an admirer of the Solana protocol; he rued when US SEC sued Binance [BNB] and Coinbase [COIN], labeling several altcoins, including SOL, as securities – “I feel bad that @solana and other projects are getting hit in this way,“ said Buterin „They don’t deserve it.“
Conclusion
In conclusion, despite experiencing some difficulties over recent months due to regulatory pressures, Solana remains popular amongst investors due to its strong fundamentals and potential for growth over time as well as being admired by Vitalik Buterin himself
