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0096

SOL price rallied 5% today, but on-chain data raises doubts about whether Solana can overcome the barrier at $190.

Solana's native token, SOL (SOL), experienced a 5% increase on May 27, trading up from $161 on May 26 to $171. This rise fueled investors' hopes for continued growth, especially since SOL had reached $188.90 on May 21, just days earlier. A significant factor in SOL’s upward movement is a proposal designed to increase yields for validators rather than burning tokens, though network activity remains unchanged.

On May 27, Solana's validators approved the SIMD-0096 proposal, which eliminates the 50% burn rate on priority transactions and sets it to 0%. Consequently, from epoch 621 onward, all transaction fees will be allocated to block producers. This shift aims to ensure validators are motivated to prioritize network security and efficiency over engaging in arbitrage strategies that involve transaction reordering or exclusion.

Maximal extractable value (MEV) refers to profits block producers make by determining the order of transaction processing on the blockchain. With each block containing a limited number of transactions, validators can choose which pending transactions to include, often to the detriment of regular users who might face poorer execution prices in decentralized finance (DeFi) applications.

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Magic Eden integrates Solana’s compressed NFTs into marketplace

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NFT marketplace Magic Eden believes that lowering the costs in NFT production creates an "easy access point" for new users to try NFTs.

Nonfungible token (NFT) marketplace Magic Eden has announced that it will support Solana’s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning digital collectibles.

Today we’re releasing support for cNFTs (find them in our popular collections)

cNFTs are a new wave of NFT creation only possible on Solana. The "c" stands for compressed (not Cardano don't worry) which allows them to be produced at a fraction of the cost of traditional… pic.twitter.com/WbO4qqWLEt
— Magic Eden (@MagicEden) September 14, 2023

cNFTs are different from the usual Solana NFTs because their data are compressed and are stored off-chain. Because of this, production in larger quantities is more feasible as they require lesser fees to mint.

According to Magic Eden, this type of NFT is ideal for the creation of mass-produced collections in various industries like gaming, music, events and the metaverse. The NFT marketplace believes that it allows creators to reach wider audiences without spending more.

The NFT marketplace also believes that by lowering the costs involved in NFT production, it can potentially promote adoption and become an "easy access point" for new people to try out collecting NFTs. With lower costs, users can collect NFTs without risking a large amount of funds to acquire collections. It lowers the risk of losing money over NFTs.

cNFTs are powered by Solana’s state compression, a feature that allows as many as 1 million NFTs to be minted with just around $110. Compared to minting NFTs on Ethereum which could cost anywhere from $2.9 to over $30 to mint per NFT, the cost of minting is drastically lowered with cNFTs.

While there may be benefits to hosting NFTs off-chain, it also sometimes comes with challenges of its own. In 2022, NFTs that were minted on the crypto exchange FTX broke down and showed blank images as the exchange went bankrupt. An engineer pointed out that the NFTs were hosted using a Web2 API, instead of the blockchain and warned that there's a lesson to be learned in hosting NFTs using Web2 technology.

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Magic Eden

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