• Solana Mobile’s second smartphone has seen a mega pre-order boom, paving the way for a likely third iteration.
• Solana has continued to weather tough storms in its bid to make a difference in the tech world.

Solana Mobile, a rising star in the tech industry, recently witnessed unprecedented success with its Saga smartphone, which not only sold out quickly but also set the stage for the launch of a highly anticipated third device.

Saga’s Journey to Success

Last month, the initial Saga smartphone sold out, creating a buzz in the tech world. Undeterred, Solana Mobile swiftly unveiled it will launch its second device, receiving an impressive 40,000 preorders in less than a week. 

Anatoly Yakovenko, co-founder of Solana Labs, shared insights on the Chain Reaction podcast, explaining that the success of the Saga paved the way for the new phone. He highlighted the instant traction gained with developers and suggested that a third device might be on the horizon if the second phone continues the trend of success. This underlines the growing potential of web3 mobile phones as a significant market category.

Yakovenko acknowledged the challenges faced by Solana Mobile during a difficult period in the crypto market. He explained that the company was in “survival mode” amid a bear market, actively seeking more developers to launch and weathering the storm until market conditions improved. Despite the tough times, Yakovenko remains optimistic about the future, citing the cyclical nature of the crypto market.

The journey for Solana Mobile hasn’t been without hurdles. The first Saga handset, initially priced at $1,000, struggled to gain traction in the market. In response to weak demand, Solana Mobile adjusted its pricing strategy, lowering the cost to $599.

The turning point for the Saga came when crypto users discovered that the meme token BONK’s Decentralized App (dApp) rewarded Saga owners with 30 million tokens for free. This unexpected windfall, valued around the same price as the phone itself, led to a rapid sell-out of the Saga. 

The surge in demand was further fueled by the rising price of the meme token, driving the smartphone’s market price to an astonishing $5,000 on eBay – over doubt the price of the most premium iPhone.  

The key feature of the smartphone is the integration of the Solana Mobile Stack (SMS), establishing a mobile platform for Solana wallets and applications. The SMS also includes a “Secure Element” to enhance the security of Web3 transactions by overseeing private keys. The Saga smartphone boasts impressive specifications, including a dual-camera system with a 50MP primary camera and a 12MP ultrawide lens, along with a 16MP selfie camera.

Solana’s Resilience and Growth

As of the current market conditions, Solana’s native cryptocurrency, SOL is trading at $87.71, up by 0.19% in the past day, with a market capitalization of $38 billion. 

While facing market fluctuations, Solana has made remarkable strides in dominating the stablecoin market, with transfer volumes exceeding $300 billion in January, as highlighted in a previous report by Crypto News Flash.

Furthermore, Solana’s NFT ecosystem has witnessed remarkable growth, evidenced by a surge in digital collectibles sales volume, a substantial increase in the number of sellers and buyers, and a rise in overall trade counts.