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- Solana network maintained 100% uptime during the crypto market crash, outperforming traditional finance platforms.
- The SEC reclassified SOL as a non-security, reducing regulatory pressure and boosting investor confidence.
SolanaFloor announced that the Solana network and its decentralized finance (DeFi) ecosystem remained completely operational amid the recent crypto market crisis. This is especially interesting because numerous large conventional finance (TradFi) platforms had considerable downtime around the same time.
At least six TradFi systems were reported to be down, including Citi, Fidelity, E-Trade, Vanguard, TD Ameritrade, and Charles Schwab. This striking contrast demonstrates the robustness of cryptocurrency markets in comparison to traditional financial institutions.
🚨 REPORT: @solana network and DeFi saw 100% uptime during the crypto market crash, while major TradFi platforms experienced downtime. pic.twitter.com/z25Uc2a0W1
— SolanaFloor (@SolanaFloor) August 5, 2024
Solana Shines as Crypto Markets Remain Operational 24/7
Furthermore, unlike traditional financial circuit breakers, crypto exchanges remained operational around the clock. Even with mainstream markets closed, big decentralized exchanges (DEXs) continued to handle significant trade volumes.
Messari Crypto reported that over-the-counter (OTC) block traders took advantage of the situation as well. During instances of extreme volatility, the crypto markets continued to operate, providing investors with an ongoing opportunity to trade and manage their portfolios.
The Solana DeFi ecosystem has experienced exponential growth since 2024. The network’s total value locked (TVL) has continually increased, and DEX volumes have reached historic levels. This expansion shows a healthy DeFi ecosystem within the Solana network.
Furthermore, despite the ongoing recovery of the cryptocurrency market, Solana’s native coin, SOL, has performed exceptionally well. SOL is currently trading around $141.77, representing a phenomenal 22% rise over the last 24 hours.
The price increase from the $140 range appears to be consistent with CNF’s prior report. A popular analyst identified many confluences indicating a bid in the higher $140 area, including the previous quarter’s mid-range, the quarterly open, and the 62% retracement level. These technical considerations appear to have had a substantial impact on SOL’s recent price movement.
Furthermore, we have revealed that Solana outperformed Ethereum in July, with DEX volumes totaling $55.87 billion.
This milestone demonstrates Solana’s growing importance in the DeFi industry, consolidating its position as a premier blockchain network. In a regulatory development, the Securities and Exchange Commission (SEC) classified SOL as a non-security.
