- The ETP will get off the ground with $100 million in initial funding.
- PUBG’s South Korean creator, Krafton, claimed it was working with Solana Labs.
This week, the Solana (SOL) token, the native token of the Solana blockchain, surpassed Terra (LUNA) to retake its position as the eighth-largest crypto token by market value. As a result of a string of good news, the token has seen a spike in demand over the last week.
SOL, the market’s most heavily-staked token, gained 21% in the previous week and was trading around a two-month high of $110 at writing. It has lately eclipsed LUNA’s market worth of $33 billion, putting it at $35.9 billion.
Reclaimed Position
Only a few months ago, LUNA had overtaken SOL in market value, but losses in SOL played a big role in this. Last week, LUNA was trading at levels last seen on Monday, lagging behind its rivals. However, this year’s popularity of the TerraUSD stablecoin has significantly impacted the token’s value.
In a statement last week, PUBG’s South Korean creator, Krafton, claimed it was working with Solana Labs to create blockchain games and possibly a “metaverse” of virtual worlds. One of the main factors in the agreement, according to the developer, was Solana’s ability to host highly scalable applications.
The ETP will get off the ground with $100 million in initial funding. Cryptocurrency prices have surged in recent years due to the rise of the institutional market. In addition, Grayscale, a digital asset management, has announced a smart contracts fund that includes SOL as a significant holding. As a result, the token’s value is likely to rise due to the change.
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