Is Solana going to challenge Venmo? SOL holders should be aware of the following information.

As recently as a few months ago, several investors were certain that Solana [SOL] would hit $300. It was trading at $83.45, up 1.53 percent in the previous 24 hours, but down 10.39 percent in the last seven days, at press time.

Solana co-founder Anatoly Yakovenko spoke with Circle's Jeremy Allaire on an edition of The Money Movement podcast about the condition of the Solana network and its ambitions for expansion.

SOL this pen for me, please!

When Yakovenko talked about recent developments at Solana, he couldn't help but think about Ethereum. Co-founder Solana claimed that the network had two million "active signers," as he referred to them, on a monthly basis.

The NFT Solana standard Metaplex, which went live in May 2021, surprised him with its popularity. The exec remarked.

“There’s over a million users with NFTs in their wallets, though – I think close to eight million NFTs minted. I think it’s minting at like, I don’t know, I forget, but like a multiple of what the number of mints on Ethereum, in terms of like actual NFTs launching. So that has been the most surprising use case to me, of all the things.”

He then went on to complain about the lack of a cryptocurrency-based payment system that could compete with Venmo. That's when Yakovenko suggested that Solana might fill the gap for folks who couldn't use Venmo for various reasons.

A dependable user interface and teaching new users how to preserve their crypto were two of the most important factors in achieving this, he said.

Contrast between optimistic expectations and the harsh realities of life

The Solana co-founder also mentioned that he hoped to bring in thousands of developers and 100 million users to the network. Let's have a look at the analytics to see how that's doing.

As of press time, Santiment data revealed that Solana's development activity and the number of contributors to that work were both on the decline. A combination of recent market conditions and Solana's problems with network performance earlier this year may explain some of this.

sol

In terms of total market capitalization at the time of this writing, Solana was the ninth largest cryptocurrency, trailing only Cardano.

According to a cooperation with Circle, the project noted for speed is trying to grow beyond DeFi and penetrate the payments sector as soon as it can.

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