Solana News: Co-Founder Denies Lobbying for Inclusion in US Crypto Reserve

In a recent development, Solana co-founder Anatoly Yakovenko has denied rumors suggesting that the Solana network lobbied for its inclusion in a proposed US government crypto reserve. Here’s a closer look at the situation and its implications.

Solana Co-Founder Denies Lobbying for Inclusion in US Crypto Reserve

Solana co-founder Anatoly Yakovenko denied rumors that Solana representatives lobbied for the network’s inclusion in a proposed US government crypto reserve. The remarks come amid media speculation that Ripple had pushed for Solana’s addition to bolster its own credibility. Yakovenko dismissed claims that Solana had formally advocated for its place in the reserve, stating that Solana’s decentralized nature makes the notion of an official representative meaningless, likening it to suggesting a spokesperson for Bitcoin.

Solana DEX Volumes Surpass Ethereum in February

Solana’s DEX volume hit 43% in February, outpacing Ethereum’s (L1+L2) ecosystem. Despite memecoin crashes, Solana’s DEX market share remained strong at 30% in March. The growth challenges Ethereum’s dominance in DeFi, with Solana’s token price rising by 191%. Solana’s DEX operations achieved higher trading activity than Ethereum and its Layer-2 solutions, representing an essential development in DeFi standards due to quick and lower-cost transactions.

Jito Network Considers Overhaul of Tokenomics

Solana transaction volume has surged over the past three years, leading Jito Network, which processes over half of Solana’s transaction fees, to consider how to deploy its growing protocol revenues. Andrew Thurman, a Jito Foundation contributor, published a proposal examining how the Jito DAO could make use of its revenue streams. Thurman highlighted Jito’s unique position as a DeFi ecosystem that has generated significant real value quickly.

Solana Adoption at ATH, Will Price Follow or Keep Dropping?

Despite ongoing market uncertainty, Solana (SOL), the world’s fifth-largest cryptocurrency by market cap, is gaining significant attention. Recently, a prominent crypto expert posted that the total number of Solana addresses has reached a new all-time high of 2.07 billion. This substantial rise in addresses shows the community’s adoption of Solana-based dApps, NFTs, and DeFi projects. However, it’s unclear if these addresses represent real users or bots/airdrop farming.