Solana blockchain project has been surrounded by controversy on account of its association with the infamous cryptocurrency exchange FTX. However, at present, it seems that Solana native token $SOL has a chance to retake its position among the top 10 cryptocurrencies in the world. During the last week, the SOL token has gained around 36% of its price momentum.
In doing so, SOL has also managed to flip another major altcoin Polygon on the international crypto market leaderboard. The data projections issued by Santiment have confirmed the bullish momentum that has allowed the struggling altcoin to revive.
According to the media outlets, some supportive comments from Ethereum co-founder Vitalik Buterin have also played an important role in restoring the declining prices of SOL.
According to the media outlets, the Ethereum co-founder has posted positive comments about the Solana native token post-FTX downfall. His tweet claimed that Solana is a blockchain that consists of an earnest, smart developer community.
He also claimed that at present opportunistic investors have been drawn out of the crypto space, and thus the blockchain is likely to have a bright future.
It is important to note that the Solana project had started to lose traction among investors on account of its association with the controversial case of the FTX exchange.
It has been reported that FTX failed to manage its funds effectively and breached the trust of its clients. Several arrests and investigations have taken place by the financial authorities in this case.
IOG Unveils New Sidechain Project
IOG developers have introduced a new EVM sidechain project to launch on the Cardano blockchain. The toolkit launch is going to be inclusive of components such as Plutus Script and the main chain.
The toolkit is going to enable cross-chain transactions and enable data collection from the main chain. According to the media brief, the sidechain project is also going to assist various consensus mechanisms, ledger policies, and programming languages.
Furthermore, the sidechain project is also going to help the decentralized application developers with its toolkit.
New features such as interoperability, compatibility, scalability, and testability are going to be added to the Cardano blockchain with the introduction of this side chain toolkit. However, the main function of the sidechain is to facilitate asset transfer.