China builders are energetic and prepared to construct on main blockchain platforms if statistics from Solana Hyperdrive Hackathon submission particulars are something to go by. In an X submit on October 17, Matty Taylor, the Head of Progress on the Solana Basis, stated there have been much more builders from China who submitted functions, prepared to take part within the Solana Hyperdrive hackathon than from the US.
Solana Attracting Chinese language Builders
The hackathon has a prize pool of $1 million, and all submissions needed to be submitted by October 15. It’s a web based occasion aiming to “nurture and broaden” the Solana ecosystem.
Builders from 68 international locations submitted, with the very best numbers coming from China and Vietnam. The remainder had been primarily from the US, India, Mexico, Turkey, and Germany.
That notable participation from Chinese language builders generally is a large enhance for Solana, indicating that the blockchain may very well be widespread within the Asian financial powerhouse. China stays pro-blockchain and believes that the know-how can provide them an edge and even enhance effectivity in some crucial sectors, like agriculture, healthcare, governance, and finance, that the nation seeks to reinforce progressively.
Nevertheless, China has banned crypto buying and selling and mining, citing the “must go inexperienced, defend shoppers, and guarantee monetary stability.” The Chinese language central financial institution, PBoC, stated cryptocurrencies might pose a danger to the nation’s monetary system.
In contrast to Ethereum, Solana permits quick transaction processing and is comparatively scalable with first rate exercise. Though the venture suffered following the collapse of FTX in November 2022, there was a revival in worth and on-chain exercise.
The Revival, Will SOL Breach $30?
For example, non-fungible token (NFT) buying and selling exercise on Solana has steadily risen over the previous few months. Whereas there was a spike, the community didn’t halt, as in earlier cases, particularly in 2022.
As a substitute, the excessive reliability appears to have impressed exercise, instantly serving to revive SOL costs that collapsed by over 90%, worsened by information that Sam Bankman-Fried and Alameda Analysis allegedly embezzled buyer funds. FTX had invested in Solana and has a substantial share of SOL, which shall be liquidated and reimbursed to impacted shoppers.
At spot charges, SOL is up 36% from September 2023 lows and overly agency. Wanting on the candlestick association within the each day chart, SOL is buying and selling at October and 2023 highs and will break greater if bulls press on. The October 16 bull bar is wide-ranging, has marked buying and selling volumes, and will anchor the subsequent leg in direction of July 2023 highs of round $32.
Function picture from Canva, chart from TradingView