The Solana blockchain has been proposed as the foundation for the burn-and-mint equilibrium [BME] model by Render Network, a decentralized GPU solution.
The decision to expand to a new L1 is being made to help scale the network to meet its technical demands and implement the BME, as stated in the blog.
After reviewing a number of layer-one networks, community mood polls revealed that Solana [55%] had overwhelming support, followed by its current platform, Polygon [14%].
Factors that were used to evaluate blockchains were: developer community, throughput, liquidity, transaction fees, programming languages, integrating smart contracts, speed of implementation, and the maturity of the project.
There has been a recent emergence of protocols that incentivize people to do verifiable work similar to the verifiable GPU compute work performed on the Render Network. Solana has attracted a higher share of such projects including Helium, Hivemapper, and Audius.
As the first active implementation of the BME on any blockchain, the Render network is also closely monitoring the migration of the decentralized wireless communication network Helium to Solana, which is scheduled to take place in April.
On Feb 17, developers of the Helium network announced that the wireless network will shift entirely to the Solana blockchain by March 27.
The migration will see HNT, MOBILE, and IOT issued on the Sol network, which will continue to be the tokens in the Helium ecosystem.
The Upgrade’s final phase will start on the scheduled date of March 27 at approximately 15:00 UTC.
The move is in response to a September community voting in which 81% of Helium community members supported migration.
Having said that, it is encouraging to hear that platforms are adopting the layer-1 blockchain because, in the past, a lot of important projects have shut shop or switched to other blockchains.
Solana Lead The Altcoin Troupe
As reported by TronWeekly, Solana NFT marketplace Formfunction announced via Twitter that it will shut down on March 29 due to operational woes.
The firm called it an “extremely difficult decision”, but it was made after considerable deliberation and thought.
Meanwhile, on the price front, Solana was among the top-performing altcoin as it grew by 26% in less than a week. The surge has been attributed to the latest developments in the European banking sector that drove the asset north.