If data from the Solana Hyperdrive Hackathon submission information is any indication, Chinese developers are engaged and eager to create on top blockchain platforms.
The Head of Growth of the Solana Foundation, Matty Taylor, stated in an X post on October 17 that considerably more Chinese developers than American developers applied to join in the Solana Hyperdrive hackathon.
Attracting Chinese Developers to Solana
A $1 million prize fund is available for the hackathon, and all entries have to be made by October 15th. The goal of this online gathering is to “nurture and expand” the ecology of Solana.
Developers from 68 nations submitted work, with China and Vietnam submitting the most. The remainder were primarily from Germany, Turkey, India, Mexico, and the United States.
Chinese Interest in Solana: Can SOL Cross the $30 Mark?,Chinese Interest in Solana: Can SOL Cross the $30 Mark?
Solana may benefit greatly from the noteworthy involvement of Chinese technologists, suggesting that the blockchain may find traction in the region’s economic powerhouse.
China continues to support blockchain technology, seeing it as a way to gain a competitive advantage and even boost productivity in a number of vital areas that the nation is working to progressively improve, including healthcare, banking, agriculture, and government.
The Resurrection: Will SOL Break $30?
For instance, during the past few months, Solana has seen a steady increase in the trading of non-fungible tokens (NFTs). The network did not stop even though there was a rise, unlike in other cases, particularly in 2022.
Rather, the exceptional dependability appears to have stimulated activity, directly aiding in the recovery of SOL prices, which plummeted by more than 90% following the revelation of purported customer fund embezzlement by Sam Bankman-Fried and Alameda Research. FTX holds a sizeable stake in SOL, which will be liquidated and distributed to affected consumers. FTX had invested in Solana.
At current pricing, SOL is excessively robust and up 36% from its September 2023 lows. Based on the daily chart’s candlestick arrangement, SOL is currently trading at its October and 2023 highs, and if bulls continue, it may break higher.
The broad reaching, heavily traded October 16 bull bar may serve as an anchor for the subsequent leg up to the around $32 highs in July 2023.
Chinese Interest in Solana: Can SOL Cross the $30 Mark?,Chinese Interest in Solana: Can SOL Cross the $30 Mark?,Chinese Interest in Solana: Can SOL Cross the $30 Mark?,Solana Coin Crypto news, Solana Coin News