carrie11cady

@carrie11cady

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In a question submitted to the country’s House of Councillors on Dec. 11, Yamada asked the Japanese government to consider “the status of understanding the movement to introduce Bitcoin reserves in the United States and other countries.”

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A lawmaker in Japan’s legislature named Satoshi Yamada has introduced questions for the government on the status of national Bitcoin reserves globally.

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Solana retested this support zone on Nov. 11 and Nov. 16, before rallying to new all-time highs above $264 on Nov. 22.

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To end an extended two-week correction, SOL found support from a major demand zone sitting on its downside. This is the area defined by the $200 level and the 50-day exponential moving average (EMA) sitting at $213.

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Solana’s latest drop in TVL and real economic value signifies its decreasing attractiveness to developers over its rival, which reduces the demand for the native SOL token.

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Additional data provided by Blockworks Research reveals that SOL’s price increase on Dec. 11 was preceded by a sharp increase in the network’s economic activity. The chart below shows that Solana’s monthly real economic value—all revenue sources, including base fees and priority fees—increased from $158 million in October to an all-time high on Oct. 24 to the current level of $409 million in November.

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Data from DefiLlama reveals the total value locked (TVL) on the Solana network has increased sharply from $5.6 billion on Nov. 5 to an all-time high of $9.5 billion on Dec. 7. This 70% ascent suggests that users and developers are interacting more with the network.

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SOL’s price uptick on Dec. 11 follows an increase in onchain activity as more users engage with the network, contributing to the increasing momentum.

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These developments are instrumental in maintaining Solana’s edge as a blockchain capable of handling high throughput demands while ensuring privacy and security. This increases user confidence in the network and heightens demand for SOL, which positively impacts its price.

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In addition, the implementation of ZK-based scaling and ZK Virtual Machines (ZKVMs) by teams such as RiscZero and Succinct Labs enables arbitrary onchain computations that are not limited by Solana’s compute capabilities.

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This development also helps in privacy and security with projects like DarklakeFi and PrivateLP, focusing on building confidential, swap-based automated market makers and a market-governed anonymity protocol, respectively.

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The integration of ZK-rollups marks a pivotal development for Solana as key projects such as ArciumHQ lead the charge in providing a trustless and efficient framework that allows encrypted computations to run on the blockchain.

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The Solana blockchain advances with ZK-rollups integration, enhancing privacy and onchain computations with innovative projects like ArciumHQ and Bonsol.

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The smart contract token has performed well over the last few weeks, rising more than 45% since Nov. 5, and it’s up 121% year-to-date. Its market capitalization is $109.25 billion, making it the fifth-largest crypto by market value.

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