Solana Makes its Mark in the AI Industry: Assessing SOL’s Response to the Announcement

Solana Enters the AI Space

Solana [SOL] witnessed a decline in the number of active accounts in terms of fee payers over the past 90 days. A decline in the number of fee payers directly affects a network’s revenue. However, Solana made a few efforts recently to improve the blockchain, which can help change the current scenario.

Solana launches ChatGPT Plugin

As a part of the AI initiative, Solana Labs created an open-source reference implementation for a ChatGPT plugin. The newly developed plugin will provide a unique capability to the Solana blockchain, as users will now be able to search the blockchain using the AI chatbot.

As per the official tweet, users will also be able to perform various tasks through the ChatGPT user interface, including checking wallet balances, transferring tokens, and purchasing NFTs.

Solana’s Impact and Market Performance

Considering the hype around ChatGPT and AI in the blockchain industry, the possibility of a spike in interest in SOL following the launches can’t be ruled out. This can also help increase SOL’s TVL, which recently registered a decline.

The efforts show an impact as Solana’s development activity increased over the last week, which can be attributed to the aforementioned efforts. SOL’s weighted sentiments also registered improvement. At the same time, the network’s social volume remained consistent, reflecting its popularity in the crypto space.

Open Interest Decline

After a massive drop in SOL’s price on 27 April, the token recovered quickly as its 24-hour price chart was only down marginally. At press time, SOL was trading at $21.91, with a market capitalization of more than $8.6 billion.

However, Solana’s demand in the derivatives market fell lately, as evident from the decline in its Binance and DyDx funding rates.

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