Sol coin pumps 7%, as Abu Dhabi Global Market (ADGM) partners Solana (Sol)

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Solana Foundation entered into a partnership with Abu Dhabi Global Market (ADGM). With this partnership Solana (Sol) aimed  to push blockchain focussed development & adoption in Any Dhabi. 

Solana (Sol) is a popular Proof-of-stake (PoS) crypto network, popular for its special protocol called “Proof-of-history” which helps the network to process crypto transactions via Solana network at a very low cost & within a matter of seconds.

On 7 Feb 2024, the UAE financial center in Abu Dhabi, the Abu Dhabi Global Market (ADGM) published a report & confirmed that they established a new partnership with Solana Foundation, a non-profit organization behind the Solana crypto project which remains engaged in the development around Solana ecosystem & maintains the security of the network. 

With this partnership, the Solana Foundation aimed to push the adoption of the Solana blockchain as well as the adoption of Crypto & Blockchain technology in the Middle East. 

Following this partnership news, the trade price of Sol coin surged by nearly 7%. The current trade price of Sol coin is $101.6 & this trade price is 115% higher over the last 3 months. 

Solana network outage

On 6 Feb 2024, the Solana network faced a bug effect & that caused the network to go down for nearly 5 hours. 

Later the network was restarted & then after 5 hours of outage, the network resumed its all on-chain activities. 

In the last 2 years, the Solana network faced multiple bug issues & went offline multiple times. All these things are raising questions about the reliability of the Solana network and if the Solana community developers will not work against such bugs then surely it will be very tough for them to push the adoption of Solana at the commercial level. 

Read also: Cardano Foundation CEO shares Cardano 2023 milestones & future vision amid crypto bull phase