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Tuesday, September 19, 2023

Alchemy Unveils Support For Solana’s Web 3 Application

The Web 3 programmer platform Alchemy announced on Thursday that it is extending its offerings to the Solana ecosystem.

According to a press release, the beta version is already available for anyone to sign up for and will be distributed to the general public in the following weeks. Alchemy was used to create popular Web 3 products including OpenSea, Aave, and 0x. Alchemy is thrilled to cater to the “existing, active, extremely enthusiastic ecosystem of programmers that have spent time natively on Solana,” according to product manager Michael Garland.

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Despite the fact that Alchemy recently announced Ethereum scaling solutions in June, Solana Labs Head of Communications Austin Federa claimed the chain’s efficiency makes it a viable platform for developers wishing to move from Web 2 to Web 3.

Alchemy Has Created Web 3 Apps For Several Blockchains

“The goal of Solana,” Federa told CoinDesk, is to shift “from a world where payments are scarce, expensive, and sluggish to a world where payments are rapid, inexpensive, and generally available.”

In February, Alchemy secured $200 million in a Series C-1 fundraising round, valued at $10.2 billion. According to Garland, the platform has “tens of thousands” of developers, although he did not offer a figure. On June 3, the price of Solana (SOL) fell, bringing its gross paper losses to 85 percent, seven months after peaking above $260.

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After struggling to recover with confidence from 10-month lows, the SOL price plummeted by more than 6.5 percent intraday to $35.68. The SOL/USD pair, which is now lying on a historically major support level, might see an upward retracement in June, with a target of $40-$45, up roughly 25% from today’s price. However, recovery is far from certain, and Solana suffers challenges from moving in perfect sync with Bitcoin (BTC), the world’s most valuable cryptocurrency by market capitalization, which often drives patterns in the top altcoins. In particular, as of June 4, the weekly coefficient of correlation between BTC and SOL was 0.92.

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