Solana’s Metaplex Fees Could Push Developers Back to Ethereum

Solana is making headlines again following the latest reports. Check them out below.

Solana’s ecosystem boasts a major advantage in the form of its affordable utility costs for NFTs, particularly when compared to its gas-guzzling competitor, Ethereum. However, funding is still necessary for development even on this efficient blockchain platform.

Metaplex, the leading Solana NFT protocol, introduced a contentious network fee as part of its “Token Metadata Immutability Plan” to offset some of its costs. This decision has sparked negative reactions from the community, with many expressing their dissatisfaction and calling for forks.

After receiving criticism, Metaplex quickly changed its approach and removed some of the proposed fees, though not all. They explained on Twitter that they will continue to offer updates, verifications, freezes, and thaws for free because imposing fees could hinder important and urgent use cases.

Co-hosts Garrett Harper and Santiago Santos have also addressed the fee furor and the possibility that it might draw some developers back to Ethereum in a Blockworks interview on the Empire podcast.

We suggest that you check out the latest reports about this in the original article. 

Former Goldman Sachs executive and macro expert Raoul Pal is bullish on Solana (SOL). His latest predicitons are all based on his interpretation of the technical analysis.

Pal says in this week’s Global Macro Investor (GMI) newsletter that SOL is “getting ready” for an upward move.

The macro guru says that Solana has undergone consolidation. This reportedly happened after completing a pattern that indicates a reversal from a bearish to a bullish trend.

“Solana looks like it’s getting ready to make its next move higher after a period of consolidation following the inverse head and shoulders breakout in April. Solana was a big bet at GMI this year and is up nearly 150% year-to-date…”