Solana is a devolved computing platform that receives payments in the form of SOL.
Solana tends to augment the scalability of the blockchain by amalgamating proof of stake consensus with so-called evidence of history. Consequently, Solana promises to be capable of supporting 50,000 transactions per second without compromising on decentralization. You can buy Solana from different types of sites.
What is Solana? What is behind the rise in the price of Solana?
Crypto-computing platform, Solana, promises high transaction speeds while maintaining decentralization. Ethereum is a cryptocurrency and a flexible framework for decentralized applications (dapps) – everything from Degenerate Apes to Serum can be deployed on Solana’s platform (or DEX).
For the most part, it focuses on speed, with a new technology called proof of history at its core (PoH). Compared to Ethereum, Solana can handle about 50,000 transactions per second (the ETH2 upgrade, which is presently underway, is designed to make Ethereum much faster than it is now).
While it is true that many cryptocurrencies have been performing well in the market recently, the performance of Solana has been the greatest among them.
Ethereum Killer is outperforming its opponents, and it is most likely on the verge of living up to its moniker in the process. Solana is now the quickest cryptocurrency on the market is not a secret, and the project’s developers are constantly upgrading its features.
Solana is a cryptocurrency launched in 2017 as a direct competitor to Ethereum.
Cardano (ADA) joined the race shortly after. SOL, like Ethereum and ADA, SOL is a cryptocurrency that enables smart contracts and is gaining popularity among developers who are developing Defi applications and developing NFTs (non-fungible tokens).
This is the fastest of the three, capable of processing approximately 70,000 transactions per second and doing it at a low cost of less than $1 per transaction. The currency temporarily rose beyond the USD 130 level before plummeting due to many speculators taking profits during the period.
However, if the coin continues on its current path, it might return to the mark in no time and perhaps exceed the USD 150 level in the coming months.
Is SOL a solid long-term investment?
Additionally, investors’ fear of missing out (FOMO) has played a significant role in Solana’s meteoric rise. Those who missed out on the ETH boom are certain that Solana will have a similar rally and have jumped on board. Another reason to consider investing in Solana is the heightened interest in Defi and NFTs.
According to investor Kevin O’Leary of Shark Tank, Defi applications are expected to replace financial intermediaries in the next few years. If this is accurate, it will positively impact the value of all coins trading in the base, including SOL.
SOL was the sixth-largest cryptocurrency by market cap, with a market valuation of roughly $44 billion as of early April. So, the total market capitalization of bitcoin is far less than $877 billion. It’s also less than Ethereum’s estimated $418 billion in market value.
Aside from the non-utility players like Dogecoin and the Shiba Inu, another dog-related currency with connections to Elon Musk, SOL is usually ranked higher than other popular alternative coins like Cardano or Litecoin.
Several well-known Solana Beach investors have joined the cause. Solana Labs reported that coin sales on the network garnered $314 million in June. Polychain Capital, Alameda Research, and CoinShares were some investors.
Thus, to this day, SOL is the fastest and most affordable blockchain-based platform service available in the crypto industry, allowing its members to develop decentralized applications, digital assets, and smart contracts faster than they could anyplace else.
Even though the number of users and developers on the Solana blockchain continues to increase exponentially, it is quite probable that it will grow alongside and compete with Ethereum in the long run.