Altcoin Solana reached an all-time high value of $214.96 on 9th September according to CoinMarketCap’s price. With the price surge, Solana’s market capitalization increased to around $60 billion, leaving Dogecoin and Ripple closely behind.
Solana’s rise from the past 2 years is incredible, it has constantly witnessed a double-digit growth and has recorded a 430 percent increase in the last 30 days. The Solana investors also commented that it would eventually leave Ethereum and Cardano behind.
Solana currently has 400 projects running on its platform. Among these projects, crypto exchange Aldrin launched by Hisham Khan merges both centralized and decentralized finance.
The reason behind Solanas double-digit growth since the last year has been because of the technology that it is equipped with the following features:
- The developers of solana claimed that it is the fastest growing blockchain in the world and is capable of supporting NFTs, contracts and more in their rapid growing space
- The Solana system uses a Proof of Stake (PoS) consensus mechanism that reduces the requirement of highpower.
- Solana has a cryptographic time-sampling that can accommodate between 50 to 65,000 transactions per second (TPS), each transaction at a meager cost of $0.00025. In comparison to this Bitcoin and Ethereum can have 5TPS at a cost of $5 per transaction and 13 TPS at a cost of $10-65 depending on network traffic.
In June, it announced that it had raised $314 million in a funding round with investors including Bankman-Fried’s Alameda Research, venture capital firm Andreessen Horowitz, Polychain Capital, and CoinShares, as reported by Bloomberg.
Alternative coins or altcoins have recently taken the limelight from popular digital tokens like Bitcoin and Ether, the coin linked to ethereum blockchain, as the like of Cardano, Solana, Binance Coin have surged in recent weeks amid the crypto rout.
To know the price of the coins click here
For more content based cryptocurrency news and reviews click here
Dislcaimerthis news and reviews blogs are only to educate, inform and deliver information to the public and is not an investment advice. Nothing should be taken as an offer to buy, sell or hold any cryptocurrency