Solana (SOL) has become Top 4 cryptocurrency, reaching over 65 billions in market cap
Recently, Solana (SOL) has been rising in price overwhelmingly. It reached $258.93 ATH on 11/7, competing with Cardano (ADA) for the 4th and 5th place in market cap. The market cap of SOL has exceeded US$65 billion as of 11/24.
The recent attention of Solana is related to the growth of DeFi and NFT. In addition, it has also drawn many institutions’ interest.
Since August, SOL has risen by more than 8 times in price. In the past three months, the transaction volume of the NFT secondary market on the Solana exceeded $500 million, making it a new competitive NFT ecosystem. Besides Solana, Ethereum also rode with the NFT fever, rising by 14.8%. As institutions enter the market one after another, the public is paying more and more attention to NFT and DeFi applications. Whether for Solana or Ethereum, there is quite a lot of potential in the future.
（Source by Messari）
What is Solana?
Solana was built in 2017 to solve the transaction scaling limitation on Bitcoin and Ethereum networks. It is also known as the Ethereum killer. It provides users with the ability to create secure, fast, and rapidly expandable decentralized applications and trading platforms.
Solana currently takes only 400 milliseconds to reach the final confirmation of a block. The ultimate goal is to prove that it can allow the transaction volume of the blockchain to expand accordingly with the network bandwidth. Solana can support a maximum of 710,000 TPS on a standard Gigabit network and a maximum of 28.4 million TPS on a 40 Gigabit network.
The origin of Solana
Solana was founded by Anatoly Yakovenko in 2017. Before that, he worked as an engineer at Dropbox and Qualcomm. After all that he finally created the Solana platform (formerly known as Loom, later changed to Solana Labs) with Greg Fitzgerald, the current Solana’s technical director). Solana launched its main net in March 2020.
Solana has already been created four years, but it has not been seen by the public until recently. There was an important turning point in July 2020: FTX Exchange announced that it would use Solana as the underlying public chain to establish a decentralized exchange (Serum). FTX CEO, Sam Bankman-Fried (SBF), was behind the scenes of all these moves.
Solana’s Potential
Solana’s founder Anatoly Yakovenko said in an interview recently: “The next stage is to attract 1 billion users because the chain was designed for blockchain applications from the beginning, which means it can adapt to the scale that is needed. With sufficient funds, Solana Labs can now bring in more partners to build Products and tools to achieve its goals.”
Conclusion
The rise is not only because of its rapid transaction speed and low transaction fees compared to Ethereum, but also because of the sponsorship of SBF, the multiple hackathons events, and the focus on the development of its ecosystem. These factors have made Solana an eye-catching star now.
Solana (SOL)
SOL is the native coin on the blockchain. All transactions will be paid with SOL as ETH to Ethereum or BNB to Binance Smart Chain.
About Solana (SOL)
（as of 2021/11/24）
- Market Cap: $ 65,107,122,393 USD
- Circulating Supply: 59.8%
- Total Supply: 508,180,963 SOL
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