Solana has skyrocketed recently and jumped to the seventh largest cryptocurrency by market capitalization. The market is optimistic that Solana may become a long-term rival of Ethereum. The data shows that Solana’s SOL coin has tripled in about three weeks, and now has a market value of more than 41 billion U.S. dollars. Supporters of Solana claim that compared to the dominant Ethereum, Solana has faster transactions per second and lower transaction costs, so Solana is known as one of the “Ethereum killers.”
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Antoni Trenchev, co-founder of Nexo, a cryptocurrency lender, said: “Many projects are built on the evolving Solana ecosystem, and Solana has benefited a lot from the craze of NFT.” NFT is used to trade digital collectibles. Of non-fungible tokens. He said that the support of Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, was helpful.
Solana claims to be the fastest blockchain in the world, and its website states that the average cost of each transaction is $0.00025. In June of this year, the company announced that it had raised $314 million in a round of financing. Investors included Bankman-Fried’s Alameda Research, venture capital firm Andreessen Horowitz, Polychain capital, and CoinShares.
At the end of last month, Pyth Network, an encrypted market data provider under Jump Trading, launched on the Solana mainnet. This development is expected to help support the decentralized financial sector. The company plans to disseminate market data through the so-called “wormhole network” soon.
Jonathan Cheesman, FTX’s head of off-site and institutional sales, said that Solana provides a smart contract solution that is different from Ethereum.
So-called alternative currencies such as Solana’s SOL, Cardano’s ADA, and Binance Coin have soared in recent weeks, stealing some of the limelight from investors’ attention to Bitcoin and Ether, which are recovering since the crash in May. Bitcoin prices have also increased, approaching $520 million on Monday.
Skeptics believe that the technological upgrade of some tokens may not justify the scale of the rally.
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