“I don’t even want to know where it’s at now.” -Those who didn’t HODL SOL
Solana. We spoke briefly about this booming blockchain in our look at What’s Hot In Crypto Right Now. SOL has grown exponentially with their outrageously fast speeds and security consensus, as well as cheap transaction fees and their involvement in NFTs. Now correcting after hitting a new all time high almost daily, and trading at the 7th largest market cap, now the 6th after surpassing Ripple’s XRP. Solana has come far, and they’re not going anywhere.
What Brings The Reputation?
Charles Hoskinson, creator of the Cardano platform, as well as various other project developers, have shown attention and curiosity to this booming network. Their unique mix of a proof of stake and proof of history has caught some eyes. The unique blockchain environment is known for their speed, scalability and very low transaction costs.
Solana is a space where Dapps, NFTs and various other DeFi applications can thrive. They have over 400 different projects and are growing day by day. Coming in as a possible “Ethereum Killer” as a very diverse project. They have the smart contract technology and the ecosystem to hold a wide number of different Web 3 projects.
Solana’s environment allows for scalability and efficient speed with the way the components of the network interact. The design is a single global state that communicates with all the various functions and tasks that can be performed on the platform. This keeps the network stable and moving quickly. There is an ease of data transfer with such smooth operation at the base of the system.
Because of the capabilities of the blockchain, the costs don’t need to be higher than a penny to make transactions happen. The network guarantees this and often sees fees much lower. The low fees are a positive consequence of the network’s quality.
The Ecosystem’s Development and Growth
There are over 900 active nodes running the network, with room to grow. Solana’s speed will only rise as the network expands. Technology in this industry is always changing and always evolving. Like most any platform, innovation and expansion is consistently being pursued.
Having the experienced team of developers they do, it’s no wonder why they are quickly rising to the top. Google, Apple, Twitter, Cern, etc., etc. Innovation is at the core of their development team.
Up and Up and Up.
Solana came with the results. Their protocol has brought growth in exponential numbers almost daily for the past few days and even weeks. Up 4754% just in the last year, SOL shot up37% in the past 7 days, 131% in 14, and 333% in the 30d. Absolutely wild. They have a chance to go either way at this point. There’s a lot of hype behind them, but also a good amount of innovation.
Where Does SOL Stand In DeFi?
The attention is from more than just investors, but developers and other projects. Solana is different. The hype speaks for itself.
At the time of writing, ADA is set to launch their Alonzo Smart Contract upgrades in a couple days. Ethereum has ways to go before going fully to PoS consensus. Solana seems to have the competitive edge at the moment. They’re doing things different, and doing things right. SOL has what the people want: scalability, speed, efficiency and security. There’s no surprise to their speedy rise in value when you look at what they’re doing.
