Because of its transaction speeds and capacity, Solana has gotten a lot of attention. And the price of the DeFi token has surged, crossing $70. It has also flipped Uniswap, which is currently trading at an all-time high. But it isn’t only SOL; other DeFi tokens have performed admirably in recent days as well. Dot has risen by double digits; on the other hand, LUNA has been rapidly climbing and has now reached a new all-time high.
What makes Solana special?
Solana was launched in 2017 and appears to be one of the only coins capable of competing with Ethereum. Its main selling point is the high number of transactions per second and low transaction fee. Blockchain technology can process 50,000 transactions per second, which is only 15,000 transactions per second fewer than Visa’s declared capacity. It is currently processing more than 6000 transactions per second. According to sources, It has completed more transactions than Ethereum’s whole history.
It is one of the few tokens that has recovered from its post-crash losses and is now trading at new highs. If you only look at the numbers, the token isn’t even competing. Even after the most recent fork of Ethereum, the gas fees are substantially greater than those of Solana, making it a less desirable medium of exchange in my opinion.
NFTs on Solana
Solana is catching up to NFTs, which are significantly more popular on the Ethereum network. The NFTs projects minted on their blockchain are also very popular. In fact, the most recent APE NFTs were quickly sold out. The nicest part about it all is the fantastic network speeds that didn’t even lag for a minute, as well as the $0.01 transaction charge. That’s crazy when you consider how much better Ethereum is.
Ethereum has substantially higher fees and suffers from sluggishness when there is a lot of traffic due to NFT launches. I am confident that Solana will surpass Ethereum as a medium of trade in the future.