Categories
Cryptocurrency

As markets rise, Solana hits an all-time high at $70+

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.

Source: Techstory

Daily Crypto News: Solana Hits All-time High, Enters Top 10 By Market Cap

5 Things to Consider Before Investing in Cryptocurrency

5 Things to Consider Before Investing in Cryptocurrency There is no question that cryptocurrencies have established a new investing sector. With the value of digital currencies such as Bitcoin over ...
Read More

Tax on Cryptocurrency In India – Complete Guide 2022

Wondering how taxation on crypto works in India? How much do you have to pay tax on cryptocurrency in India? How 1% TDS is levied on crypto? Don’t worry we ...
Read More

New Cryptocurrency Bill Advances to Senate in Brazil

A new cryptocurrency bill was approved by the Chamber of Deputies of the Brazilian Congress last week, and is now awaiting review by the Senate for approval. The project, if ...
Read More

USDC Sees Native Launch on Avalanche

USDC, the second leading stablecoin by market cap, has been launched on the Avalanche blockchain as a native token. Previously, users wanting to get USDC in Avalanche had to bridge ...
Read More

Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs

On December 16, the blockchain-based lending platform Nexo announced the firm has launched a non-fungible token (NFT) lending desk. While the company offered crypto-backed loans using tokens like bitcoin and ...
Read More
Share with Others