Solana: A promising crypto ecosystem
After Ethereum, Solana is the biggest name in the field of the blockchain ecosystem. Solana blockchain is active in more than 400 projects. These projects include Defi, NFTs, and much more. We can define Solana in simple terms as a decentralized blockchain-based platform. Solana uses its native token SOL for facilitating transactions. Unlike Ethereum, Solana uses a programming language called Rust. Developers can build applications on Rust.
Solana is best known for its scalability. Scalability is measured in TPS, or tokens per second. Solana’s TPS is way above its main competition Ethereum. While Ethereum has a speed of 30 TPS, Solana has 50,000 TPS. It achieves this mind-boggling feat through clever use of Proof of History and Proof of Stake. SOL is also used for micropayments called ‘lamports’. As of now, Solana’s supply stands at 506 million, with 60% already being circulated. Solana has entered the list of top ten cryptocurrencies in the world with a market capitalization of over $45 billion. In another major achievement, Solana’s Defi projects crossed $4 billion in the last month. In the sector of Defi projects, Ethereum is still way ahead of Solana, with $130 billion in Defi assets.
When SOL hit the market in 2021, it was priced at approximately $1.5 per token. Since then, it has grown over 100 times. The highest price SOL reached was $215 in September 2021. According to leading experts, Solana is now in its consolidation phase. Most believe that Solana has the potential to give Ethereum a run for its money. It is worth waiting to see how they perform in the coming years.