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Solana, an Ethereum competitor, has increased by 50% in the last week. Everything you need to know about the world’s seventh largest cryptocurrency

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Ethereum’s one of the biggest rivals, Solana, has surged by more than 50% in a week, making it the seventh-largest crypto in the world. Solana is considered one of the most potential long-term rivals for most cryptocurrencies. Solana also claims to be one of the fastest Blockchain globally that has also grown in this complex ecosystem of cryptocurrencies, i.e., Defi, Web3, and NFTs. It is considered that Solana will give a tough competition to a theory am, which is one of the widely used applications, for example, digital collectables and decentralized finance. The website of Solana says that the average cost per transaction costs up to 0.00025. Solar as a token has also suffered a hike of 50% in Seven days.

Solana outperformed many cryptocurrencies

Solana announced the release of $314 million in the month of June in a funding round which included investors bank man-fried’s research, venture capital firm, Coin shares, and Polychain Capital. Many alternative coins, for example, Altcoins, which was also in the limelight, but Solana seems to have outperformed many.

Reason behind this hike

The main reason behind this sudden hike is the growth in the entry in the network of non-fungible tokens that is LFTs, which is anything but digital; for example, as the art which can be sold along with technology. It has also prioritized some intelligent contracts, which are programs that get stored on the Blockchain and run under predetermined conditions. Solana has smartly used proof of history consensus, which groups the messages as proof and records every message sent.

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