109 Interactions, 4 Today
Solana (SOL) has reached a new all-time high.
The cryptocurrency is now worth $157. With a market cap of $45.8 billion, the coin has risen 14.71 percent in 24 hours to become the seventh-largest cryptocurrency.
The astounding increase is a 70,632 percent increase over a year and a half ago, when Solana was just getting started and the market hadn’t yet recognised its potential.
Solana, created by ex-Qualcomm personnel, promises a slew of advances that would shorten transaction times, enhance capacity, and reduce prices to a fraction of a penny per transaction.
The most notable of these is proof-of-history, an unique consensus mechanism that verifies transactions by utilising a cryptographic clock to logically deduce if someone can fund it.
Solana’s emergence comes at a time when the market is in critical need of a smart contract-enabled blockchain that provides high throughput at a low cost. Ethereum, its major competitor, is on the verge of collapsing; a long-awaited update is taking forever, and transactions can cost hundreds of dollars.
Solana’s most recent all-time high corresponds with the creation of an NFT marketplace on FTX, which allows users to exchange NFTs across Solana and Ethereum. Today, the marketplace made waves after customers spammed entries of NFT fish. Since then, FTX has charged a fee for NFT submissions.
Although consumers cannot yet withdraw the NFTs created on FTX’s new marketplace, the notion of minting NFTs for tiny sums of money (compared to the $80 it costs to mint an NFT on Ethereum) on a large exchange that supports the Solana ecosystem may have attracted new investors.
Today, the rest of the market has backed Solana’s gain. Bitcoin has risen to $51,908 only hours before El Salvador accepts it as its official currency, and Ethereum is approaching $4,000 as the non-fungible market expands.