Solana, a cryptocurrency that competes with Ethereum, has gained another 10% in the previous day, reaching a new all-time high above $100.
For the first time in history, the price of SOL, the cryptocurrency that underpins the Solana blockchain, surpassed $100 on Monday, extending the upward trend that has seen the asset’s value rise by 38.7 percent in the last seven days.
According to CoinGecko data, SOL reached a high of $101.42 at one point, before reversing course slightly by the time of publication. With trade volumes in excess of $2.2 billion and a market value that is just a hair shy of $29 billion, SOL has risen to the eighth-largest cryptocurrency by market capitalization.
In total, the value of the token has increased by more than 201 percent in the last month.
Using a proof-of-stake (PoS) consensus method, Solana, which mines its SOL token, is positioned to compete with Ethereum, the world’s most popular smart contracts platform, offering up many options in the worlds of decentralized finance (DeFi) and non-fungible tokens (NFTs).
The network is capable of processing roughly 1,000 live transactions per second, with engineers suggesting that this number might go as high as 50,000 during peak periods. In addition, the transaction costs are far lower than those now given on the Ethereum blockchain.
When a smart contract is used, it is a sort of self-executing contract that does not require the parties to do any additional action. A smart contract can be thought of as a line of code that is written to automatically execute a task, or sequence of actions, if a triggering event occurs, without the need for any third parties to intervene.
Solana’s vision for the future is bold and ambitious
Earlier this year, Solana raised more than $300 million to assist in the establishment of an incubation studio to speed the creation of decentralized applications (dapps) and platforms based on the blockchain technology.
Additionally, a venture investing arm and a trading desk dedicated to the Solana ecosystem are being considered as options for the future.