Solana (SOL), is a new coin in the world of cryptocurrency. Solana has found its way into the cryptocurrency world, where memes have become tokens. Let’s take a quick look at some of the key facts and figures behind Solana.
Solana (SOS) that is brightly shining.
Developer Anatoly Yakovenko first proposed the idea for Solana in 2017, and SOL debuted in March of last year. Its worth began to rise dramatically last summer.
Solana is a public blockchain platform that is an open source and decentralized currency that uses proof of stake and proof of history to achieve consensus. Solana was created primarily to assist smart contracts and the production of decentralized applications, or dapps, once it was formally launched.
Solana has been dubbed “a viable long-term” token and “the answer to Ethereum’s challenger,” according to Bloomberg and others, especially in the context of NFTs and DeFi. “Solana is the leading Ethereum competitor,” says Bitwise Asset Management’s Chief Investment Officer to CBS Make It.
Solana can perform more transactions per unit of time and has significantly lower fees than Ethereum, but it has yet to achieve Ethereum’s mainstream status due to the blockchain’s early-mover strategy – despite its inability to make the necessary rapid adjustments to keep up with competitors like SOL.
What Sets Solana Apart From The Competition?
Solana is a proof-of-stake (PoS) blockchain, which allows it to operate in a more ecologically friendly manner than several of the market’s leading coins, like Ethereum and Bitcoin. SOL was worth roughly $1.50 at the start of 2021, and the token’s market cap was around $86 million. It has risen by more than 12,300% since then, and one SOL is now worth more than $200. Solana has surpassed Bitcoin as the sixth largest cryptocurrency by market capitalization, with a market worth of about $62 billion.
SOL: SOL is currently at 256.9500, up 8% today. | TradingView.com | SOL-USD
Many are hopeful Solana will fulfill it’s purpose as a digital currency. A risk many have cited is it’s longevity and ability to take out other platforms. Solana has been the 3rd fastest cryptocurrency in the world recently, and it’s notable rise this year.