Solana, which is a long-term competitor to Ethereum, has seen the value of its SOL symbol in about 3 weeks.
Per Bloomberg
The cryptocurrency linked to the Solana network has jumped to seventh place among the 10 largest virtual currencies in the world amid optimism that the blockchain could be a long-term competitor to Ethereum.
Solana’s SOL testimony has tripled in about three weeks and now has a market value of more than $ 41 billion, according to CoinGecko. Advocates promote the speed and lowest cost of transactions in Solana for decentralized financing and digital collecting, applications where Ethereum dominates.
“Solana has a growing ecosystem, projects are being built there and it has benefited enormously from the mania that is taking place in NFTs,” Antoni Trenchev, co-founder of crypto provider Nexo, wrote in an email. NFTs are non-expendable tokens that are used to change digital collectibles. He said support for cryptography figure Sam Bankman-Fried, executive director of FTX cryptography exchange, is helping.
Solana is billed as the fastest blockchain in the world and its website says the average cost per transaction is $ 0.00025. In June, it announced it had raised $ 314 million in a round of investor financing, including Bankman-Fried’s Alameda Research, venture capital firm Andreessen Horowitz, Polychain Capital and CoinShares.
“The key players in the space, such as FTX and Jump, recognize its potential,” said Alexandra Clark, sales trader for UK-based digital asset broker GlobalBlock, in an email on Monday. “Not only that, but the network’s foray into NFT with Solanart, the market built into the SOL blockchain, has been instrumental in raising the price of altcoin,” he said. “The current rise in SOL prices is likely to continue.”
Late last month, Jump Trading-affiliated crypto market data provider Pyth Network went live on Solana’s core network, a development that is expected to help bolster the world of decentralized finance. There are plans for it to soon be able to issue market data through the so-called wormhole network.
“It gets too big to ignore and offers a different smart contract solution than Ethereum,” Jonathan Cheesman, FTX’s head of over-the-counter and institutional sales, wrote in an email.
So-called alternative currencies like Solana’s SOL, Cardano’s ADA and Binance Coin have risen in recent weeks, taking part in the prominent light of the best Bitcoin and Ether tokens in a broad resurgence of cryptography since the May routine. Bitcoin also rallied and approached $ 52,000 on Monday.
Skeptics argue that the technological upgrades that drive some tabs may not justify the scale of concentrations.