Unless you have been living under a rock, you might not have noticed Solana dominating the crypto market. As possibly the fastest emerging project, it has managed to stand toe to toe with a variety of big names in the market.
Solana Network’s SOL has managed to reach the top ten cryptocurrencies in the market in a remarkably short span of time. People who have invested in Solana are especially optimistic for its blockchain infrastructure, which they believe will surpass Ethereum. Even now, Solana continues to climb the rankings, as its unchallenged blockchain propels it.
Furthermore, the SOL token has managed to triple in a matter of a week, allowing the market cap to reach $35 billion. The optimism that people have about Solana’s blockchain seems to be paying dividends towards the token. Solana is also directly competing with Ethereum by offering lower transaction costs and better transaction speeds. From the looks of it, SOL is looking to overthrow the current king of decentralized finance.
Even though cryptocurrencies are becoming better accepted throughout the world, very few of them want to be a typical “currency.” Many of them wish to resemble or become better investment opportunities. Very few of these cryptocurrencies want to become an alternative to traditional currencies, and Solana is not in this group.
Cryptocurrencies can usually fall into two major categories. For one, they can be purpose-built, which means they will be serving a very specific purpose. A good example for these types of cryptocurrencies is Litecoin and Bitcoin, which plan to be an alternative form of payment. On the other hand, there are cryptocurrencies like Ethereum and SOL, which are more open-source; allowing people to use it for various projects.
Solana acts more like an operating system founded on the blockchain, which will allow developers to create decentralized apps. These apps are usually similar to regular mobile apps, with the added bonus of being extra secure thanks to their blockchain foundation. These foundational crypto platforms will bring about a revolution at the same scale as the internet. Therefore, you can say that all of this multi-purpose crypto have the same objective.
Over the past few months, Solana has been rising at a remarkable pace. NFTs are partly responsible for the incredible rise in popularity, as many programmers are making use of Solana to build their NFTs. NFTs have been growing massively over the past year, with over 30 times more transactions than the previous year. With that level of growth, it is understandable why blockchain networks that support creating NFTs are becoming so popular.