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The digital currency “Solana” hits a new all-time high and advances to fourth place

The digital currency “Solana” hits a new all-time high and advances to fourth place

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Answer The digital currency “Solana” hits a new all-time high and advances to fourth place

The cryptocurrency Solana, nicknamed the Ethereum Killer, continued to make a strong rally and reached a new all-time high of $250 earlier today.

With this move, Solana emerged as the fourth largest cryptocurrency with a market capitalization of $73.3 billion, ousting the best players in the crypto arena such as Cardano (ADA).

Solana has been on an unstoppable run all this year, especially over the past three months.

The price of the digital currency “Solana” has increased 166 times since the beginning of 2021 and the currency has emerged as one of the best performing altcoins in the crypto ecosystem.

With an astonishing 16,000% increase this year so far, Solana has been the talk of the crypto community.

Read:Institutional Investors Buy $2.8 Billion of Bitcoin Through ‘Grayscale’ in Late 2020

Solana is known for its ultra-fast and ultra-low-cost transactions.

Besides, the rapidly increasing gas fees on Ethereum have forced more DeFi platforms and protocols to opt for affordable solutions like Solana.

According to the data on “DeFiLlama”The total value of all DeFi protocols locked on Solana has reached nearly $15 billion.

Additionally, NFT sales that take place on the Solana ecosystem have increased.

Renowned analyst and investor Scott Melker explained the reason behind Solana’s growth:

Solana is a legitimate competitor to Ethereum.

It provides extremely fast transactions at a fraction of the price.

The rapid increase in value is largely due to crypto games and the successful launch of NFT.

Developers and projects have been building on Solana for years, which is evidenced by the high prices, adoption and adoption.

Why did the price of the digital currency “Solana” rise so sharply this year?

Although higher gas fees is one of the reasons DeFi players moved to Solana, Solana has also seen a strong growth in its performance.

The Solana blockchain has a throughput of 710,000 transactions per second (TPS).

Read:Italian club Juventus launches its token “JUV” based on blockchain technology

The Solana blockchain improves this scalability by using a consensus (PoH) model combined with an existing (PoS) mechanism.

In addition, the platform facilitates the work of a wide range of decentralized applications (DApps) that were not possible before.

There has been a lot of talk about Solana competing with Ethereum and beating it in the future, but that seems far-fetched at present.

Currently, the size of the Ethereum ecosystem is seven times the size of Solana.

Additionally, as Ethereum migrates to Ethereum 2.0, Solana’s competition will become increasingly difficult.

Read also:

Project “Enjin” Receives $100 Million Funding to Support “Metaverse”

Google invests $1 billion in Bitcoin futures provider CME Group


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