Solana entered TOP-8

The unresolved problems of Ethereum have led to the emergence of interesting projects. Correcting the mistakes of their predecessor, theymoving by leaps and bounds. So, Solana in August alone grew by more than 200% and entered the TOP-8.

Image source: coinmarketcap.com

Smart contracts are in demand due to booming marketsDeFi (decentralized finance) and NFTs (non-fungible tokens). The vast majority of projects use the Ethereum blockchain, which turned out to be unprepared for such loads. Commissions on the network increased again, despite the London hard fork on August 5, which freed the network from the auction mechanism for paying for transactions. We expressed our skepticism at the beginning of the month; unfortunately, it was justified: costs rose to February highs.

Image source: bitinfocharts.com

High costs and low transaction speedforce projects to look for alternative blockchains. One of the most promising is Solana: with an average commission of $ 0.00025, the peak speed can reach 50 thousand transactions per second, which is a thousand times faster than Bitcoin or Ethereum. This is due to a number of unique solutions, for example, the blockchain uses a proof-of-history component that adds timestamps to each block. A new block is created every 400 ms, while for Ethereum it takes 10-15 seconds. At the same time, all the positive functions of proof-of-stake are preserved, including the receipt of passive income through staking.

Two weeks ago, Solana debuted on the NFT marketwith the launch of the Degenerate Ape Academy collection: 10,000 monkeys were sold in 10 minutes, and the coin jumped in price by 40%. Institutional investors became interested in the success of the cryptocurrency, which is why Osprey registered the Solana Trust fund with the SEC.

Image Source: Cryptocurrency ExchangeStormGain

Bill Noble, chief analyst at Token Metrics, believes Solana can only stop the collapse of the cryptocurrency market. Otherwise, the coin will soon reach $ 145.

 

Analytical group StormGain