Solana is the 10th largest cryptocurrency by market capitalization have made a gain of 72% in just two days. The $20 billion cryptos managed to breach their mid-May peak and surpass the $70 milestone. Let's know what does it mean for the investors.
It is an open-source blockchain project that provides advanced decentralized finance (DeFi) solutions. DeFi is designed to replace the existing financial system banks and exchanges by using cryptocurrencies.
Solana was launched in 2017 by Anatoly Yakovenko to solve the Blockchain Trilemma. While developing the blockchain, the developers faced the trilemma, i.e., decentralized, scalable, and secure. But sooner, Solana addressed all three challenges without compromising. The commentators have said that it is the most preferred blockchain technology for developing DeFi applications.
Globally people are readily investing in Solana is because of its most unique way to represent the environment, i.e., proof-of-history (POH) consensus. Also, Solana supports 50,000 transactions per second (TPS) and producing a new block every 400 milliseconds.
Globally people are astonished to see Solana's bullish run. There are a couple of factors that led its price skyrocketing. At first, Solana's got a surge because of the boom in NFT sales. In August, the NFT market OpenSea, the largest NFT marketplace, hit over $1 billion in sales.
Second, the launch of the Degenerate Ape NFT collection on Solanart. It is an NFT platform that saw a sale of 10,000 cartoon apes in eight minutes. With the outbreak of this news, Solana surged 28% immediately.
And third, a decentralized high-speed exchange powered by Solana, Mango Markets successfully raised the crowdfunding of $70 million. Also, Solana is home to another popular exchange founded by crypto-billionaire Sam Bankman-Fried, i.e., Serum.
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