The price of Solana (SOL) is now inching closer to a new all-time high. On the other hand, stablecoins, DeFi projects as well as DApps are not creating platforms on the Solana network.
The entry of institutional investors along with the increase of DeFi (decentralized finance) has displayed some astounding advantages for the entire cryptocurrency market. Nonetheless, this is also directed towards a few constant limitations that are encountered by numerous blockchain networks. This is faced during the spikes in action and the requirement to scale.
Upwards Journey Of Solana
The slow transaction and high fees on the network of Ethereum have opened many windows for the new solution on layer 1 to emerge. In addition, Solana is one of those projects which has gained traction recently.
According to the reports of TradingView and Cointelegraph Markets, SOL price is seen to have surged by 195% since the last month. It has rallied to the record high at $36.10 from the $12.19 low on 19th April. Their trading volume is also at an all-time high at $1.4 billion.
The rise of SOL was motivated by the introduction of numerous projects on the blockchain including the DeFi protocols for pumping and delivering airdrops. This has brought spectators for the exchange of SOL.
One of the best advantages of the SOL network is its claim to process transactions of 65,500 each second. This indicates a considerably faster network as compared to Ethereum’s 18.3 average. SOL also makes use of ‘proof of history’ along with ‘proof of stake’ consensus that makes earning yields easier for token users.
The integration with Phantom wallet recently also added fresh energy and allowed the generation of a dynamic NFT ecosystem.