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Thursday, January 26, 2023

Solana Trading Reaches An All-New High, DeFi Sector Basks In Its Glory

The decentralized ecosystem of trading reaches a new peak, as Ethereum booms, with Solana Trading Volume reaching an all-new record-extending high. In 2021, Bitcoin and Ether soared to their best performance in a while due to the cryptocurrency market having a quick, boost(y) start. 

Since 2020, ever since the Coronavirus Breakdown and the pandemic, investors have flooded the crypto industry. While it all seems well and healthy, the velocity of transactions and fees has been a challenge. Although Ethereum2 rolls out firmly, its users and investors could still take some time to get a positive benefit out of it. 

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Such a flaw leads to several other options being optimized. This void is filled by many different markets that trade in a decentralized finance sector. Solana, launched by and under Anatoly Yakovenko, has been the project that fills this gap. It has been the go-to-market for several investors, plainly for its somewhat open-ended infrastructure and resistance towards censorship. 

Why Solana Over Ethereum?

Several analysts and researchers have found the project a great competitor to Ethereum. While the popular project finds it tough to handle the widespread growth of the DeFi sector, according to Sam Bankman-Fried, the CEO and Founder of TFX, other platforms like Solana are needed to balance it out. 

The Solana Cryptocurrency agency has previously moved more than 50,000 transactions every second, which is an unbeatable and impressive record. 

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Although this is the record high, as per FTX’s CEO, it is yet not sufficient enough. He further said the cryptocurrency industry requires something a million times faster than this. 

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