Solana has been in the limelight due to its transaction speeds and bandwidth. And recently, the price of the DeFi token just exploded as it crossed $70. Solana has also flipped Uniswap as it hits an all-time high. But it’s not just SOL; other DeFi tokens have done really good as well in the past few days. Dot has seen double-digit gain; on the other hand, LUNA has also been rising very fast and has hit a new all-time high.
What makes Solana special?
Solana was founded back in 2017 and is one of the few tokens that seems to have the capability to compete with Ethereum. The number of transactions per second and the small transaction fee is its primary USP. The blockchain tech is capable of hitting 50,000 transactions per second which is just 15,000 less than Visa’s claimed limit. At present, it is processing over 6000 transactions every second. In fact, reports suggest that Solana has done more transactions than Ethereum’s entire history.
It is one of the few tokens that have overcome the losses after the crash and are back to new highs again. The token is not even competing if you just take a look at the numbers. Even after the latest fork of Ethereum, the gas fees are significantly higher than Solana, which makes it an inferior choice as a medium of exchange in my point of view.
NFTs on Solana
Even though NFTs are much more popular on the Ethereum network, Solana is catching up. The popularity of the NFTs projects minted on their blockchain is not less. In fact, the recent APE NFTs sold out very fast. The best part about all this is the insane network speeds that didn’t slow even for a minute and also the transaction fee of $0.01. That is insane as compared to Ethereum being much, much better.
Ethereum has much higher fees and also faces a slowdown when there is huge traffic due to NFT launches. I really think that Solana can beat Ethereum in the future and emerge as a medium of exchange.
What are your thoughts on Solana as it hits an all-time high? And do you think that it has the capability of beating Ethereum? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Microsoft to implement Ethereum blockchain to stop piracy.