Solana has become really popular recently as the price of the cryptocurrency keeps surging and making all-time highs. 2 weeks back, I wrote an article as the price of the coin crossed $70, and believe it or not, the price is at $111 now. In fact, Solana briefly touched $130 before correcting. All DeFi tokens are doing good, but the “so-called” Ethereum Killer Solana has been out-performing everything significantly. But why? what is so special about Solana? And what makes it different from other tokens? Let’s take a look.
What makes it special?
Solana was found back in 2017 and has a lot of advantages over other coins and even Ethereum. Two problems that have plagued cryptocurrencies is bandwidth and the transaction cost. Solana solves them both by supporting nearly 70,000 transactions per second at a meagre price. From its inception, it has also done a lot more transactions than Ethereum, which is supposed to be the replacement for the dollar (as we say). Solana’s bandwidth and transaction speed make it really favourable for normal use and building platforms and exchanges on top of it.
Another big thing that could soon arrive in Solana is the burning of tokens. Yes, it will be similar to Ethereum’s burning of tokens, and that could make it pump even higher. And this rumour is also the reason that Solana is pumping hard as if it starts to burn tokens, the overall supply will start to decrease, and the price will increase. It is also reported that Solana will soon introduce smart contracts, which will make it compete with ADA. The latter is going to release smart contracts on 12th September and has also pumped a lot in the last month.
Solana’s scalability is high
A lot of NFTs are also getting minted on Solana’s platform at really, really cheap rates, which again makes it attractive to real users. The fact that Ethereum’s gas price has increased after their new upgrade could make a lot of people shift to Solana. Very soon, we could see more applications under Solana which will make it even more powerful.
What are your thoughts on the Ethereum killer Solana and its price surge? And are you invested in the project, or are you controlling yourself not to FOMO in? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: FTX acquires crypto derivative platform approved by the US.
