“Ethereum Killer” Solana Has a Spectacular Turnaround

Solana

After a long period of silence, Solana continues to be a topic of interest among cryptocurrency enthusiasts. Thanks to this positive effect, Solana’s token SOL has increased more than 9%, reaching a 24-hour high of 44.41 USD. In the past 30 days, Solana has also exploded in value, surpassing the 88% threshold, making this the currency with the highest volatility.

SOL Price Coingecko

Despite its close connection to the scandalous FTX exchange and being frequently mentioned by FTX’s former CEO who was sentenced to prison, Solana still had a spectacular turnaround.

Solana is a Layer 1 blockchain that uses a combination of Proof of History (PoH) and Proof of Stake (PoS) consensus mechanisms to resolve thousands of transactions per second at a low cost. Solana was officially launched in 2020 with the ambition to solve the blockchain trilemma (impossible trinity of blockchain) and is considered by the crypto community as the new generation “Ethereum Killer”. If a transaction on Ethereum costs 6.58 USD, Solana’s gas fee is currently 0.000522 USD.

In addition, Solana provides powerful infrastructure including SDK and smart contract toolkits to create favorable conditions for developers to build DApps on the ecosystem. Because of its ability to process transactions quickly and at low costs, DeFi, NFT, and Gaming projects on Solana always get the most attention.

For this reason, Solana has attracted the attention of many big companies. In August, Solana’s payment protocol Solana Pay integrated with the e-commerce platform Shopify, allowing merchants to accept stablecoin USDC via blockchain. According to Mahendra, the partnership helped Solana “leverage Shopify’s influential 10% market share in online retail in the United States, which equates to approximately $444 billion in global transactions.” Then payments giant Visa announced in September that it had chosen Solana’s blockchain for its stablecoin ambitions. These two moves were considered optimistic by investors, causing new investors to pour money into the project, and causing the SOL coin to rebound strongly.

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