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Bitcoin’s sharp drop to $44,000, following the adoption of Bitcoin in El Salvador, has bruised the global cryptocurrency market with a drop to $2.03 trillion. It also left several leading cryptocurrencies including Ethereum, Cardano, Binance and Dogecoin in a similar state. However, the collapse did not deter the altcoin Solana from reaching an all-time high of $214.96 on September 9 according to CoinMarketCap Price Index. With the price hike, Solana’s market capitalization rose to around $60 billion, leaving Dogecoin and Ripple behind.
Solana’s astronomical rise from $2 last year was no accident. It has consistently experienced double-digit growth and has registered a 430 percent increase in the past 30 days. Investors in Solana hope to eventually leave Ethereum and Cardano behind.
Solana developers believe that the reason behind Solana’s steady double-digit growth since last year lies in the core technology that has been equipped with the following new features:

  • The developers claim that Solana has the world’s fastest blockchain, capable of supporting contracts, NFTs and other platforms in the rapidly growing space of decentralized finance.
  • Solana has time-coded samples that can accommodate from 50 to 65,000 transactions per second (TPS), each transaction at a minimal cost of $0.00025. In comparison, Bitcoin and Ethereum can have 5TPS costing $5 per transaction and 13 TPS costing $10-65 depending on network traffic.
  • The Solana system uses a Proof of Stake (PoS) consensus mechanism that reduces high power requirements.
  • The Solana ecosystem introduced a Proof of History (PoH) system, which allows on-network validators to calculate the state of the network from the ledger itself.

Solana currently has 400 projects running on its platform. Among these projects, the crypto exchange Aldrin launched by Hisham Khan is integrating both centralized and decentralized finance. According to Hisham, Solana eases entry barriers, facilitating mass adoption of decentralized finance. Solana developers aim to conduct lightning-fast transactions around the world and compete with the Nasdaq and New York Stock Exchanges
For the latest cryptocurrency news, investment tips, and real-time price updates, follow our website Cryptocurrency page.

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