The Solana blockchain is witnessing massive growth with huge price hikes as various DApps, Defi Ventures and Stable get on the network.
The Ethereum network’s high gas fees and slow transactions have made way for many other layer 1 solutions to acquire the market share from it. One such is Solana(SOL), which has recently gained great traction in the market.
According to data from Trading View, the price of SOL has risen 195% in the last month, from a low of $12.19 on March 26 to a new all time high of $36.10 on April 19th on a record $1.4 billion in trading volume. It is now on a bullish momentum by 16.59% in the last 24 hours.
The launch of multiple projects on the blockchain, ranging from legal Defi protocols to pump and dump airdrops that took speculators to Solana’s exchange, has sparked Solana’s strong success in the past month.
Solana compelling features
One of the features is its capacity of processing 65,500 transactions per second (TPS), which is considerably faster than Ethereum’s current average of 18.3
Moving further is its great yield opportunities that lures many users. It combines a proof of history consensus with the blockchain’s underlying proof of stake consensus, allowing token holders to receive a return on their tokens while still participating in the network.
The blockchain is also supported by various leading wallets like Ledger, Blockfolio and Exodus.
It’s recent collaboration with Phantom wallet will soon kick start an NFT ecosystem on the blockchain.
At the time of writing, Solana is trading at $37.17 and is currently ranked #18 on the market cap chart.