Solana, already a big name in blockchain systems, is on the verge of expanding its reach and popularity. It is a top performer in the system and has recently gained immense acceptance, and led to unparalleled growth.
Providing better and faster blockchain transactions, and infrastructure for Dapps(decentralized applications)is the sole reason for the rapid growth and increased demand of Solana.
The key factors that differentiate Solana from others are high-speed transactions per second(TPS) and low cost. Solana follows the blended proof of stake and proof of history protocols which makes it more efficient than its competitors. Solana mainly focuses on improving blockchain scalability at low cost.
The method they used to achieve this aim is implementing a combined method of using both proof of history and proof of stake together. Solana claims that it can support 65,000 transactions per second without compromising decentralization.
How did Solana get this attention?
Solana gained massive attention in the blockchain system and has become a top-tier performer. They are competing with Ethereum and trying to fill the gap that Ethereum has created on the blockchain. The reason that Solana got this much attention is the novel methods they have used.
- Faster transaction times: Solana claims that their average transaction speed could be almost 65,000 transactions per block. The combined use of proof of history and delegated proof of stake increases the speed of Solana, surpassing Ethereum and Cardano. They are claiming that they will achieve the theoretical limit of 710,000 transactions per second in the future.
- Low fees: Solana offers a transaction charge of $0.00025 per transaction. It gives them an image of the cheapest transaction fee offering network. This could attract investors and users.
- Improving the DeFi ecosystem: the high speed and low fee structure of Solana makes it a more approachable blockchain system. Since it is much more technically advanced, the developers are interested in building DeFi applications on it.
SOL tokens are the native cryptocurrency of Solana. Transaction fees are paid through this cryptocurrency. Since the introduction of the SOL token, it achieved immense growth in value and circulation, making it one of the most circulating ones in the system.
The utility of Solana is another unique feature to be noted, developers can use the open-source blockchain in different ways. Solana Ecosystems offers the provision for selling and trading non-fungible tokens(NFTs), building the web3 blockchain games, etc.
Ethereum killer
There will not be any other suitable nickname than ‘Ethereum killer’ for Solana. Solana is way faster than Ethereum and most importantly, it is cheaper than Ethereum.
Ethereum could manage up to 45 transactions per second and Solana will be able to manage thousands of transactions(710,000) per second. Solana constantly follows a high throughput which could make them more advanced and choosy for the users over Ethereum.
The scalability of Solana is much easier than Ethereum. Solana is called the Ethereum killer because it mainly focuses on solving the issues and limitations of the Ethereum blockchain.
Even though Solana holds this description, Ethereum is considered to be the most used blockchain right now. The term Ethereum killer could be seen as a marketing identity of Solana.
Solana is on to something big!
Solana has witnessed their highest number of daily network users. Reports suggest that SOL gained more than five million daily users on September 10, and the main competitor of Solana just had only 2.5 million active users that day.
The cryptocurrency system is expecting that Solana is on the verge of creating a massive impact on the entire blockchain system and becoming the next big thing.
The deeply rooted technological advancements and combined methods of proof of history consensus and proof of stake have created an increased exigency of SOL tokens and Solana, this energy-saving method gained wide acceptance in the blockchain system and the entire cryptocurrency system.
Solana ecosystem has shown impressive growth in the developer activity too. The SOL market has increased and reached a bullish point recently. The latest news from this community is that Solana has some great potential to become the successor of Bitcoin and Ethereum.
The awaited ETF approval could do a lot more benefit to Solana to showcase its full potential and capabilities.
Conclusion
Solana could rewrite the entire dimension of the blockchain and cryptocurrency arena. They are currently trading at $135, rapidly gaining momentum in the exchange and becoming a powerful entity in the field.
Their collective impact of technological advancements, market strategy, and ecosystem growth might pave the way to the all-time high (ATH) value, this could ultimately lead to the increased purchase and circulation of SOL tokens.
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