Solana’s (SOL) cryptocurrency is making major moves as the adoption of the Solana blockchain continues to be on a rise. Here’s how it made its way to the top ten cryptocurrencies.
Amid the recent rally in the crypto space, open-source project Solana (SOL) is grabbing all the limelight currently. Solana’s SOL cryptocurrency has gained over 40% in the last 24 hours hitting its new all-time high of $64.34. This has further helped to boost its weekly gains to nearly 70%.
The recent move from Solana has helped it gain a spot in the top ten cryptocurrencies by market cap. This happens as Solana’s market cap crosses $18 billion unsettling DeFi token Uniswap (UNI).
Solana has seen a solid run-up since the beginning of 2021. From less than $2 on January 1, to now above $64, Solana has a 32x run-up or we can say a staggering 3100% gain in 2021.
The open-source project Solana focuses on building a high-performance and permissionless blockchain maintained by the Geneva-based Solana Foundation. Solana Labs, the creator of the Solana blockchain has received major financial backing from some of the top industry players like Slow Ventures, Multicoin Capital, Foundation Capital, Abstract Ventures, and 500 Startups.
About Solana (SOL)
The official documentation from Solana states that a centralized database can “process 710,000 transactions per second on a standard gigabit network if the transactions are, on average, no more than 176 bytes.”
The Solana blockchain aims to attain this milestone in the future. At present, the Solana network processes only 50,000 transactions per second. To attain this, Solana majorly relies on a combination of two major consensus mechanisms.
One is the Proof-of-History (PoH) which is responsible for handling a bulk of transactions. The other is the Proof-of-Stake (PoS) which looks after validating the blocks produced by the PoH process.
Ahead this year, the Solana blockchain creators are planning their first-ever annual conference Breakpoint. Industry leaders from the crypto space will be participating in this conference scheduled between November 7-10.
The conference is to happen in Lisbon, Portugal will discuss several applications and use-cases for Solana. Besides, it will also set up discussions for the future of the Solana blockchain.
It’s been a long time coming.
— Solana (@solana) August 13, 2021
The recent rally in Solana comes amid strong transaction volumes on the network. The Solana public chain has also set a new high with a lock-up volume of $1,854,341,405.74. Solana’s total transaction volume reached 24.1 billion transactions.
Another major developments for Solana are the Warmhole, a bridge establishing communication among multiple blockchains. This further helps to boost the adoption of the Solana blockchain network.