Solana (CCC:SOL-USD) is among the hottest cryptocurrencies in the market today. SOL-USD has quickly risen to the crypto ranks with its unmatched scalability and super-fast processing speeds. It provides an ideal platform for developing decentralized apps and non-fungible tokens (NFT), which represent the future of blockchain technology.
Solana has had a phenomenal run since the start of the year and doesn’t seem to be slowing down anytime soon. SOL-USD has shot up a mammoth 10,000% plus in value since the start of the year. Just last month, it grew a healthy 40% in value.
Solana’s novel Proof-of-History (PoH) mechanism makes it one of the fastest networks in the market. It can effectively execute thousands of transactions in a matter of seconds without impacting security. Its insane speed opens up a range of possibilities for the developer community and its users.
Hence, it is a crypto that is here to stay and one you should think about investing in for the long haul.
A Robust Ecosystem
Solana’s incredible ecosystem is what sets it apart from its peers. The crypto has developed a vigorous network of developers from within and outside the crypto realm. Moreover, private investors have helped create a lot of awareness for it in the crypto sector. Over 350 projects are built on the network, and several more are in the pipeline. These projects encompass several sectors, including crypto trading, NFT trading, and other areas.
Furthermore, the Solana Foundation has been financing several startups to grow its ecosystem. It hosts the “Solana Season Hackathon,” an event where several projects are evaluated and awarded up to $5 million in funding and prize money.
Solana’s total network value is over $13 billion, which is a testament to its rapid growth in such a short space of time. Decentralized finance (DeFi) and NFT projects have been at the forefront for Solana, and it’s likely to become much more efficient over time as it improves upon its features. SOL-USD’s future depends on its future innovation and efficiency, which are two key elements that it appears to be focusing on.
Disrupting the Crypto Industry
Blockchains facilitating smart contracts have had a spectacular run in the past year or so.
Ethereum (CCC:ETH-USD) is the leader in this sphere, but it has had problems involving its substantial transaction fees and relatively slow transaction speeds. It is transitioning to a Proof-of-Stake (PoS) mechanism, which could solve these issues. However, these upgrades won’t be complete until next year.
Hence, Solana has a window of opportunity where it could chomp away at Ethereum’s market share. It is a serious challenger to ETH’s dominance with its unique protocol, which cuts intermediaries to speed up transactions. It is arguably the first crypto to solve the blockchain trilemma of scalability, decentralization, and security.
As a consequence, it has a significant edge over its peers at this time.
Solana is led by an amazing team that aims to make the crypto platform infinitely scalable for global adoption. Three engineers in Anatoly Yakovenko, Greg Fitzgerald, and Stephen Akridge, developed a robust mechanism to minimize throughput limitations. Moreover, Solana Labs is always on the lookout to hire more experts to continue expanding.
Final Word on SOL-USD
SOL-USD has been on a monumental run and will continue to grow at a considerable pace. It has a unique edge over its competition in terms of processing speed and scalability, making it one of the hottest crypto platforms.
Led by its powerhouse team, it will continue to play spoilsport for established cryptocurrencies and solidify its position for the long haul.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.