Solana is one of the best-performing blockchains. It is one of the fastest, safest, and most censorship-resistant blockchains, providing the open infrastructure needed for global crypto adoption. Solana has proven itself to be a reliable smart contract solution for decentralized applications that require high speed but at a very low cost.
The focus behind creating Solana was to provide scalability without sacrificing decentralization or security. The high-speed technology of the proof-of-stake protocol currently supports approximately 65,000 transactions per second.
On September 7, the crypto market experienced a huge dive into the market. But Solana was able to take the week-long market crash to a new high above $ 214. This amazing performance of SOL did not end after registering 80% weekly gains. During the dive across the market, Solana’s price soared, highlighting the growing interest of investors. Gradually, SOL has now emerged as a significant competitor to Ethereum, a public ledger that was a leader in decentralized finance (DEFI). Despite attracting investors to Ethereum, which can host other applications and cryptocurrencies, Solana ranked itself as the best programmable blockchain and consistently performed well.
One of the many reasons for SOL’s price hikes is that the crypto world to NFTs (non-fungal tokens) has taken a turn for the worse. By encoding these tokens through ownership and copyright information, critical data is incorporated into each digital art. It does not end there. One of the biggest milestones it has achieved is its integration with the FTX-backed marketing center for collections.
Another is that it has built more than 400 projects on Solana’s network, including various decentralized finance (DEFI) applications. It attracts a wide range of projects, many of which work well.
It is one of the fastest cryptos in the block. Not only will its speed compete with Visa’s payment processing capabilities, but Solana will be faster with further hardware upgrades.
Currently, Solana is in an unstable phase. Many government officials are talking about stricter controls for decentralization. This may affect the performance of various projects built on Solana’s network. In addition, its short-term price increase may prompt investors to think about investing in this crypto. Unstable investments may witness dramatic gains and heavy losses.
This programmable blockchain is extremely competitive and there are many powerful alternatives emerging in the market recently. But there are some compelling reasons for Solana’s rise.