Almost every month a new star appears in the crypto market. This time, Solana (SOL) surprised market participants with its stellar rise. In a month, it soared by almost 200% and exploded into the top-10 of cryptocurrency assets by market capitalization. The token hit an all-time high, having approached the level of $75 per coin. In total, since the beginning of the year, it has risen by 42 times.
Created in 2018, Solana is a wormhole project. This is one of the basic blockchain protocols with an industry-leading transaction speed. Additionally, it operates more cost-effectively than many other established blockchains, especially Ethereum. Unlike some platforms, Solana solves one of the main crypto problems, which is node synchronization. It claims a maximum throughput of more than 50,000 per second and block times as low as 400 ms. The prospects for the project are bright. This is why the coin price has skyrocketed.
The development team operates in San Francisco. Solana has over 84,000 followers on Telegram, and more than 250 projects have been launched on its blockchain. Currently, significant investments are being made in the Solana-based ecosystem and the platform is passing the early stages of development with flying colors. Importantly, there is also an influx of capital into projects based on Solana. For example, last week, Mango Markets, a decentralized exchange, raised $70 million in its token sale.
Critics point out that Solana is still working in the test network mode, which means that all services on its blockchain, including DeFi, are subject to malfunction.
