Open-source DeFi protocol breaks May’s ATH levels with record-breaking numbers on the blockchain
SOL—the coin of the Solana blockchain project—reached a new all-time high of $64.90 with 20 percent growth in the last 24 hours. Yesterday, SOL coin reached $54 with 23 percent of daily growth. In accordance with the preceding price movement, the aggregated growth of the coin totaled 46 percent at the peak in two days. Currently, SOL has retraced back to around four percent after forming a new ATH.
In addition to a rapid price increase, Solana blockchain has reached 24 billion transactions with 1,294 transactions per second. Currently, the Solana DeFi platform has more than $1.8 billion in locked funds. The previous ATH for SOL coin was $58, and at press time, Solana is trading at $62.
Solana is an open-source blockchain project that brings forth advanced decentralized solutions. The protocol empowers decentralized app creation based on Solana blockchain. The project functions with the utilization of a newly introduced proof of history (PoH) consensus mechanism, in addition to a traditionally used proof of work (PoW) consensus.
One of the main strengths of the Solana project is the low processing time of transactions on the blockchain. According to the project’s CMC page, Solana offers low fees and swift processing time even in periods of high network congestion.