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Ethereum Alternative Solana Almost Doubles In a Week, Flips XRP

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Smart contract platform Solana’s SOL token continued its relentless surge higher in the market today, as it flipped XRP for the spot as the 6th most valuable cryptoasset. 

The latest gain comes after Tuesday’s market selloff left SOL nearly unscathed, while the competing Ethereum platform’s ETH token remains down more than 10% from before the crash.

At 10:48 UTC, SOL was up by a whopping 31% over the past 24 hours, trading at USD 210. The price was further up by almost 90% in a week and over 440% for the past 30 days, by far outperforming smart contract competitors Cardano (ADA) and ETH, which rose by 74% and 10%, respectively, over the same period.

SOL price chart:

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Source: coingecko.com

Following the “flipping” of XRP, the next coin on the market capitalization rankings, binance coin (BNB) (with a market capitalization of USD 63bn), now seems within reach for Solana (USD 61bn) in the short-term. BNB has itself seen huge growth (1,718% in a year), as smart contracts and DeFi services have embraced the Binance Smart Chain.

And while SOL’s price has grown, total value locked (TVL) in dollar terms on the platform has also risen exponentially through August and September, moving from USD 1.22bn on August 1 to USD 7.99bn as of today, data from tracking site Defi Llama shows. 

Total value locked in Solana. Source: Defi Llama

The sharp rise of Solana has caught the attention of many of the crypto community’s leading figures, with speculations arising that Ethereum – although still much larger by market capitalization (USD 411bn) – may not be able to maintain its dominant position indefinitely. Among the most commonly cited reasons for this is Ethereum’s high fees, which continue to plague the network. 

Some crypto community members appeared to be surprised by just how strong the growth has been in recent days, especially in light of Tuesday’s sharp selloff in the crypto market: 

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“Quite a run it had and still has! I was also surprised at how well it held up against the flash crash yesterday,” wrote a Reddit user, while another added “Flash crash? Hell no says Solana.”

Meanwhile, Google search data, a proxy sometimes used to gauge interest in various cryptoassets, showed that search traffic for Solana has caught up with, and on occasions even overtaken, searches for the much larger smart contract platform Ethereum.

The price growth for SOL in September comes after Solana in late August announced its new hackathon series dubbed “Ignition,” with USD 5m in prizes for developers across the D

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eFi, Web3, Gaming, and Art/Collectibles niches.
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Solana (SOL) Ecosystem has Grown in Leaps and Bounds

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Reportedly, the Solana ecosystem has grown in leaps and bounds — and new projects are starting all the time.  Every Solana hackathon has been bigger than the last.

There are now more than 1,700 active developers building on Solana — everyone from crypto veterans to people who learned Rust over a weekend.

Community About Projects on Solana:  Pay attention to fluxprotocol. It’s the next level oracle, fully decentralized. It will enrich DeFi on Solana, FLX token fair launch will be held on 1st Dec via balancer on copper launch.

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Solanacash aims to accelerate the adoption of the Solana network around the world by adding more transaction capacity to the network. Key Features:  Powered and deployed on Solana. Low Transaction Cost.  Mobile App.

How to make Solana node, do you have some video?  Solana is an amazing project. They prioritized continuous building over noise making. It’s the great work that they do behind the scenes in their ecosystem that is paying off now. But more work is also needed to sustain these achievements.

For clarity, for those new to ecosystem by DeFi:  Solana SOL is a decentralized blockchain built to enable scalable, user-friendly apps for the world. Solana is the fastest blockchain in the world and is capable of supporting over 50,000 transactions per second (TPS) while maintaining block times of 400 milliseconds.

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Comparing that to trad alternatives; Visa claims a max TPS of 24,000 and Mastercard 5,000 Solana can already operate at 10x the speed of Mastercard and transaction cost $0.00025 Visa/Mastercard charge anywhere between 0.1-2.5% of every transaction. The more you spend the more the fees.

With Solana – you pay a flat fee whether you transact $1 or $100 million. Moreover, it’s global. We don’t even want to start counting the fees banks charge on FX & conversion for international transactions and remittances. The World Bank actually thinks 7.68% fees is an accomplishment.

It is proven that Solana can scale to a whopping 710,000 TPS with today’s hardware and it only gets faster thanks to Moore’s Law. A unique selling point for Solana is that everything is on Layer 1 aka everything is in one giant place. Solana ensures compos-ability.

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Between ecosystem projects by maintaining a single global state. This is extremely important for DeFi, NFTs, and the Metaverse – not having to deal with fragmented Layer 2 systems or sharded chains is a HUGE win as it expands the design space for devs.

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The Solana Network Is Greener Than Google: Report

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According to a Solana report, one transaction on the project’s blockchain requires less energy than two Google searches.

Solana has emerged as a viable alternative to a host of blockchains. In fact, the network is not only efficient when it comes to conducting transactions but is also greener than web browsing giant Google, at least according to a recent report.

At a time when the carbon footprint of Proof-of-Work (PoW) based assets has come under scanner, Solana’s latest Energy Use Report for November 2021 demonstrates a brand new trend taking shape that pushes towards a greener crypto sphere.

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Solana Vs. Google: Which One’s Greener?

According to the report, the Solana Foundation determined that a single Solana transaction takes 0.00051 kWh or 1,836 Joules of energy. To put things into perspective, the report presented a myriad of activities that consumes more energy. For instance, a single Google search reportedly consumes around 1,080 Joules. Meaning, two Google searches would consume more energy than one transaction on the Solana network.

It does not end there. Transaction on Solana also requires 24 times less energy than charging a mobile phone. It is also less energy exhausting than keeping an LED light bulb on for one hour, which consumes around 36,000 Joules, as well as working for an hour with a computer and monitor, which takes around 46,800 Joules.

What’s even more interesting is that the entire Solana network only uses around 3,186,000 kWh per year. This is equivalent to the average electricity usage of 986 households in the USA.

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Solana Vows Reduce Carbon Footprint

Meanwhile, leaders around the world are bickering about global efforts to minimize carbon emissions. For the cryptocurrency sector, the Solana Foundation appears to be keen on working towards carbon neutrality.

As such, the organization has vowed to reduce the SOL ecosystem’s environmental effects even further. Its plans for the remainder of 2021 include the introduction of a program to assist in making Solana’s validator network carbon neutral and offset the footprint of the ecosystem.

In addition to these steps, the foundation also revealed that it would release reports on the project’s energy stats periodically. In a nutshell, Solana appears as the faster and less energy-hungry alternative to Ethereum, which has been riddled with high gas fees and an electricity bill that burns a big hole in the pocket. The race is now towards merging efficiency and eco-friendly tech.

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However, Solana is not the only one that is putting tremendous effort into going green. From prominent blockchain firm Ripple to Avalanche and Neon Labs, several platforms are working towards becoming energy-efficient.

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Solana will become the next Bitcoin, says FTX CEO Sam Bankman Fried

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  • Sam Bankman-Fried told Kitco in an interview that the next Bitcoin would be a blockchain with high throughput like Solana and Avalanche. 
  • Though the Solana blockchain has failed to gain mass adoption, it is likely that it becomes the largest DeFi base layer.
  • Institutions and influential investors are flocking to the Solana ecosystem, driving demand higher and increasing value captured by the altcoin. 
  • Analysts are bullish on SOL price, predicting a rally to $305 as the altcoin continues to climb. 

The next Bitcoin has to be a blockchain with the potential to process thousands of transactions per second. Since the Solana blockchain can process 50,000 transactions per second, Sam Bankman-Fried sees potential in SOL becoming the next Bitcoin. 

Analysts are bullish on Solana price, predict a rally to new all-time high 

Solana price plunged below $200 in the Black Friday crypto bloodbath. The altcoin’s price has recovered from the drop and is trading close to $200 at the time of writing. There is a spike in institutional inflow and capital rotation into Solana over the past two months. 

Influential investors are bullish on Solana, contributing to a rise in the altcoin’s adoption. In a recent interview with Kitco, Sam Bankman-Fried (SBF) lauded Solana for the protocol’s ability to scale to millions of transactions per second. The FTX CEO said that it makes Solana an integral part of cryptocurrency adoption and the next Bitcoin. 

Solana’s scalability could help it evolve into the new Ethereum or Bitcoin, and SBF was quoted as saying,

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I am optimistic about Solana. She has every chance of doing this, which is very interesting, I think.

@venturefounder, a cryptocurrency analyst, believes that Solana may end up rivaling Ethereum with a rise in institutional adoption. 

Cryptocurrency analysts at “More Crypto Online” are bullish on Solana. Analysts have predicted a price rally to a new all-time high at $305 as the altcoin price trend reverses. 

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FXStreet analysts have evaluated the SOL price trend and predicted that by crossing $230, Solana could resume a parabolic trend. 

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