Solana is a web scale blockchain that provides fast, secure, scalable, decentralized apps and market places. The network supports nearly 50,000 TPS and 400 ms Block Times. Solana focuses on demonstrating that there is a possible set of software algorithms which uses the combination to create a blockchain. This will allow transaction to scale proportionately with network bandwidth satisfying all properties of blockchain.
Solana was founded in 2017 by Anatoly Yakovenko, Eric Williams and Greg Fitzgerald. They created a new process of dealing with traditional throughput problems that existed in the Bitcoin and Ethereum blockchains. They focus on creating a trustless and distributed protocol which would permit more scalability.
SOL token is the native currency in the Solana’s ecosystem. It can pass through the nodes within the Solana cluster in exchange for running on-chain programs or validating its output. It can also perform micropayments known as lamports. The current circulating supply SOL is 26 million. The maximum supply of SOL caps at 489 million.
SOL has additional use cases, where one can stake the token to earn additional rewards. The growth of SOL has been phenomenal. Market cap at the time of writing was at $73, 893, 944, 109.
What has made Solana stand out from the several thousands of cryptocurrencies? The Solana Chain supports more than 50,000 transactions per second making it the most performant chain in the blockchain network. In comparison to Bitcoin based on PoW that has 5 TPS and Ethereum which averages around 13 TPS. Thus, Solana is 10,000 times faster than Bitcoin and 3,800 times faster than Ether.
Another important factor is that the network performance is achieved without using off-chain or layer 2 solutions. This is one of the few layer-1 blockchain protocols not exposed to the mass exit problem and other risks associated with layer 2 networks. The network average fees is at $0.00025 per transaction, which is a fraction of a cent.
A 1-million-dollar transaction would cost $10 on Solana network. The same transaction on Ethereum would cost $300,000. Ethereum currently averages $6.86 per transaction.
What is driving Solana’s price? Solana’s move in to NFTs with degenerate apes. About 10,000 apes got sold in just 10 minutes.
As of today Nov 8th, combining Solanart and DigitalEyez volume, DegenApeAcademy has crossed 1 MILLION SOL in trading volume since project launch 3 months ago. This is truly historic for the SOLNFT community.
Degenerate Ape Academy was founded on the principles of friendship making, crayon eating and absolute, unregulated, deplorable, degenerate behaviour.