2023-10-25
Solana price has increased from $19.50
on October 5 to $31.26 on October 25. Solana price surged 60.3% in the last 20
days.
1. Bitcoin break through $34,000.
The price of Bitcoin indicates investors’
confidence in cryptocurrency market. One of the reasons Solana price surged 60%
because Bitcoin price break through $34,000.
2. Solana is one of the most widely
used blockchain.
In term of the number of dApps and
total value locked, Solana is a lot smaller than Ethereum. However, Solana is
the most widely used non-EVM blockchain. Solana uses Rust as a programming
language.
SPL Tokens
SPL tokens are programmable tokens that run on Solana blockchain. One of the tokens that run on Solana is Helium (HNT).
solana.com/news/case-study-helium
NFTs
DeFi
There are many DeFi platforms on Solana.
Marinade Finance is a liquid staking platform on Solana. Solend is
a lending platform on Solana. Raydium is an automated market maker on
Solana.
Note that FTX was the supporter of
Solana. Many Solana’s DeFi platforms have suffered from the collapse of FTX. Their
TVL have decreased dramatically after FTX went bankrupt.
GameFi
Solana supports blockchain games. There
are many gamefi on Solana such as Star Atlas, Aurory, and Tap Fantasy.
3. Solana is a blockchain that has good
infrastructure.
Software Wallets
Different wallet options are available for Solana users such as Phantom, Solflare, and Sollet. Users can use these software wallets for token transactions, DeFi, NFTs, etc.
Transaction Fees.
Solana has low-cost transactions.
Solana’s average transaction fees are between $0.0025 - $0.00025 per
transaction. Solana’s transaction fees were found to be among the cheapest fees of all
blockchain networks.
Time to finality.
Solana takes around 12 seconds to
process a transaction.
Transactions per second.
Solana blockchain process 65,000
transactions per second.
Solana Pay
Solana Pay now support USDC. Online shops can set up Solana Pay to receive payment using Solana blockchain. For transaction fees, credit cards cut between 1.5% and 3.5% per transaction from merchants. But Solana Pay charge only $0.00025 fee for a transaction.
solana.com/developers/payments
Solana developers can develop tokens,
NFTs, GameFi on Solana. Solana has software wallets to support users. Solana
blockchain can support large number of transactions and Solana transaction fees
were found to be among the cheapest fees of all blockchain networks.
4. Investors see potential upside in
Solana.
Solana currently has fully diluted market
cap of $17.436 billion. BNB Chain has fully diluted market cap of $34.138
billion. Solana still has room to grow.
Solana is a lot smaller than Ethereum
in term of the number of users, dApps, developers. But there is potential in it
and information of Solana has given us a piece of evidence about its
potential.
