Dear Readers,

According to the coinmarketcap.com website, the cryptocoin Solana (SOL) set aside XRP and moved to 5th place in terms of market capitalisation.

At this time Solana is trading at 86.99 USD, a high of 14.53% from yesterday. 

Solana is a well known killer coin of Ethereum Layer 1 block chain, this platform which uses a proof-of-stake mechanism to provide smart contract functionality- means decentralized applications . Its native cryptocurrency is SOL. Solana was launched in 2020 by Solana Foundations with the headquarters in Geneva, Switzerland. It was founded by Anatoly Yakovenko and Raj Gokal in 2018. 

The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

Solana was considered as a potential substitute over the dominance of Ethereum in Web 3 space, the many crashes in this Solana Platform made loss in faith, but has come up well in terms of usability and reliability and to live up to the expectations of the Crypto projects. With the Crypto Exchange FTX Collapsed, the price of Solana was also deep dived. 

One of the most exciting features of Solana eco system is with its speed and scalability. It is one of the few crypto protocols that boast over 1000 Transactions Per Second (TPS) because of its genuine web-scale blockchain features. In addition, Solana supports at least 50,000 TPS, which is about 3800 times faster than Ethereum and 10000 times faster than Bitcoin.

The transactions fee/ gas fee is also low with the Solana eco system. The Solana's average network fee is USD 0.00025 per transaction. 

For a rough calculation for our understanding, $2 million transaction on Solana would cost approximately $20. In contrast, similar blockchains like Ethereum would charge almost $600,000 at $ 6.86/ transaction.

Various projects that Solana supports DeFi lending projects like Tulip, DEXs like Serum, Automated Market Makers (AMMs) like Raydium, Cross-margin trading platforms like Mango, Phantom is a Solana ecosystem DeFi wallet that supports NFTs and Staking. There are metaverse projects like Star Atlas and BR1 and Play-to-Earn games like StepN.

Hope slowly Solana's eco system is gaining momentum from here and it would shine with the price as well in the future.