Dear Readers,
We are very know that Solana is a blockchain platform decentralized designed to host decentralized, scalable applications.
Solana is a decentralized, open-source blockchain platform that was developed to support the scalability and performance required for decentralized applications (dApps). The former Coinbase engineer Anatoly Yakovenko created this in 2017.
Solana is widely famous that it can process many more transactions per second (TPS) and the charges lower transaction fees than the well known blockchains like Ethereum (ETH) by using the unique consensus algorithm of Proof of History (PoH). With this advantage, Solana makes an attractive option for developers and users of dApps. The network also has a decentralized governance system, which allows stakeholders to vote on proposed changes to the protocol.
This helps the Solana network to reach consensus without energy-intensive mining. It makes Solana a more environment friendly and sustainable alternative to other blockchains that is being relying on mining.
Solana has a promising and multifaced growing ecosystem of dApps- including DeFi applications, NFT marketplaces and gaming platforms.
Solana reached its highest value of $258 in November 2021 ( Ranked #7 at that time). But down in an year after the FTX Collapse, SOL was also collapsed to $8. A lot of investors worried a lot with the joint fall of FTX and SOL, which was the reason for the sudden downfall from $38 to $8.
But, during the week Solana gained 40%.
What are the reasons for the Solana gain?
The major factor is that the new meme token BONK- the first dog coin of SOLANA. The half of the supply chain of BONK was airdropped to the Solana Community and Ecosystem participants- developments, holders and traders. The sudden buying rally created as a result has brought huge gains for BONK and Solana pairs. Currently Solana trades at $ 13.57. According to coinmarketcap.com website, Solana currently ranked at 14, with a live market cap of $5,012,023,769 USD. But Solana is a promising and growing eco system!