How is Solana Challenging Crypto Giants like Ethereum?
Well, Solana has been shining on the news as the probable threat to Ethereum and Bitcoin. We all know the craze of the Solana platform that counters the popular cryptocurrencies for its unbelievable transaction speed and other eye-catching features.
The marvellous growth of Solana points businessmen to set up Solana-based cryptocurrency wallets with Solana smart contract development. Many Solana Blockchain Development companies now render truly outstanding Solana Blockchain development services, and Solana NFT Development services under the guidance of Solana Blockchain developers.
Ether has been in the headlines for its correlation with DeFi solutions impacting a solid impression on the crypto investors. Since then, many Ether-killers have been generated to counteract the growing popularity of Ether. However, the colossal cryptocurrency like Ether cannot be shaken as easily as it appears but Solana is indeed a tough nut to crack with its ensuing features.
Let’s Check Some Facts
But then the question is, how is Solana different from the renowned cryptos? Well, as per the report from Coinmarketcap.com, the market value of Solana spiked from $85.8 million to $50 billion over the span of 2 years. Moreover, the proponents of the crypto world believe that Solana possesses a huge market capacity as compared to Ethereum.
Another intriguing fact that points to increasing Solana usage suggest that SOL is a backend with smart contracts integrated with DeFi apps and NFTs. Despite its smart contracts integration, Solana’s transaction speed is the fastest ever recorded in the history of the Blockchain platform with approximately 70,000 transactions per second.
It is a no-brainer that SOL is considered the recommended investment coin for the long term. Followers to date believe that Solana will pave its way to being the top coin value similar to Ethereum. Moreover, the implication of Solana with DeFi and NFTs makes it the most favourable cryptocurrency to invest in.
Solana was founded in 2020 by Qualcomm and rapidly fanned like fire in no time. Because of its overnight popularity, SOL roars among investors by receiving huge funding of approximately $314 million from Polychain capital. Furthermore, the gas fee introduced by the Solana network averages $0.00025 per transaction. This negligible amount per transaction vacates Bitcoin and Ethereum behind the fierce race.
The outrage of Solana is the main reason for the minor setback of the Ethereum valuation, which did not last long. However, supporters strongly feel that Solana bears the giant capability to withstand the storm of the cryptocurrency market. Also, we should be cautious of the Solana software benefits for decentralized applications. Webllisto Technologies is one of the leading Solana Blockchain software development companies that render Solana NFT marketplace development, Solana smart contract development, Solana cryptocurrency wallet development, as well as services like DeFI Wallet Development, NFT Game Development, metaverse development, blockchain game development, and more. Hire Solana Software developers from Webllisto Technologies for smooth functioning of decentralized applications.
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