“The Comeback of Solana: How Solana Became a Leading Blockchain“
As a crypto enthusiast, you must have noticed the recent buzz surrounding Solana. While Bitcoin’s skyrocketing performance has been a hot topic, Solana has also been making waves. In the last 30 days alone, Solana saw an impressive 144.2% gain, reaching a peak of $60.21, up from below $10 in December. But what led to this resurgence?
How Solana Reached its $259 ATH
In March 2020, Solana experienced a significant turning point with the launch of its mainnet. By January 2021, Solana’s value was at $1.52, but by November of the same year, it had soared to an all-time high of $259. This remarkable growth was driven by four key factors.
High Throughput
Solana boasted a TPS (transactions per second) of 65,000, a significant milestone in the blockchain world.
Low Fees
With average transaction fees of less than $0.001, Solana provided an affordable alternative to other platforms.
Scalability
Solana’s use of sharding allowed for increased efficiency and improved performance, setting it apart from competitors like Ethereum.
Smart Contracts
Solana’s introduction of fast and inexpensive smart contracts had a considerable impact on the DeFi and NFT markets.
The Downfall of Solana
Like many other projects, Solana experienced a decline following a market crash, exacerbated by the FTX collapse in November 2021, causing SOL to plummet below $10 and prompting doubts about its future.
The Resurrection of Solana
Despite these setbacks, Solana has shown remarkable resilience, with positive developments such as new partnerships, improved platform stability, and increased developer activity. This has boosted confidence in the platform, leading to a recent 144.7% increase in SOL’s value over the last 30 days and a 314% increase over the last year.
Hot Take: Solana: A Resilient Blockchain Set for New Heights
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