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The Story Behind SOL's $72 Billion Crypto Breakthrough

 

It's a cryptocurrency based on the Solana blockchain that is now in use. When it made its debut in late summer of last year, its value surged. On January 1, 2017, the game's creator released his first concept art for Solana. ETH's long-term rival, SOL, is being mentioned as a potential long-term opponent. When compared to other Blockchains, transactions on the Solana Blockchain are significantly less expensive. Solana's blockchain has less competition for space than EtherLedger's, which is a good thing.

Transactions were suspended for 17 hours in September due to a major outage. There are those who say it was only teething pangs, while others fear that it will not be able to compete with Bitcoin and other major cryptocurrencies. The Solana network is powered by the SOL coin. In addition to smart contracts, Solana provides a platform for decentralized financial apps and other smart contracts. Transactions on the Solana network will be highly fast and cost-effective in contrast to traditional blockchains. A 14,000 percent increase in the coin's value has taken place since the beginning of the calendar year. SOL was the fourth-largest cryptocurrency by market capitalization as of the beginning of November, surpassing Bitcoin. It has a market value of less than $1 billion, yet it is more valuable than other altcoins like Cardano and Litecoin, which have market capitalizations of more than $1 billion. By selling its coins on the open source Solana network, Solana Labs raised $314 million in June.

It may be difficult to compare crypto networks due to their wide range of uses. According to Pantera Capital partner Paul Veradittakit, bitcoin ventures can be divided into many major groups. For him, Solana is the most challenging opponent when it comes to developer adoption and growth.

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