Solana explained to better understand its potential. Discover its ecosystem, its community.
Solana explained, let’s go, if you wish, to discover its ecosystem and what you should not ignore about it. I propose a quick presentation, the essentials, free to continue your research if this article has awakened in you an interest for this blockchain and its token.
For starters, it’s arguably one of the fastest growing blockchains in the world. It has the fastest growing ecosystem in the field of crypto-currency, with thousands of projects covering DeFi, NFTs, Web3 and more. If you’re interested in crypto news, you’ve probably already heard about its $SOL.
Solana explained, let’s start with its two major assets:
- Low cost transactions, stable and therefore always very competitive in the future. Indeed, this blockchain has been designed so that its transactions remain below $0.01 for developers and users.
- Its speed has always characterized it and will continue to do so in the future. Indeed, Solana is all about speed, with blocking times of 400 milliseconds. And as the hardware gets faster, so does the network.
Low cost and speed, but not only that. Indeed, Solana is also censorship resistant.
This means that the network will remain open so that applications can operate freely and transactions will never be stopped.
Solana has become a force to be reckoned with. Phantom wallet, Solana’s most popular wallet, has more than 2 million users just six months after its launch.
Its Magic Eden marketplace has facilitated 4.6 million non-fungible token (NFT) transactions in 30 days through early March, and hundreds of millions of dollars in investments are flowing onto the blockchain.
From the point of view of its development, it can be said that thanks to its very low transaction costs, a few fractions of a cent, it is increasingly a serious competitor to Ethereum.
Indeed, Ethereum can cost sometimes hundreds of dollars for some transactions and the more the blockchain is cluttered, the more the costs increase and its speed decreases.
The best argument for Solana is all that is being built on it.
NFT projects are being launched every day, and Solana Ventures has more than $250 million in funding to develop the Solana ecosystem.
Here are some more numbers that demonstrate its ability to grow and take market share: on April 16, 2022, 932 daily active programs were running, compared to 415 on January 1 and only 64 on June 1, 2021.
It’s fair to say that the Solana blockchain is benefiting from the momentum of developers and investors.
This also means that it is very positive for its token, $SOL, and that its price could well be directly impacted strongly in the future in a direction that should please its investors, as long as its development is not slowed down or stopped, which would be very surprising, but I would like to make it clear that this is not an investment advice, just an observation of what is happening and could happen if its development strengthens, some even talking about a value that could reach 1,000 dollars per $SOL …