Solana is currently, the fastest growing cryptocurrency in the global crypto market!

The cryptocurrency market has been on the rise for the past year, and with its growing awareness, more investors are joining the crypto market. Even though there are many trusted cryptocurrencies in the market with promising returns, Solana's supersonic growth and adoption among investors have surprised everyone. The promising cryptocurrency, also known as the 'ethereum killer' is currently performing up to its hype. Solana has been surging for the past few weeks and has been continuously making all-time highs.

Currently, according to coinmarketcap, Solana's price is about US$152.87 with a global market capitalization of US$45 billion. The SOL community is considering Solana as the game-changer in the blockchain industry. It has already crossed ethereum in the number of transactions done daily. Market experts believe that Solana's surge could keep continuing, owing to its upcoming burning of tokens.

How does Solana work?

Solana is a programmable, decentralized blockchain that is equipped with smart contracts for running Defi applications. It can process 50,000 transactions per second, compared to just 15 to 45 transactions per second on ethereum. Transactions fees in SOL are as low as 0.00025, and its block finality is 400 milliseconds, while ethereum takes a few minutes.

It is a single-layer blockchain and guarantees composability and scalability to its users and developers. They would never have to worry about sharing or layer 2 protocols. All such facilities have made crypto enthusiasts nickname it as 'ethereum killer'. Even though currently, ethereum is working on its shortcomings and drawbacks, in the meantime, Solana is putting up a tough competition. With its combination of proof-of-stake and proof-of-history consensus mechanisms, the network facilitates a smart, secure, and transparent blockchain community.

 Why is Solana constantly surging?

It is a fact that cryptocurrencies are have been performing exceptionally well in the market lately, but Solana has been the best of them. The 'ethereum-killer' is indeed living up to its name and is outperforming all its competitors. It is no secret that Solana is currently the fastest cryptocurrency in the market and some of its unique features are partially responsible for this.

Solana's move into non-fungible tokens (NFT) with degenerate apps has been one of the major facilities that attracted more investors. Degenerate apps were Solana's first big foray into NFTs. This collection of customed apps features various traits with various degrees of rarity. Along with this, currently, there are over 400 projects built on the network, including various decentralized finance (Defi) applications.

Apart from this, crypto traders are looking for a reliable investment to replace ethereum. Like ETH and ADA, Solana supports smart contracts and is gaining popularity with developers building Defi apps and creating NFTs. Besides, it is one of the fastest cryptos in the block right now. Not only is its speed competitive with Visa's payment processing capabilities, but the SOL network also claims that it will be able to get faster after its hardware improvements.

Solana's future

Solana ranks at the 7th position in the global crypto market. Harboring some of the most successful on-chain projects, it is one of the fastest-growing cryptocurrencies with an unprecedented growth rate. The excitement over Defi and NFTs is yet another reason for investing in this crypto. Even though the price predictions by different crypto experts have not deterred Solana from rising, the market is still volatile and subject to highs and lows, and so is Solana. The future is still unpredictable.