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Ethereum competition Solana reaches the 7th spot in crypto top 10

3 min reading

The Solana network's cryptocurrency has climbed to 7th place among the top 10 largest virtual coins in the globe.

The cryptocurrency connected to the Solana network has reached the seventh spot among the world’s top 10 largest virtual coins in between the believe that blockchain could become the long-term competitor to Ethereum.  

Solana’s SOL token has increases in about three weeks with a market value more than $41 billion. Proponents tout the speed and lower cost of transactions on Solana for decentralised finance and digital collectibles where Ethereum is on top. “Solana has a growing ecosystem, projects are being built on it, and its benefitted hugely from the mania that’s taking place in NFTs,” Antoni Trenchev, co-founder at crypto lender Nexo. NFTs are non-fungible tokens used to trade digital collectibles.

The crypto figure Sam Bankman-Fried-chief executive of crypto exchange FTX is supporting. Solana bills itself as the fastest blockchain and website shows the average cost per transaction is $0.00025. in June it declared that it had raised $314 million in a funding round with investors such as Bankman-Fried’s Alameda Research, venture capital firm Andreessen Horowitz, Polychain Capital and CoinShares. 

During last month, Jump Trading-affiliated crypto market data provider pyth Network went live on Solana’s mainnet, a growth which helped to increase the world of decentralised finance. There are plans to broadcast market data through the so-called wormhole Network. “It’s becoming too big to ignore and offers a different smart contract solution to Ethereum,” Joanathan Cheesman, head of over-the-counter and institutional sales at FTX. Other coins like Solana’s SOL, Cardano’s ADA and Binance Coin have increased in recent weeks stealing the show from Bitcoin and Ether in a broad crypto revival from a May rout. Bitcoin has also rallied close to $52,000. Skeptics believe the technological upgrades push some tokens might not be validate the scale of rallies.

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