Solana Surges: Captures 20% of Ethereum’s Market Cap in Stunning Two-Week Rally
Renowned crypto analyst InvestAnswers shared his insights in a recent X post, highlighting a significant development in the cryptocurrency market.
Solana, often referred to as the “Ethereum killer,” shares significant similarities with Ethereum. The Solana Foundation was founded in 2018 and later launched Solana, an open-source project.
The Solana blockchain uses a proof-of-history consensus mechanism, unlike earlier blockchains. Solana blockchain’s native token is Solana (SOL). Notably, Solana uses “a mixture of time-tested cryptographic strategies and fresh innovations to address the shortcomings of crypto’s first-wave solution,” as quoted by CEX.IO COO Konstantin Anissimov. With its unique combination of proof of history and delegated proof-of-stake algorithms, Solana is aimed at solving Ethereum’s scalability issues.
Solana offers faster transaction speeds than its closest competitors, Ethereum and Cardano. Compared to Ethereum’s 15 transactions per second, Solana can process about 2,600 transactions per second. Thus, Solana is identified to be one of the fastest blockchain platforms. To know what’s happening in the Solana ecosystem, read from CryptoTale.
Renowned crypto analyst InvestAnswers shared his insights in a recent X post, highlighting a significant development in the cryptocurrency market.
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