The cryptocurrency linked to the Solana network has jumped to the sixth spot among the world’s top 10 largest crypto coins amid optimism that the blockchain could be a long term competitor to Ethereum.
SOL coin has tripled its value and has currently a market cap of around $43 Billion which is almost 4.55 Trillion rupees, according to CoinMarketCap. Currently, SOL (at the time of writing this article) is trading at the price of $210.
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Solana bills itself as the world’s fastest blockchain and its website said the average cost per transaction is $0.00025. Experts tout the claimed speed and lower cost of transactions on Solana for decentralised finance and digital collectables, applications where Ethereum dominates.
In the last month, Jump Trading-affiliated crypto market data provider Pyth Network went live on Solana’s manner, a development that’s expected to help bolster the world of decentralised finance. There are plans for it soon to be able to broadcast market data through the so-called Wormhole Network.