Check Today's Crypto Market:
Bittime - Solanasucceeded in overtaking Binance Coin (BNB), the native token of the world's largest crypto exchange, Binance, as the fourth largest cryptocurrency in the world by market capitalization.
Solana set a new record by reaching an all-time high price above $200 per coin on September 6, 2024, according to data from CoinGecko.
What is Solana?
Solana is an open source project built on blockchain technology to provide decentralized finance ( DeFi ) solutions.
The project was started in 2017 by Anatoly Yakovenko, Qualcomm's SOLn engineer, and officially launched in March 2020 by the Solana Foundation, a non-profit organization based in Geneva, Switzerland.
Solana claims to be the world's fastest blockchain, with the ability to process more than 50,000 transactions per second at very low fees.
Solana uses a unique consensus mechanism called proof-of-history (PoH). This consensus combines proof of time with proof of stake (PoS) to achieve high scalability and security.
Solana supports a wide variety of decentralized applications (DApps) related to DeFi, NFTs, gaming, messaging, and more. Some well-known projects running on Solana include Audius, Serum, Raydium, FTX, Star Atlas, and Degenerate Ape Academy.
Check Price:
How Can Solana Beat Binance Coin?
There are several factors that contributed to the increase in price and market capitalization of Solana, including:
Adoption and integration
Solana has received a lot of support and cooperation from various parties, both from crypto and non-crypto circles. Some examples of Solana adoption and integration are:
- Revolut , a digital financial platform that has more than 16 million customers worldwide, added Solana as one of the crypto assets that its users can buy, sell and exchange, as part of its educational campaign about crypto assets .
- Paxos , a regulated blockchain infrastructure and tokenization company, announced a strategic expansion into the Solana blockchain, to increase the efficiency and scalability of its services.
- Pyth Network , an oracle protocol that provides real-time, high-quality market data for DeFi applications, is launching beta on Solana, with support from several major partners, such as FTX, Jump Trading, GTS, Virtu Financial, and LMAX.
Innovation and development
Solana continues to innovate and develop new features to improve the performance and functionality of its platform. Some examples of Solana innovation and development are:
- Token extensions , a new feature that allows developers to add restrictions to their tokens, such as transfer restrictions, freezes, burns, and more, to increase control and compliance for businesses building on Solana.
- Wormhole , an interchain bridge that enables the transfer of assets and data between Solana and other blockchains, such as Ethereum, Binance Smart Chain, Terra, and Polygon, to create greater interoperability and liquidity.
- Ignition , a global event that challenges developers, creators, and innovators to build DeFi, NFT , gaming, and Web3 solutions on Solana, with a total prize pool of over $5 million.
Psychological factors
Solana also gets a boost from psychological factors, namely optimism, enthusiasm, and following, which often influence the behavior of crypto investors, especially when the market is bullish.
Many people are interested in buying Solana because they see its great potential, positive trends, and interesting themes.
Many also follow the hype and fomo that is happening in the market, without paying attention to risks and in-depth analysis.
Also Read: Crypto Experts in the UK Request Changes to the Latest Stablecoin Regulations in Their Country
What are Solana's Challenges and Opportunities?
Although Solana has achieved impressive achievements, the platform also faces several challenges and opportunities, including:
Competition with other blockchains
Solana has to compete with other blockchains that are already popular and have larger communities, such as Ethereum, Binance Smart Chain, Cardano, and Polkadot.
Solana must be able to demonstrate advantages and uniqueness that differentiate it from other blockchains, as well as maintain the loyalty and involvement of its community.
Regulation and security
Solana must also comply with regulations and security applicable to the crypto industry, which are often fluid and inconsistent across countries.
Solana must be able to obtain permits and licenses from the competent authorities, as well as protect its users' data and funds from threats such as hacking and theft.
Innovation and collaboration
Solana must also continue to innovate and develop to keep up with technological developments and the crypto market, which is very dynamic and competitive.
Solana must be able to offer products and services that are interesting and useful for its users, as well as collaborating with other projects that are relevant and mutually beneficial.
How to Buy SOL Tokens on Bittime
You can buy and sell SOL tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. SOL is available on Bittime with SOL to IDR pairing.
To be able to buy SOL/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make SOL purchases in the application. More Complete Guide How to Buy SOL on Bittime
Monitor price chart movements for Solana (SOL), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Solana Saga, Smartphone with Web3 Integration
What is the SPL Token Standard and Solana Token-2022
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.