The year 2021 will remain historic no matter what happens to Solana. That was actually the year the Solana (SOL) crypto exploded. The SOL coin has really established itself as a strong challenger in the DeFi race. Back to the Solana crypto, which is now available on the Bitbuy Stock Exchange.
What is Solana Crypto (SOL)?
Solana cryptocurrency is among the competitors of Ethereum. Find out more.
Solana, what is it?
The origin of the Solana project dates back to 2017. Officially, the launch of Solana as a crypto was in March 2020. The Solana Fund responsible for crypto development is based in Geneva, Switzerland. Anatoly Yakovenko is the main name to remember when it comes to the development of Solana. After working at Qualcomm, Anatoly Yakovenko joined the Dropbox company before launching the Solana adventure.
Solana falls into the same category as Ethereum (ETH), Cardano (ADA) or even Avalanche (AVA). The blockchain thus makes it possible to develop decentralized applications or Dapps. These applications offer financial services (DeFi), but also other services such as. NFT platforms.
Solana also hosts the NFT platform created by Melania Trump. But above all, at the moment, Solana is the one other blockchain in the form of NFT sales volumes, behind the immovable Ethereum. According to data from cryptoslam, more than $ 30 million has been sold in NFT on Solana within the last 7 days.
What are the benefits of the SOL corner?
There are many ethereum killers. Nor is it always easy to distinguish them by their characteristics. How is Solana special?
Each blockchain must be located within the following triptych: security, scalability and fees. Currently, these three basic requirements are often antagonistic to blockchains. In fact, if a blockchain offers a high level of security, it is often at the expense of its scalability and its cost. This is exactly the challenge that Ethereum is facing at the moment. Also blockchains have to resign by making one strategic choices and prioritize one of the three criteria above.
In terms of Solana, blockchain has clearly chosen scalability. It turns out that Solana hasone of the best scalability on the market with a (theoretical) capacity of 50,000 TPS (transactions per second). In addition, the fees are low.
In another aspect, Solana blockchain scores big points compared to the environment. In fact, as a study by the Solana Foundation has shown, a transaction in SOL is very cheap in terms of energy. In the current context, this is certainly a major strategic advantage.
Solana Crypto Price
As we have said, the year 2021 has been extraordinary for Solana in terms of its course. The price of SOL thus increased by more than 10,000% during the year! Specifically, if you had bought SOL for $ 100 in January 2021 and then sold it in December 2021, you would have made a capital gain of $ 9,900!
How will Solana behave in 2022? Without being completely in line with … EARTH, the course of the Solana has lost its luster. The price of SOL is thus stable over the last 7 days, however a decrease of 6% over the last 30 days. This fall in price had consequences for the overall capitalization of SOL. While Solana had climbed to 6th place worldwide in 2021, the crypto now swings between 8th and 9th place worldwide. It has just been overtaken by the crypto Terra (on fire since the start of 2022) and is in a battle with Cardano.
The race of Solana screwed after several attacks on its network especially the one about his Wormhole. But overall, its dynamics follow that of the crypto market in general, which has been very harsh since the beginning of 2022. At the time of writing this article, the price of Solana is $ 90.9 or 63% lower than its ATH on November 6, 2021, when it reached $ 260.
Bitbuy Stock Exchange offers Solana
Solana’s cryptocurrency is available on all major crypto exchanges. Bitbuy has been offering SOL crypto since the beginning of 2022. If you want invest in Solanaso you can now do that by registering with Bitbuy.
The Canadian cryptocurrency exchange also offers other cryptocurrencies such as: Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, EOS, Stella Lumens, Chainlink, AAVE, Dogecoin, Cardano, Polkadot, Uniswap, SushiSwap and Polygon.
The exchange is first crypto platform regulated in Canada. Bitbuy is especially known for his advertising campaigns carried out in collaboration with basketball player Kyle Lowry.
Warning: This article is promotional content and does not constitute investment advice. Do your own research and invest only the money you can afford to lose.