It became the fourth-biggest blockchain in OpenSea after Ethereum, Polygon, and Klaytn. This marks a turnaround in the fortunes of Solana’s native cryptocurrency NFTs. This one could be a truly good piece of news for SOL investors! In April 2022, the OpenSea marketplace added support for SOL on their platform. Potential ROI: 3407% BUY Solana NFT Marketplace If you’re interested in why Ethereum prices are growing, see our separate article.

Right now, the asset is competing with one of the most successful coins ever, Ethereum, on the OpenSea platform. What makes Solana unique? The Solana community has excellent fundamentals and is an incredibly efficient platform, but the catalyst that catapulted the SOL coin price to the moon is an NFT project called the “Degenerate Ape Academy.” Launched in mid-August on the Solana blockchain, this project sold over 10,000 “smoothest brain” apes in a matter of minutes. The coin quickly climbed up the market cap rankings, going from position 42 in February 2021 to rank 7 in September of the very same year. It utilizes blockchain technology’s permissionless nature to provide efficient DeFi ( decentralized finance) solutions.Īlthough the initial work on the project began in 2017, and it was launched back in March 2020, it was only noticed and found acclaim in 2021. Solana is a highly effective, fast, censorship-resistant, and incredibly secure blockchain.

This, in addition to its block time of only 0.4 seconds, gives the Solana community the potential to become one of the best decentralized blockchain platforms in the industry. The only requirement to make a node on Solana is having $3,000-$4,000 worth of hardware, which may seem like a lot, but it is a low entry barrier when you compare it to other cryptocurrencies. The network has over 500 nodes, which makes it much more decentralized than blockchains like Ripple or Stellar, which have fewer validator nodes. In addition to this, Solana has basically no transaction fees. It offers a throughput of 50,000 transactions per second at layer one and has the scalability to go up to a million. Solana does everything Ethereum 2.0 promises to, but 20 times faster. Solana uses a brand-new consensus mechanism called Proof-of-History, which allows the network to be extremely fast and effective.

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