Solana’s recent jump may be tied to the popularity of a Solana-based, fitness-related app called STEPN and moves to include NFTs from its blockchain on OpeanSea, a major marketplace for the digital collectibles, according to Jonathan Cheesman of crypto-derivatives exchange FTX. Compared with other dominant coins, Solana is relatively young. The idea for Solana was first published in 2017 by developer Anatoly Yakovenko, and SOL debuted last year and its value surged in the late summer. One key advantage? Transactions on Solana’s blockchain are extremely cheap, relatively. The miners who validate transactions on Solana charge much less than those for Ethereum, because Solana’s tech allows many, many more transactions per second — tens of thousands, compared with fewer than 100 for Ethereum. Essentially, that means there is not as much competition for space on the Solana blockchain.
You know Bitcoin. Odds are you have heard of Ethereum. And even if you just watched TV at some point this year, there is a good chance you are familiar with Dogecoin, too. But what about SOL? A lesser-known coin is having a moment during a frenetic time in the ascent of cryptocurrencies — shooting up the charts to solidify its place in the top 10 cryptocurrencies of late. It was up some 28% in the seven days leading to April 4 at a time when Bitcoin’s price was flatlining after having jumped about 40% from a January low.
SOL, a cryptocurrency that runs on the Solana blockchain, is being talked about as a potential long-term competitor with Ethereum. That is because it is more than just a coin: Solana and Ethereum have both developed support among coder communities, who have built functions like smart contracts and NFTs (or non-fungible tokens) on the platforms. Evangelists hold regular meet ups from San Diego to Hong Kong.
