Solana is one of the fastest growing blockchain projects in the crypto space and now has a market capitalization of over 8.7 billion US dollars – these are the latest developments.
Like many other crypto currencies, Solana’s price has recovered significantly in the last few days. From its low of $ 23.46, SOL has climbed over 36 percent, trading at $ 32.06 at press time. However, SOL is still well below the all-time high of $ 58.03 that the smart contract platform hit in May.
Nevertheless, the Ethereum competitor was able to convince with a whopping price increase of over 13 percent, especially in the last 24 hours. In the following we look at possible factors that could have contributed to the surprising price growth of the cryptocurrency.
DeFi on Solana is growing again
While Ethereum is still working flat out on the full implementation of Ethereum 2.0, Solana is already offering its users a lightning-fast blockchain. The network can process more than 50,000 transactions per second – Ethereum only has 13 transactions per second. However, more and more scaling solutions for Ethereum are currently coming onto the market that could solve this problem in the near future. Nevertheless, SOL is a powerful alternative for developers.
As the data from Defillama show, Solana seems to be of particular interest for applications in the area of decentralized finance.
Data from Defillama shows that there are now over $ 1.3 billion in smart contracts for Solana DeFi projects. Additionally, over $ 800 million has been poured into DeFi logs on Solana since June 27. The top players in the Solana DeFi ecosystem currently include the two decentralized exchanges (DEX) Raydium (RAY), Serum (SRM) and the cross-blockchain stablecoin and wrapped assets exchange Saber (SBR). Together, their Total Value Locked (TVL), i.e. the entire capital they manage, is just about the same 80 percent of the entire DeFi sector on Solana.
No-code platform for token minting launched on Solana
The Solana-based platform Dexlab has a new product called on July 27th MintingLab released. MintingLab enables anyone to generate tokens without any programming knowledge. This makes it possible for everyone to create their own tokens on Solana “with a few clicks”, says Dexlab CEO Dennis Lee.
By breaking down Solana’s main barrier to entry, namely programming skills, many people and projects, especially those unfamiliar with blockchain programming, will be able to mint tokens and enter the market.
In addition, Dexlab wants to July 30th an IDO (Initial Dex Offering) start and distribute tokens to his community. The utility token is fully integrated into the Dexlab ecosystem and can be used to make transactions within the network.