Solana Continues Bullish Trend, Becomes The 10th Largest Cryptocurrency

Solana, with its fast-growing ecosystem, has found a position at the forefront within the crypto space. By hitting $314 million in its private token sales, Solana crept the headlines in early June. Polychain and Andreessen Horowitz pioneered the Solana token sales. This funding impacted greatly in developing the fast-growing ecosystem of Solana. This pushes it as one of the top competitors to Ethereum, the blockchain with the widest usage. Before now, the Ethereum blockchain has high demand from crypto users and investors. Unfortunately, this results in network congestion and exorbitant transaction fees. The congestion propelled the great opportunities for sidechains and Layer 2 solutions. Also, Layer 1 networks can take from the loopholes and create scalable decentralized apps beyond Ethereum. Solana falls under such Layer 1 networks. Related Reading | Coinbase States Infrastructure Bill Could Impact 60 Million American Crypto Owners Founded in 2017, the project team realized over $25 million through its private and public ICO token sales. March 2020 brought the release of the main net beta. The project is reputable for its 400ms block time and 50,000 throughput for transactions per second. This performance is higher than Bitcoin and Ethereum’s current version by several thousands of times. Though both of these formers platforms rely on Proof-of-Work consensus. Solana has a theoretical capacity of 700,000 transactions pe...