According to internal throughput testing, Solana claims to have the fasted blockchain as well as the fasted growing community and ecosystem following its highly successful breakthrough year. The public blockchain with its native token Solana (SOL), has seen unprecedented grow in 2021 so far. The price to buy Solana (SOL) has been on the rise and reaching peaks of $248, representing an increase of approximately 15,300% since the beginning of the year. The impressive statistics and gains from Solana (SOL) have overshadowed many other altcoins success.
Cryptocurrency analysts are observing and coming forward to talk about the emergence of Solana. One analyst, Scott Melker who hosts a popular podcast “The Wolf of All Streets”, went into detail on how Solana, has positioned itself as a direct competitor to the second-ranked cryptoasset Ethereum (ETH). Melker further explained that Solana’s high performance blockchain is producing “lightning-fast transactions” whilst retaining a low transaction cost for users.
According to Melker’s assessment the reason for Solana’s fast and sustained growth this year is crypto gaming and investors that buy and sell Solana NFT collections. The progression made by Solana has been a result of many years of expansion and building by its highly experienced team of developers. Other speculators have pointed out that Solana’s fees also experience radical uptick. Although due to the initial fee range of Solana transaction costing less than Ethereum’s, the price hike is often overlooked.
The Ethereum network has seen its ecosystem increase by more than 2000% since the second quarter of this year. However, this undoubted success has come at a significant price to the entire network in the form of hefty gas fees when transacting. As Ethereum’s price rises, typically gas will incur an increased fee, these conditions lay the foundations for Solana to compete with the crypto giant, with many flocking to Solana which continues to prove its cost-efficiency.
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