“Ethereum’s overwhelming mindshare helps explain why its users have been willing to pay more than $15 million in fees per day on average just to use the blockchain,” a16z stated.
Solana (SOL) Price Index
Solana is an open-source blockchain available for building solutions on, such as decentralized applications (DApps). The Solana blockchain’s technological makeup was formed around a prioritization of speed and scalability, in tandem with decentralization. SOL is both the name and the ticker symbol of Solana’s native coin. “Solana price” most directly refers to the price of the blockchain’s SOL coin.
The Solana blockchain is the result of work by Anatoly Yakovenko that began in 2017. One of the Solana blockchain’s key features is its proof-of-history (PoH) technology, which it uses in tandem with a proof-of-stake (PoS) consensus mechanism.
Yakovenko first explained PoH on paper, publishing his work in 2017, which subsequently snowballed into the formation of the Solana blockchain project, with other minds joining the project’s development along the way. The Solana blockchain was built using the Rust programming language.
The beta version of the blockchain’s mainnet went live in 2020.
The Solana blockchain is similar to the Ethereum blockchain in that both can be used as a base to build solutions, and both networks allow smart contract functionality. Solana, however, aims for significantly larger scalability through a number of technical differences.
The Solana blockchain touts eight specific features, including PoH, Cloudbreak and Sealevel. PoH, one of the pivotal features differentiating the Solana blockchain, essentially removes the burden of time synchronization during the complex process of blockchain consensus, therefore allowing the process to speed up considerably. The Solana blockchain can reportedly handle 50,000 transactions per second.
Solana’s SOL coin serves multiple purposes, such as network governance and as a method of fee payment. SOL holders can become network validators, or they can stake their SOL coins without becoming a validator.
SOL market action
Like many crypto assets, SOL’s price fluctuates. Solana price history is available in the Solana price chart (SOL chart) above, alongside the other data above the chart, such as the live Solana price today.
BTC and most altcoins are facing strong selling at the top of each rally, but the short-term downside could be limited since Bitcoin bulls keep buying each dip.10560
FTX CEO’s comments on Bitcoin received heavy backlash from the crypto community, with many reminding him of Solana, a PoS network that has gone offline half a dozen times.7032
Traders are hopeful that Bitcoin can stage a relief rally within the $30,000 to $35,000 range, but selling at resistance could still keep BTC and altcoins in a strong bear trend.16673
The implosion of the Terra ecosystem appears to be manifesting contagion that is negatively impacting Bitcoin and altcoins.24652