Blockchain News

Solana Elbows Tether to 4th Place amid NFT Secondary Gross sales Clocking $500M

Written by James Smith

Days after flipping Cardano (ADA) to turn into the fifth high cryptocurrency, Solana (SOL) is just not relenting in its quest to scale the heights as a result of it has dethroned Tether (USDT) on the fourth place.

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Regardless of Solana being based in 2017, it has made vital strides this quarter as a result of it not too long ago hit an all-time excessive (ATH) value of $249. The fourth cryptocurrency was up by 1.57% within the final 24 hours to succeed in $242 with a market capitalization of $73.02 billion. 

What’s making the “Ethereum killer” tick?

Identical to Cardano and Polkadot, Solana is taken into account an “Ethereum killer” due to its elevated reputation based mostly on excessive speeds, low charges, and minimal congestion.

These networks are decentralized and may work together with sensible contracts, used within the booming non-fungible token (NFT) and decentralized finance (DeFi) markets. 

Solana is ready to attain excessive transaction speeds as a result of it merges the proof of stake (POS) consensus mechanism with the proof of historical past, which allows computer systems to maintain time on a decentralized community with out all of them speaking about it. 

Due to this fact, Solana is a very open-source public blockchain designed to supply DeFi and NFT options in a scalable method.

Solana’s NFT secondary gross sales hit $500 million

According to Mason Nystrom, a analysis analyst at Messari Crypto mentioned:

“Because the Solana ecosystem continues to broaden, NFTs on Solana have seen formidable progress. Whole NFT secondary gross sales quantity on Solana has formally reached $500 million, doing so in simply three months.”

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NFTs are blockchain-based possession digital belongings, and their worth is pegged on their uniqueness, provided that the tokens are non-divisible and must be purchased of their entirety. 

Due to this fact, these traits create intrinsic worth for NFTs due to their restricted provide. 

Final month, the main Italian luxurious style home Dolce & Gabbana bagged $6 million from style NFT dubbed Collezione Genesi. 

With Solana having gained 15,000% thus far this 12 months, it appears the sky’s the restrict for the fourth-largest cryptocurrency. 

Picture supply: Shutterstock




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