thecoinrepublic.com
Back then, cryptocurrencies on the Ethereum blockchain were connected to the price activity of the network’s currency known as Ether (ETH). Nowadays, however, some of these tokens have broken free from the world’s widely used blockchain, not to mention that there are those that are self-sustaining in resolving the plethora of issues being encountered by the above-mentioned blockchain.
Polkadot, Solana, and Polygon ecosystems
Specifically, the blockchains of Polkadot (DOT1), Solana (SOL), and Polygon (MATIC) have been gaining quite the traction as of late as it was pointed out by crypto-analyst and supporter of crypto startups Qiao Wang that these blockchains have attained what he described as escape velocity. The term according to Wang is an organically growing ecosystem of developers that do not require brute force marketing/developer acquisition by the core team.
As for Ethereum, its main setback arises from it being too popular. The network’s huge volume of users paired with its high demand results in so much congestion, not to mention a surge in transaction fees.
Constant price appreciation
Polkadot’s token, on the other hand, has been observed to have a constant price appreciation over the year. DOT’s price has gained an impressive 1,100 percent in terms of valuation since its low in August 2020. Moreover, in August of this year, Polkadot’s price saw an increase by up to 80 percent as this is likely the result of the updates on its ecosystem.
Also, Polkadot’s yet-to-be-released parachain auctions have been met with much anticipation as this is one of the main proponents of its positive price action. Because of this, decentralized finance projects will be competing for votes coming from their community to get one of the limited slots that will be made available to be introduced on the network.
Solana’s push towards NFTs
As mentioned, Solana too has been getting quite the attention since it’s been deemed as one of last month’s best-performing projects. SOL also gained by 246.8 percent in valuation in August alone. It was during the same month that the digital asset broke through resistance levels, setting in new all-time highs alongside a top 10 premiere.
These can be credited to Solana’s push into the profitable space of NFTs. Further, the network recently introduced the Degenerate Ape Academy. This became a hit among collectors and later on the demand for these ape-inspired digital assets skyrocketed eventually sending its price soaring as well. Additionally, it also rode on last month’s NFT hype back in August as it achieved record sales amounting to $900 million.
It’s not just the Degenerate Ape that became popular. Other projects are turning out to be as equally profitable as the earlier mentioned NFT. That said, through the prioritization of these smart contracts, Solana has been able to put on some high leverage on both NFT spaces and DeFi to the network’s favor.