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The $100 Milestone Surpassed By Solana, Making It The Eighth-Most Valuable Crypto
According to CoinGecko statistics, SOL surpassed $101.42 before falling slightly before press time.
SOL is currently the eighth-largest cryptocurrency, with trading volumes over $2.2 billion and a market value just shy of $29 billion.
Over the last month, the token has increased by more than 201 percent.
Solana, which uses a proof-of-stake (PoS) consensus method to mine its SOL token, is positioned to compete with Ethereum, the world's most popular smart contracts platform, offering up several potentials in the field of decentralized finance (DeFi) and non-fungible tokens (NFTs).
The network now supports 1,000 live transactions per second, with developers stating that this number can reach 50,000 during peak times.
Transaction costs are also far lower than those now given by Ethereum. A smart contract is a self-executing contract in which the parties do not need to take any additional action.
A smart contract may be thought of as a line of code that is written to automatically execute a job, or set of actions, when a triggering event happens, without the need for any intermediaries.
Solana's Big Future Ambitions
Solana raised nearly $300 million earlier this year to help create an incubation studio to speed the creation of blockchain-based decentralized applications (dApps) and platforms.
Other potential ambitions include a startup investment arm and a trading desk specialized in the Solana ecosystem.
Among the project's major proponents is Sam Bankman-Fried, creator and CEO of the fast-growing crypto trading platform exchange FTX, which has created a decentralized derivatives exchange called Serum on top of Solana.
Other Solana partners include Digital Assets AG, a Swiss business that offers tokenized equities based on the Solana blockchain, with the most popular shares accessible for trade including Facebook, Google, Netflix, Nvidia, PayPal, Square, and Tesla.