Solana, rival to Ethereum, is climbing the crypto top 10
Al Jazeera
Solana, which boosters tout as a long-term competitor to Ethereum, has seen its SOL token triple in value in roughly 3 weeks.
The cryptocurrency linked to the Solana network has jumped to the seventh spot among the world’s top 10 largest virtual coins amid optimism that the blockchain could be a long term competitor to Ethereum. Solana’s SOL token has tripled in about three weeks and now has a market value of more than $41 billion, according to CoinGecko. Proponents tout the claimed speed and lower cost of transactions on Solana for decentralized finance and digital collectibles, applications where Ethereum dominates. “Solana has a growing ecosystem, projects are being built on it and it’s benefited hugely from the mania that’s taking place in NFTs,” Antoni Trenchev, co-founder at crypto lender Nexo, wrote in an email. NFTs are non-fungible tokens used to trade digital collectibles. He said the backing of crypto figure Sam Bankman-Fried — chief executive of crypto exchange FTX — is helping.
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