What Is Solana? Know These Things About The Ethereum Killer Before Investing

Solana has registered a meteoric rise of over 16,000 percent since January this year.

Solana, a blockchain network that launched in 2020, is being seen by many as a competitor to Ethereum. The cryptocurrency has grown about 16,000 percent since January. At the start of this year, one SOL cost $1.51 (roughly Rs. 112) and Solana's market cap was around $86 million (roughly Rs. 639 crores). Today, it is trading around $241 (roughly Rs. 17,900) and has gained a market capitalisation of $73 billion (roughly Rs. 54 lakh crores), according to CoinMarketCap. This means people have invested heavily in the relatively new cryptocurrency that has become the sixth biggest by market capitalisation.

1) It has shown an extreme appetite to grow this year. A rise of 16,000 percent is stunning. It is available on most top cryptocurrency apps and exchanges.

2) Many people see it as the “Ethereum (ETH) Killer”. One of the biggest factors that pushed Solanoa's value is that people want alternatives to Ethereum, the second-largest cryptocurrency in the world and hence working a congested network. Like Ethereum, Solana too offers smart contracts.