According to Decrypt, data from CoinGecko show that the blockchain Solana (SOL) exceeded Ripple’s market capitalization (XRP), winning sixth place in the ranking of the biggest cryptocurrencies of the world.
Solana’s native token is currently trading at $217.6, which represents a new all-time high. The currency has grown by more than 10.9% in the last 24 hours and its price is almost 30% higher compared to last week.
What’s up with Solana?
As reported by Decrypt, last Thursday (21), the total amount blocked (TVL) in all decentralized finance protocols (DeFi) in Solana surpassed the US$ 12.7 billion mark. Today (25), this value has already surpassed US$ 13.5 billion, according to the DeFiLlama website.
Last Friday, the blockchain also announced the beta release of “Squads,” a tool that helps people create autonomous decentralized organizations (DAOs) on the Solana network.
According to Decrypt, “Squads” is a governance client on the blockchain that allows DAO members to initiate and vote on governance proposals. The launch of the core network is expected to take place on November 9th.
With the recent growth of the blockchain, another competitor of Ethereum is also threatened by Solana: Cardano (THERE IS). The current market capitalization difference between the two cryptocurrencies is only $5 billion.
Solana has demonstrated its relevance and presence in the crypto market. The blockchain, created just a year and a half ago, has already established itself as the third largest platform for autonomous contracts in the world.
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
