Having briefly entered the top ten cryptocurrencies by market value earlier this week, Solana has set new price records in recent days, including this Saturday (21). The SOL token briefly set an ATH of $78.63 in the early hours of this morning UTC, according to data aggregator Nomics.
Solana’s price has since retreated a bit. It currently stands at $78.17, although it still represents a nightly increase of 8.91%. Solana’s price was below $40 at the beginning of last week, just in the last fortnight the SOL has increased by around 100%.
Solana got a lot of good news related to DeFi and NFT last week. On Sunday, Degenerate Ape Academy’s NFTs were released on the blockchain Solana. Digital collectibles sold out in eight minutes. The most expensive digital ape was being resold just 24 hours later for 100,001 SOL, or more than $6.2 million at the time of purchase.
On Tuesday, the Solana network surpassed $2 billion in total value blocked on DeFi protocols, at the same time setting an old $74.08 ATH for SOL. Solana is sometimes singled out as an Ethereum assassin, mainly because the blockchain Solana also incorporates smart contracts, an innovation popularized by Ethereum, and because Solana is currently more scalable than Ethereum.
Ethereum is expected to migrate to PoS later this year. While Ethereum fans are waiting for that to happen, Solana claims to have already resolved some of the issues Ethereum users face, including scalability.
Solana handles 1,365 live transactions per second and claims its maximum capacity is 50,000 TPS, far greater than Ethereum’s monetary capacity of around 15 TPS.
Solana isn’t the only Ethereum alternative to reunite now. Polygon, a tier 2 solution that sits at the top of the Ethereum block chain and eases much of the pressure of validation transactions, is also emerging now. The blockchain’s native MATIC token grew 12% overnight to hit a new price of $1.68. That’s still a far cry from its former record of $2.45, set in mid-May of this year.
On Thursday, Polygon announced plans to launch a Polygon Ecosystem DAO that will bring together the various DAOs on the network. Polygon will use part of its $150 million #DeFiForAll fund to establish and maintain the organization.
Last week, Polygon also announced a $250 million merger with the Hermez platform, another scalability solution from Ethereum. Hermez’s native HEZ token holders will be able to exchange their tokens for MATIC at a 7:2 rate, while Hermez’s Layer 2 roll-up technology will be incorporated into the Polygon suite.
*Translated and edited by permission of Decrypt.co