The Solana (SOL) cryptocurrency coin is now seeing meteoric growth, and all signs point to it not slowing down anytime soon as it approaches $100.There are a number of positive stories circulating inthe Solana ecosystem, so this is certainly doable. Curiously, SOL is now the fifth biggest cryptocurrency by market cap, surpassing XRP.
Seriously, Solana DeFi 2.0
A tweet by the official Solana X (formerly Twitter) account on December 16 said, "Solana DeFi 2.0 is just getting started." With its DeFi network gaining momentum, SOL might be up to something. Solana and Ethereum have been competing head-to-head in terms of DEX volumes on their respective chains, according to data from DeFiLlama.
The 7-day DEX volume for Solana recently broke Ethereum's record. Over the past week, trade activity on SOL has totaled about $9.03 billion across all DEXs on the network. The Ethereum market was worth $8.836 billion simultaneously. It becomes even more astounding when you think about how Ethereum is home to the leading decentralized exchanges.
The inevitable $100 price point for SolaSOLna is imminent given the amount of capital flooding into the ecosystem. According to DeFi Llama's data, a lot of people are increasing their investments in the Solana ecosystem. The Total Value Locked (TVL) on Solana has reached $1.20 billion, its highest level since last year, as of this writing.
It is important to recognize the protocols that are expanding upon Solana. Jito, a protocol for liquid staking, is one of them; it has more than $570 million in locked funds. A recent airdrop of $225 million to $SOL users by the DeFi platform injected fresh capital into the economy.
The "Ethereum Killer" moniker has stuck with Solana for quite some time, although the technology has failed to deliver as promised. Many people thought the network couldn't compete with Ethereum because of its long history of frequent outages. This time, though, more and more people are of the opinion that SOL can actually deliver on all the promises made.
Notably, since the last known network breakdown in February of this year, the Solana network has maintained a perfect uptime record. In light of the current uptick in network activity at Solana, this is all the more praiseworthy.
Many may see Solana as a viable alternative to Ethereum if it can permanently eliminate these problems. Undoubtedly, the value of SOL will ris tandem with its increased utility.
Solana is "doing a really good job," according to ARK Invest CEO Cathie Wood, who recently spoke highly of her. Additionally, she hinted that SolaSOLna outperforms Ethereum in terms of speed and cost-effectiveness.
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