🔔Solana is one of the top performing cryptocurrencies in 2024
According to Cointelegraph, the cryptocurrency closed the first half of the year with a 30.5% increase, driven by rising trading volumes and new developments in the DeFi ecosystemSolana (SOL) has been a standout in price performance and amid market developments, according to a report by Binance Research.
This year alone, the asset has risen by more than 42%, one of the best results among the top ten trading coins, according to CoinMarketCap.
Solana is a high-performance third-generation blockchain platform designed for decentralized applications (dApps) and cryptocurrencies. Like Ethereum Layer 1, it is a multi-functional blockchain capable of supporting a wide range of functionalities and smart contracts in a diverse ecosystem of decentralized applications.
Thanks to innovations such as proof-of-history and parallelization, Solana can process transactions much faster and more cheaply than Bitcoin or Ethereum layer-1 blockchains. This makes this blockchain a high-performance network, with block times of 400ms and tens of thousands of TPS, compared to Bitcoin and Ethereum block times of about 10 minutes and 15 seconds, respectively.
Furthermore, Solana’s performance was boosted by the significant increase in trading volumes on decentralized exchanges (DEX), which grew by 42.2% in July to a total of $54.6 billion. The move was largely driven by the growing interest in trading meme coins.
“Furthermore, the Solana ecosystem continued to expand with an average of 1.7 million daily active addresses and an 18.2% increase in daily transactions, which reached 1.3 million,” the Binance report highlighted.
