The post Solana’s Meteoric Rise in Q1 2024: What’s Behind the Hype? appeared first on Coinpedia Fintech News
Solana was under speculation in 2022 following the FTX collapse and SBF BFF drama, dropping in value from November 2021. Fast forward to 2024, and Solana’s ecosystem is bursting out of its old boundaries again as the overall crypto bull run picks up momentum before the Bitcoin halving event 2024!
So, what is Solana? Solana is a high-speed blockchain that encourages smart contracts, DApps and NFTs. Solana’s transactions on the network are very fast and low cost compared to networks like Ethereum. The native token of the Solana blockchain is SOL. Almost 192 million NFTs have been minted on Solana, making it a top NFT blockchain in 2024.
The Proof of history consensus mechanism created by founder Anatoly Yakovenko has allowed the Solana blockchain to reach a TPS of up to 65,000 transactions per second, at a cost of a fraction of a cent.
Solana’s architecture is made for speed and efficiency, utilizing a unique consensus mechanism known as Proof of History with Proof of Stake to achieve an overall high throughput. The Solana network supports a wide range of applications, from DeFi to NFTs. It has become a popular choice for developers looking for scalability and users wanting cheap and steady transactions.
Let us have the state of the Solana ecosystem and its explosive growth in Q1 2024.
Current price | $189.49 |
Market capitalization | $84.19 billion USD |
Percent staked | 65.37% |
Est reward rate APY on staking | 5.01% |
The Solana ecosystem is thriving each day with new developments. Here is a list of top Solana blockchain coins by market cap:
Name | Price | Market Cap |
Tether | $1 | $778.66 million |
USDC | $1 | $2.033 billion |
UXD | $0.99 | $7.46 million |
Dai | $1 | $6,62,012 |
Parrot USD | $1.01 | $5.23 million |
Solana based meme coins have performed exceptionally well in Q1 2024. They are like chips in the grand casino of Solana’s ecosystem, where traders and investors play the market while expecting the next viral wave.
Name | Price | Market Cap |
Dogwifhat | $2.94 | $3.09 Bn |
Bonk | $0.0000257 | $1.5 bn |
Book of meme | $0.01232 | $708.37 Mn |
Slerf | $0.69 | $379,915,136 |
Popcat | $0.23 | $296,767,516 |
In the NFT world, Solana is gaining ground over Ethereum, owing to the platforms like Solanart and Magic Eden, which offer low fees and fast processing times.
Here is a list of top Solana based NFT collections in 2024 Q1:
Name | Floor price | Collection value |
Famous Fox Federation | 6.28 SOL | $9.13mn |
Okay Bears | 5.25 SOL | $9.82mn |
SMB Gen2 | 39.50 SOL | $36.93 mn |
Nyan Heroes | 2.39 SOL | $4.96 mn |
GGSG | 15.99 SOL | $29.9 mn |
In the last 10 months, Solana has emerged as a commendable performer with its price having a 10x surge. Its resilience and survival in a bleak crypto winter is attributed to factors like a vibrant developer community, a burgeoning Defi landscape, and a thriving NFT sector.
The post Solana’s Meteoric Rise in Q1 2024: What’s Behind the Hype? appeared first on Coinpedia Fintech News
Solana was under speculation in 2022 following the FTX collapse and SBF BFF drama, dropping in value from November 2021. Fast forward to 2024, and Solana’s ecosystem is bursting out of its old boundaries again as the overall crypto bull run picks up momentum before the Bitcoin halving event 2024!
So, what is Solana? Solana is a high-speed blockchain that encourages smart contracts, DApps and NFTs. Solana’s transactions on the network are very fast and low cost compared to networks like Ethereum. The native token of the Solana blockchain is SOL. Almost 192 million NFTs have been minted on Solana, making it a top NFT blockchain in 2024.
The Proof of history consensus mechanism created by founder Anatoly Yakovenko has allowed the Solana blockchain to reach a TPS of up to 65,000 transactions per second, at a cost of a fraction of a cent.
Solana’s architecture is made for speed and efficiency, utilizing a unique consensus mechanism known as Proof of History with Proof of Stake to achieve an overall high throughput. The Solana network supports a wide range of applications, from DeFi to NFTs. It has become a popular choice for developers looking for scalability and users wanting cheap and steady transactions.
Let us have the state of the Solana ecosystem and its explosive growth in Q1 2024.
Current price | $189.49 |
Market capitalization | $84.19 billion USD |
Percent staked | 65.37% |
Est reward rate APY on staking | 5.01% |
The Solana ecosystem is thriving each day with new developments. Here is a list of top Solana blockchain coins by market cap:
Name | Price | Market Cap |
Tether | $1 | $778.66 million |
USDC | $1 | $2.033 billion |
UXD | $0.99 | $7.46 million |
Dai | $1 | $6,62,012 |
Parrot USD | $1.01 | $5.23 million |
Solana based meme coins have performed exceptionally well in Q1 2024. They are like chips in the grand casino of Solana’s ecosystem, where traders and investors play the market while expecting the next viral wave.
Name | Price | Market Cap |
Dogwifhat | $2.94 | $3.09 Bn |
Bonk | $0.0000257 | $1.5 bn |
Book of meme | $0.01232 | $708.37 Mn |
Slerf | $0.69 | $379,915,136 |
Popcat | $0.23 | $296,767,516 |
In the NFT world, Solana is gaining ground over Ethereum, owing to the platforms like Solanart and Magic Eden, which offer low fees and fast processing times.
Here is a list of top Solana based NFT collections in 2024 Q1:
Name | Floor price | Collection value |
Famous Fox Federation | 6.28 SOL | $9.13mn |
Okay Bears | 5.25 SOL | $9.82mn |
SMB Gen2 | 39.50 SOL | $36.93 mn |
Nyan Heroes | 2.39 SOL | $4.96 mn |
GGSG | 15.99 SOL | $29.9 mn |
In the last 10 months, Solana has emerged as a commendable performer with its price having a 10x surge. Its resilience and survival in a bleak crypto winter is attributed to factors like a vibrant developer community, a burgeoning Defi landscape, and a thriving NFT sector.