To cater to the ever-growing need for an effective architecture for blockchain games, Solana is doubling down on its efforts to bring 'web 3 games at web 2 speed.’ These developments would affect investor perception and help SOL register sizeable gains in the coming times.Īs the blockchain gaming space continues to grow at an exponential rate, GameFi projects have been on a consistent rise. In their endeavour to redefine the world of commerce, Solana could see heightened consumer interest transpire in the form of increased dApp activity. In essence, businesses can harness the power of Solana’s blockchain at the same speed as traditional payment networks. The protocol provides a specification that allows the consumer to send digital dollar currencies, such as USDC, from their wallet directly into the merchant’s account, settling immediately with costs measured in fractions of a penny. The core premise behind Solana Pay is that the payment and underlying technology go from being a necessary service utility to a true peer-to-peer communication channel between the merchant and consumer. Solana Pay is a digital payments platform that offers businesses and customers instantaneous, free-of-cost transactions that reportedly have zero effect on the environment by harnessing the power of the Solana network. To determine the possibilities of SOL breaking its immediate resistance on its weekly chart, let's take a look at some of its ecosystem updates and hurdles that could help us gauge the coin's potential. A deeper look into its ecosystem could aid us in forming an informed opinion. In a recent interview, Sam Bankman-Fried claimed that he believes SOL to be relatively undervalued. In fact, as we sail through the bear market, the institutional investors have still kept their holdings intact, as per CoinShares's report. The project has successfully attracted the interest of both retail and institutional investors across the globe. Moreover, post the recent hack on its blockchain, thousands of users reported a loss of their funds amounting to over $8 million. Much like its peer altcoins, 2022 has not been quite motivating for SOL investors as we grapple through the bear market. During this bullish run of 2021, it rose to its ATH of $258.93 on 6 November.
The cryptocurrency soared by over 13,000% in 2021 after its remarkable buying spree. In addition to this, SOL holders can stake their tokens to earn APY rewards. The primary use of SOL lies in its compensation for Solana clusters for validating the transactions. SOL is a cryptocurrency that is native to the Solana blockchain. While the platform's utility and throughput architecture seem quite impressive, let's take a look at SOL's path until now and the roadmap ahead to make sense of its future prospects.
To top this off, the low transaction cost has made it practical for the stakeholders to frequently transact on its blockchain. Its innovative approach to technology has gained significant traction in the market. Solana (SOL) combines Proof-of-Stake with Proof-of-History (PoH), creating a unique hybrid consensus mechanism. However, in doing so, Solana could see some setbacks on the front of 'centralization.' Its efforts aspiringly aim to solve the blockchain trilemma.
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The platform serves the needs of an array of decentralized finance (DeFi) platforms and non-fungible token (NFT) marketplaces.Īfter going through a series of funding rounds, Solana's Mainnet went live in 2020. Solana’s blockchain architecture is designed to accommodate smart contracts and decentralized applications (dApps) creation. The platform prides itself in claiming to be fast, composable, green, and globally distributed. In expediting much-needed efforts to solve the problems of scalability and transaction costs, Anatoly Yakovenko founded the Solana platform in 2017.Īt its core, Solana is a blockchain built for mass adoption.
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