Solana Pumps BIG (All Time Highs For ETHEREUM KILLER?)
The salon is where you go to stop looking like a hobo and start looking like a future Lamborghini owner. Solana is where crypto degens go to start making that Lambo money. Solana is one of the newest layer 1 blockchains on the market today, but it’s quickly gaining the respect of developers and crypto users with its fast speed, low-cost cutting edge technology. Despite being relatively new on the scene, Solana already has an active DeFi community and hyped up NFT drops without any of the gas wars that you’ll find on Ethereum.
This is only the beginning though. There are a ton of apps currently in development on Solana, and things are getting ready to explode. Let’s get it! Welcome to BitBoy Crypto! Home of the BitSquad The largest and greatest crypto community in all the Interwebs My name is Ben. Everyday on this channel, I show you how to make money in crypto. If you like money and crypto, then make sure to hit that subscribe button. In this video, we’re going to be talking about Solana’s recent surge and giving a review of its growing ecosystem. Solana is one of the many blockchains competing in the layer 1 race. But it has some of the most unique and innovative technology to come out of this industry so far. Solana uses a series of new breakthroughs to achieve consensus on the blockchain much faster than was previously possible.
This all starts with Solana’s proof-of-history mechanism which secures the blockchain much more efficiently than proof-of-work or proof-of-stake. By eliminating the need for nodes to constantly gather and verify records, the algorithm does it for them. With proof-of-history, every action taken on the blockchain is immediately timestamped. That information is automatically distributed between the nodes, saving each node the trouble of syncing with the network, which requires a lot of time and resources. This feature allows Solana to support up to 50,000 transactions per second without the need for additional scaling solutions like shards or rollups. Make sure to roll up your sleeves, smash that like button, then hit subscribe. It puts you in the BitSquad, which means you are on the inside track of the latest in all crypto information.
But with Solana, in addition to faster transaction times and lower fees, its unique architecture could help to minimize MEV (maximum extractable value), process through which miners and other insiders are able to rearrange blocks to frontrun trades and take advantage of users. For people who know how to do this, this can be relatively easy on most blockchains because the blocks usually take a while to verify, which gives them plenty of time to frontrun orders.
With Solana, the blocks are filled and verified so fast that it leaves very little room for this type of manipulation. In the past two weeks, Solana’s price has more than doubled to reach new all-time highs. Some of this can probably be attributed to the fact that the bull market is back in full swing. But this recent rally has also been happening as some very serious projects are heating up on Solana. There are now over $2 billion locked up in DeFi platforms built on Solana. That’s enough to buy two Atlanta sports teams that have never won a championship. That hurt. A large majority of these funds, about $884 million, are locked up in a platform called Raydium, giving it a 40% market dominance for DeFi on Solana. Raydium is to Solana what the spray bottle is to a hairstylist. It gives that liquidity, baby. Raydium automated market maker and liquidity provider that is connected with the Serum decentralized exchange.
Other DeFi platforms like Mercurial Finance, Marinade Finance, Saber Protocol and Solend are starting to make waves on Solana. Solana’s technology is also making it possible for non-financial applications to realize their full potential. Many people don’t realize that Audius, the popular decentralized streaming platform, has harnessed the power of Solana’s blockchain to scale their platform and meet the increasing user demand. This demand will continue to grow as Audius integrates with TikTok. It’s part of a deal with one of the most popular social media platforms in the entire world. Last month, Audius and the Solana Foundation formed a partnership with the NFT platform Metaplex that launched a $5 million Creator Fund to encourage artists and developers to launch their NFT projects on Solana. The market for Nifties is already booming on Solana. And there have been several big launches in the past few weeks. One of the most high profile launches on the network so far was the Degenerate Ape Academy, a collection that was minted and then sold through the Solanart platform.
This is not to be confused with the Bored Ape Yacht Club, which has now inspired hundreds of similar primate projects. The launch was much smoother and far less expensive than the NFT drops that we’ve recently seen on Ethereum with very low transaction fees and high speeds. There was such a demand for this collection that it sold out in less than two minutes raising $2.5 million. The cost for minting an ape was 8 SOL, which was about $400 at the time of launch. Then on the secondary market, the project reached a sales volume of over 100k Solana, which is over $5.5 million with a price floor of almost 15 SOL or about $1,000. Solanart, the most popular NFT marketplace on Solana, has reported record-breaking volumes over the past week. On August 15, the platform announced through its Twitter profile that it surpassed over $5.5 million in sales in just a single day across the entire platform. Earlier this month, we covered the launch of a new social media-based NFT marketplace called Only1 currently under development on Solana. This platform will give creators tools like NFTs and social tokens to monetize their audience in new and exciting ways. Solana’s cutting edge technology allows blockchain applications to operate on a larger scale with more efficiency. A great technology alone is not enough to make a crypto project successful. People need to know about it, too. The success of any startup or product is highly dependent on its marketing strategy. And Solana is probably one of the best advertised projects in the entire industry. Solana has the backing of FTX founder, “Mr. Bedhead”,
Bankman-Fried, who’s been throwing piles of cash at advertising campaigns to build his brands. All summer long, logos for FTX and Solana have been popping up everywhere. There was even a Solana stage at this year’s Lollapalooza festival in Chicago. You can’t forget that the most important thing a blockchain project can have is support from the financial cartel, which Solana seems to have covered, too. All of the popular venture capitalists in the space have been very supportive of Solana. Suspiciously so. Even going so far as to make calculated comments to the media promoting the new blockchain. Andreessen Horowitz of a16z, the largest investment firm in crypto, recently led a $314 million funding round to support DeFi development on Solana. Solana is also prepared for the multichain future, with plans to easily connect with other blockchains. Solana recently launched its Wormhole portal. No, not a hole in reality to travel across space. It’s a cross-chain bridge that allows for token swaps and transfers between Solana and Ethereum. Solana has been on a huge run these past few weeks, but its ecosystem is still in its very early days of development, and it still has a ton of room to grow. However, in the short term, there’s a good chance that we will see a correction sometime soon. So you may be able to get a better entry point if you wait for it to cool off a bit. That’s all I got. Be blessed. BitBoy out.