Solana (SOL) Hits A New All Time High With Record Transaction Volumes

Altcoin Solana (SOL) is making some silent moves gaining a massive 41% in the last 24 hours and hitting an all-time high of $63.43 as of press time. The Solana cryptocurrency has set itself up for a massive journey northwards and looking to make its way in the top ten cryptocurrencies by market cap.

Over the last week, Solana’s SOL crypto has gained over 55% and is the second-best performer after Ripple’s XRP. It is also becoming a preferred destination for several DeFi applications. Citing some other major milestones, Chinese crypto-journalist Colin Wu states:

The Solana public chain has also set a new high with a lock-up volume of $1,854,341,405.74. Solana’s total transaction volume reached 24.1 billion transactions, many of which may be fake transactions.

The latest developments with Solana Blockchain adoption

As stated the Solana blockchain is turning to be a better choice for new market players. There’s growing adoption of the Solana ecosystem with Wormhole, a bridge facilitating communication between several blockchains like Solana, Ethereum, Terra, Binance Smar Chain, and others.

The developers note that this is a simpler and faster solution while ensuring easy transfer of crypto assets like price data, tokens, NFTs, and governance decisions. the cross-chain messaging platform Wormhole will also facilitate the transfer of cross-chain liquidity along with Solana’s Serum ecosystem.

Last week, Mago Markets – a decentralized exchange (DEX) on the Solana blockchain raised $70 million in a token sale. Thus, it creates quite encouraging prospects for new players to join the Solana ecosystem.

The Mango Market DEX offers a trading hub for perpetual futures, spot markets, and lending. It provides liquidity from its own pool as well as from other Solana-based exchange Serum.

Back in June 2021, Solana Labs – the leading firm behind the Solana blockchain raised a total of $314 million. Besides, the Solana blockchain has strong backing from leading industry players like FTX Exchange’s CEO Sam Bankman-Fried.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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