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

By Bhushan Akolkar
Published August 16, 2021 Updated August 16, 2021
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Solana (SOL) Hits A New All Time High With Record Transaction Volumes

By Bhushan Akolkar
Published August 16, 2021 Updated August 16, 2021

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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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
820 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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