Solana’s cryptocurrency, SOL, has seen its value continually increase over the past week, reaching a new all-time high of $48.46 on Apr 25 as most top coins struggle amid the downdraft in the crypto markets.
The coin has seen gains of over 44% in the last 7 days according to CoinGecko data, which raised its market capitalization to $12.6 billion at the time of writing.
The popularity of the Solana network has been boosted by the high transaction throughput it can handle (over 65k transactions per second) and low fees.
These advantages have allowed it to position itself as an alternative to Ethereum at a time when the most popular network suffers from increased congestion and gas prices.
The network has become a major destination for popular projects like Civic, USD Coin (USDC), and Tether (USDT), which take advantage of the network to extend their platform’s cross-chain capabilities.
Solana also has its own Decentralized Finance (DeFi) platforms, which has allowed it to take advantage of the growing niche to attract investors through projects like Raydum and Serum, benefiting from the DeFi booming that has been taken place for the past year.
Three Years of Development Are Now Paying Off for Solana
The Solana cryptocurrency has launched in March of 2020 after three years of development by the Solana foundation, the Switzerland-based organization in charge of launching the project and building its infrastructure.
The blockchain network was created with the principle of providing high scalability to Crypto Apps without sacrificing speed, security, or censorship resistance. The network has already processed over 16 billion transactions and counts with over 750 global validator
Solana makes use of a proof of stake (PoS) and proof of history (PoH) consensus mechanism to reduce transaction processing times.
The network also introduced other features that made it a force to be reckoned with in the space, including Tower BFT, Turbine, Gulf Stream, Sealevel, Pipeline,…