Launched in March 2020, Solana is a blockchain built on a new and innovative technology called Proof-of-History (PoH) that allows it to achieve all the three fundamental qualities of the triangle trilemma. i.e., scalability, security, and decentralization.
The ability to process over 50,000 transactions in a second and adding new blocks in 400 milliseconds with sub-second verification has been instrumental in attracting over 300 projects on the blockchain. Many have even gone as far as to call Solana the new internet.
Solana’s SOL
SOL is a cryptocurrency used for transacting on the Solana blockchain and is often used for microtransactions as the cost per transaction is just $0.00001.
With a total maximum supply of 489 million coins and a circulating supply of 284 million coins, SOL is currently trading at around $40 with a market capitalization of over $12 billion, the 12th highest in the crypto space giving it 0.62% dominance in the overall crypto market.
For comparison, ETH (Ethereum) has a market cap of around $366 billion (over 30 times that of SOL) with 18.5% dominance on the crypto market.
It is an incredible feat that SOL has achieved a multi-billion dollar valuation in just under 18 months of its launch.
Value proposition
In crypto land, the newest and the best tech does not always win. The success of a blockchain is highly dependent on the success of projects that run on it. Hence its value is tied to the value of such projects.
Solana’s high speed and scalability potential have made it a good prospect for many interesting DeFi projects, including apps, SDKs, and even running trade exchanges on the blockchain. The majority of such projects, however, still run on Ethereum’s blockchain.
When we look at the technological potential of the Solana blockchain and some of the projects running on it, it is easy to conclude that it is undervalued. But, when we look at its state of adaptability, it becomes apparent that Solana is still a new player and will have to go through the test of time to prove its worth.
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