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Ethereum rival jumps to 7th position in crypto top 10

The cryptocurrency linked to the Solana network has made its position in the world’s top largest 10 cryptocurrencies.

Ethereum rival
Photo By "ETBFSI"

The crypto coin linked to the Solana network, marked as the Ethereum rival, made it jump to the seventh spot among the list of the World’s top 10 largest digital coins. There is much optimism about the fact that this blockchain can be a long-term competitor of Ethereum.

The token of Solan, SOL has tripled in just three weeks. It is now having a market value worth $41 billion, as per CoinGecko. Proponents are touting the claimed speed and the lower cost of transaction on Solana for decentralized digital collectibles and finance. Also, it is lowering the applications where Ethereum has its dominance.

Antoni Trenchov, the co-founder at crypto lender Nexo, wrote that Solana has a growing ecosystem. Projects are developing based on it, and it is having huge benefits from the mania that is taking place in NFTs. NFTs are the non-fungible tokens that are in use to tread digital collectibles.

Solana has billed itself as the fastest blockchain in the world. Its website says that the average cost per transaction is $0.00025. In June, it announced that it had raised $314 million in its funding round. It includes investors like Polychain Capital, Coin Shares, Bankman-Fried’s Alameda Research, and Andreessen Horowitz.

“It’s becoming too big to ignore and offers a different smart contract solution to Ethereum,” Jonathan Cheesman, head of over-the-counter and institutional sales at FTX, wrote in an email.

In the last month, Pyth Network went live on Solana’s manniet. It is a development that helps to bolster the decentralization of finance. There are plans that soon it will be able to broadcast the data of the market with its Wormhole Network.

Coins like Ethereum rival Solana’s SOL, Binance Coin, Cardano’s ADA have seen a surge in recent weeks. Skeptics are arguing that technological upgrades are boosting the growth of some tokes, which may not justify its scale of rallies.

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