Solana recently ranked among the top 10 cryptocurrencies by market capitalization. Also on the rise are Solana ecosystem projects Audius and Arweave.
Many cryptocurrencies rose last week, with Bitcoin reaching almost $50,000 and Ether testing resistance near $3,300. However, both were far from recapturing the all-time highs from the previous quarter.
Both were outperformed by Solana (SOL), which entered the top 10 cryptocurrencies with a market capitalization of over $21 billion. rose another 35% to set a new all-time high of $83.23 on Saturday.
Solana’s innovative proof-of-history consensus mechanism means a dramatic increase in scalability, with an average transaction cost of just $0.00025, making Solana a popular blockchain for decentralized app (dApp) development. is on the rise.
One of the recent additions to the Solana ecosystem is Psy optionThis is an American-style options protocol that allows users to create options on any asset represented by the SPL token (the fungible token standard on the Solana blockchain).
The rise of non-fungible tokens (NFTs) seems to have helped Solana’s recent rise. Metaplex launched in his June, allowing artists and creators to build his NFT experiences on his Solana and is already gaining popularity.
https://twitter.com/baalazamon/status/1428828889262997513
Most recently, Solana launched the Degenerate Ape Academy, unveiling its first collection of 10,000 ape NFTs. sold out In just 8 minutes, the total trading volume reached nearly $6 million.
Solana-based projects are also seeing tokens rise with SOL. Audius offers decentralized music sharing and streaming on Solana, whose AUDIO token is up 73% over the past seven days.
Meanwhile, Arweave, the decentralized storage protocol used by the Degenerate Ape Academy to store NFTs, has also exploded in popularity, with AR tokens surged 46% in the last seven days.
After hitting all-time highs on Saturday, SOL prices fell over the weekend. At the time of this writing, it is currently trading at $73.45.
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