The Solana blockchain has experienced its share of issues, including chain blackouts and wallet exploits. Solana is still a very impressive cryptocurrency, even after ETH merged into it.
A lot was riding on it, youtube channels were ablaze with talk of it. There was much speculation about one of the biggest events in Crypto…
The Ethereum Merge – it was crypto’s biggest moment to date. But, it has come and gone without addressing the two major Ethereum issues: Gas Fees and TPS. This has created a huge space for Ethereum rivals to march ahead and grab the market share once again. And that is exactly what this project is doing right now.
It is already outperforming Ethereum by recording 40 million daily transactions compared to Ethereum’s 1 million daily transactions between April and June. I am talking about Solana. This project has had its share of issues that it seems to have left behind now and my research has now given me 5 solid reasons to believe that Solana is about to skyrocket once again. Let’s dive in!
Reason # 1 NFT Ecosystem
The first reason is Solana’s NFT ecosystem. It is absolutely thriving. They take 2nd spot after Ethereum in popularity. They offer cheap SOL gas fees, which explains a lot about their popularity. But it’s not only that. They have some good NFT marketplaces as well.
- Magic Eden — The leading NFT marketplace on Solana.
- SolSea — They claim to be the biggest marketplace on Solana.
- SolanArt — The first and largest marketplace on Solana.
Just to clarify, that’s how they advertise themselves. I didn’t make that up. And there’s more, you can also buy Solana NFTs on OpenSea, the biggest NFT marketplace out there. So, as you can see, Solana is giving Ethereum a run for its NFT money. Cryptoslam has some interesting stats. Ethereum had for:
- $294 million in sales in September. Solana came in 2nd with $119 million in sales. However, here’s the kicker.
- Ethereum had 710k transactions and Solana 2.5 million.
- Solana only had 10,000 buyers less and sellers evened out.
- The average sales price on Solana was $47.17 and on Ethereum $413.92.
Those are some impressive numbers by Solana. So, let’s move on to the second reason. Keep watching until the end, since I will tell you who are some influential Solana backers. Did you already buy some Solana NFTs? If so, let us know which ones.
Reason # 2 Fast and Eco-Friendly
Solana is fast, they can process between 2,700 and 3,300 TPS. And the average cost per transaction? A full whopping $0.00025. Their block times are 400 milliseconds. To get the full scope of this, Solana should be able to handle 50,000+TPS.
This is precisely what NFT/gaming chains are looking for. They need high throughput, and Solana can deliver that. For instance, Star Atlas is one of the games that build on Solana. This highly anticipated game runs on Unreal Engine 5. This gives stunning graphics, as the trailer shows. Now you see, why they require a fast chain.
Solana is also energy efficient. With the energy of 1 Solana transaction, you can do 3 Google searches. The Solana foundation is in full progress to make Solana carbon neutral. These are powerful reasons, indeed, to have Solana on your radar. Keep watching for reason # 3. And find out, at the end, who some influential Solana backers are. Do you like these Solana features? Tell us what you think of them in the comments.
Reason # 3 The Solana Ecosystem
Besides NFTs, Solana has a lot more to offer. Their ecosystem goes well beyond NFTs. Of course, there are DeFi platforms. Their TVL is $1.29 billion, which puts them in the 6th spot of all chains. Close on the heels of Polygon and well ahead of Arbitrum.
In DeFi they have a couple of DEXs like Orca, Raydium, or Saber. Lending protocols include Solend or Tulip Protocol. But they are hosting a lot more interesting projects. For example:
- Audius: A music streamlining platform.
- Stepn: The popular Move-2-Earn dApp.
- Hello Moon: A human-readable index of all projects on Solana.
Currently, the most popular project is the Naga Kingdom, a game. But the beauty is, that new projects enter the ecosystem all the time. Here are some new projects that we may hear of in the future:
- SolRarity: A sniper tool that checks all NFT marketplaces. Find the best ranking NFTs.
- Reign of Terror: An MMO simulation game that takes place in a cyberpunk metaverse.
Some well-known names in there and other projects with lots of potentials. So far, Solana has been delivering the goods. Two more to go and the big bang at the end with a big-name backer. Do you know of any other projects that we didn’t mention? Give them a shout-out in the comments.
Reason # 4 Blue Chip
The SOL token is a blue chip by now. I already pointed out that they have the 6th highest TVL of all chains. It wouldn’t surprise me if they can switch to the 5th spot and overtake Polygon soon.
They are second in the NFT market. This is a market with lots of growth potential. Their current hottest project is Yoots, with a floor price of $156. In the same vein, the DeGods collection just saw a 315% volume increase to 50.33K. Their top sale this month was a DeGod NFT that went for $221K.
The retail space already decided about Solana’s success. This makes them less risky compared to other L1s. So, I have one more reason why you should have Solana on your radar. A giant name in crypto is a backer of Solana. I reveal in a moment who he is.
Do you agree that Solana is blue-chip by now? Tell us in the comments.
Reason # 5 VCs and Investors
Solana has some really good investors and VCs behind them. Some of the well-known names are:
- Andreessen Horowitz
- Polychain Capital
- Multicoin Capital
- Jump Trading, and more.
They were all involved in Solana’s ICO in June 2021. This ICO raised $314 million. If you invested back then, for $0.22 per SOL, you could’ve made good money at the ATH in 2021 of $260. That’s a cool x1180! Now, at $32.21, it’s still an x146. But it also shows the potential where 1 SOL can go to.
However, one name I kept out of this list. Because I think he is THE reason why Solana should be on your radar.
Sam Bankman-Fried or SBF, the CEO of FTX. He said in August that; “Solana is the most underrated token” hiccups and all. His Alameda Research was also involved in the ICO. This coming from SBF is a big deal!
It means that with all these funds in their pockets, Solana can keep marching on. They can keep building and sustaining their ecosystem. Are there any other good reasons why Solana should be on your radar, and we didn’t mention them? Let us know in the comments.
So, here we are, at the end of the current Solana road. I gave you 5 good reasons why you should focus on Solana and have them on your radar.
- They have a fantastic NFT ecosystem with lots of potentials.
- Solana is fast and eco-friendly.
- The ecosystem is big and diverse, with some outstanding projects on it.
- By now, SOL is also a blue-chip token.
- Their investors, having Sam Bankman-Fried backing you up give you plenty of bonus points on almost any level. Most certainly in the crypto space.
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