The market of Non Fungible Tokens has been fluctuating, and it seems that Ethereum is the best choice for investors. According to app radar, 95% of the tokens on Ethereum’s blockchain are active. On the other hand, Solana has surprised the market with its smart contract, unique functionality, and technology though it is a newcomer.
Solana is the Ethereum killer because it faced a massive spike in NFT transactions over the last week. Magic Eden is the NFT marketplace on Solana, which played a role in the increasing transaction volume on the altcoin’s network.
The Solana platform is a new blockchain platform that has been designed to facilitate smart contract functionality and provide an innovative user experience. The Solana team has developed a unique blockchain architecture that allows for enhanced scalability while maintaining the security and reliability of existing platforms.
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Solana is based on the Ethereum blockchain, but it has its own unique smart contract language, CSL (Cascalog Smart Language), which helps write smart contracts in various languages, including Solidity and Serpent.
The recent NFT marketplace on Solana, Magic Eden, competes with peer-to-peer marketplace OpenSea. Its quick-growing status has given a high transaction volume on the altcoin’s blockchain.
Solana comes with smart contract functionality. It was proposed in a white paper by Anatoly Yakovenko. “proof of history” is the technique described in the paper.
Magic Eden, the recent NFT marketplace on Solana, competes with peer-to-peer marketplace OpenSea. Its quick-growing status has given a high transaction volume on the altcoin’s blockchain. According to DappRadar and CoinMarketCap, its whole transaction volume has surpassed $1 billion in a week!
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DeFi and NFTs transaction volumes have significantly decreased recently on the market. But even in the down market for cryptocurrencies, Solana did well. About the previous week, Ethereum has completed slightly less than 500,000 transactions. On the other hand, Solana saw 630,000 transactions. Solana’s activity was 32.6 % more active than Ethereum’s. The altcoin’s overall locked value is, however, somewhat less.
The Ethereum and Solana networks both saw a dip when compared to the figures in May 2022. But once Magic Eden became life, Solana’s volume of transactions surpassed that of Ethereum.
Does Solana fit DAOs perfectly?
Decentralized protocol Grape organized a Hacker House gathering where programmers discovered that Solana is ideal for DAOs. The decentralized autonomous organization is what the name DAO refers to.
A significant Grape contributor is Dean Pappas. He claims that to try out new ideas and forms of government, individuals need very affordable transactions. It would help if you had an excellent user experience and speedy completion of these transactions.
The market has seen overnight double-digit increases before the price of Solana surges. More Crypto Online’s cryptocurrency experts claim that its price is set for a surge. The next level of $48.41 might be the price’s goal after it passes $42.80. According to expert predictions, Solana might have a significant breakthrough after crossing the two bullish milestones.
