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Is Solana (SOL) the best blockchain around?

Solana (SOL) could prove that scalability is the key to success in the world of cryptocurrency and blockchain.

I think scalability created the $77.84 Coin Price, Coin Market Cap gave to SOL on 20 August 2021. On 20 August 2021, CoinMarketCap ranked Solana (SOL) as the 10th most valuable cryptocurrency.

In detail, CoinMarketCap estimated Solana’s Market Cap at $23.315 billion, its’ Fully Diluted Capitalization at $39.095 billion, and a 24 Market Volume of $1.833 billion on 20 August 2021. They based those numbers on a Circulating Supply of 286.583 million SOL and a Total Supply of 502.242 SOL.

Solana is Scalable

I believe it is Solana’s scalability that drives that value. Scalability means that a cryptocurrency can process hundreds or thousands of transactions at once without crashing.

Notably, Solana Beach estimates Solana was processing 1,052 to 2,458 transactions per second (TPS) on 20 August 2021. In contrast, Blockc296hain.com estimates Bitcoin (BTC) was processing 3.65 TPS on 18 August 2021.

That means a Bitcoin payment app could crash if it tries to process five or six transactions a second. In contrast, Solana (SOL) regularly processes over 2,000 TPS. Arrogantly, Solana’s designers claim their blockchain can process over 50,000 TPS.

I think this scalability is why apps such as Audius (AUDIO) work with Solana. Notably, Rolling Stone claims Audius users can now upload songs to TikTok’s Sound Kit. Audius can only work with TikTok because it is scalable.

The Massive Solana Ecosystem

Solana claims to be the fastest growing ecosystem in Crypto. Solana claims to work with hundreds of cryptocurrencies and apps including Anchor, Audius (AUDIO), Solaris, Band Protocol, Big Data Protocol, Binance, Coinbase, USD Coin (USDC), Phantom, Oxygen, Jet Protocol, Kin, Ledger, Gate, Gravity, Humingbot, DefiLand, Exodus, Magic, Mango, Raydium (RAY), Jabber, Fluidity, Waves, Serum, and The Graph (GRT).

Hence, Solana is working with dozens of cryptocurrencies. Moreover, Solana claims users can earn SOL by providing computer resources to Solana’s network. Solana can also generate protocol based rewards and transaction fees (peer-to-peer or P2P based transfers attached to network interactions. Since Solana can process thousands of TPS, I think the transactions could generate enormous amounts of income.

The Solana ecosystem includes dozens of apps such as Serum, Doce Finance, BSN, Diablo, Streaming Fast, Phantasia, Fabric, Fantom, the All-Ar Protocol for NFTs, OpenOcean, Audius, Velas, SolPay, P2P, Anchor, Francium, Oxygen, Frontier, Gate, Solrise Finance, Arweave, Squads, the Bitspawn Protocol, Plasma Pay, Uphold, Atomic, Atlas, Solarium, the Router Protocol, CoinEx, Synthetify, Chainlink, Terra, and Solstarter.

Does Solana live up to the Hype?

Hence, Solana (SOL) has a massive ecosystem that comprises dozens of apps and cryptocurrencies. In addition, many of those apps, such as Audio, could have genuine moneymaking capabilities.

 

Thus, I think Solana has dozens of ways to generate money by selling proper services and products to actual people in the real world. For example, people can buy and sell music through Audius.

 

I think Solana (SOL) could be a rare DeFi product that lives up to the hype. Solana lives up to the hype because there seem to be many ways to make money through it. For example, the Solaris lending and borrowing protocol could make money through interest.

 

Similarly, Crypto.com offers SOL spot trading partners while Metaplex lets anybody operate a self-hosted non-fungible token (NFT) storefront that works with ultra-fast NFTs. Meanwhile, Wormhole is a sidechain that connects Ethereum (ETH) with Solana.

 

I think all these apps give Solana genuine value and and justify the $78.39 Coin Price, Coinbase gave it on 20 August 2021. CoinBase gave Solana (SOL) a Market Capitalization of $22.38 billion, a 24-Hour Market Volume of $1.88 billion, and a Circulating Supply of 286.6 million SOL on that day.

 

If you are seeking a cryptocurrency that can make money in the real world. I think Solana could be it. Therefore, speculators need to investigate Solana (SOL) and the many apps and cryptocurrencies they are building on the Solana blockchain.

 

Solana shows scalability is the key to making money on the blockchain.

 

 Originally published at https://marketmadhouse.com on August 20, 2021.