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Solana (SOL) is flying excessive in the intervening time, and from all indications, the crypto token has no intention of slowing down anytime quickly because it eyes $100. That is little question possible, contemplating the several bullish narratives that proceed to construct up within the Solana ecosystem. Curiously, SOL not too long ago surpassed XRP to turn into the fifth-largest cryptocurrency by market cap.
Solana DeFi 2.0 Is No Joke
On December 16, the official X (previously Twitter) account for Solana made a post the place it said that “Solana DeFi 2.0 is simply getting began.” Certainly, SOL could also be as much as one thing as its DeFi ecosystem continues to garner steam. Data from DeFiLlama exhibits that Solana has been going face to face to Ethereum by way of DEX volumes on the respective chains.
Solana not too long ago surpassed Ethereum in 7-day DEX quantity for the primary time in historical past. SOL has seen about $9.03 Billion in buying and selling quantity throughout all of the DEXs on the chain within the final seven days. On the similar time, Ethereum noticed $8.836 Billion. That is extra spectacular when you think about the truth that Ethereum homes the most prominent decentralized exchanges.
With such liquidity flowing into the ecosystem, it is just a matter of time earlier than SolaSOLna hits $100. Data from DeFi Llama additionally exhibits that many are doubling their stakes within the Solana ecosystem. On the time of writing, the Whole Worth Locked (TVL) on Solana stands at $1.20 billion, its highest degree since final 12 months.
A lot credit score must be given to the protocols that proceed to construct on Solana. Certainly one of them occurs to be the liquid staking protocol Jito, which has over $570 million locked on its protocol. The DeFi platform not too long ago distributed $225 Million in airdrop to SOL customers inflicting new cash to movement into the ecosystem.
SOL worth breaks $88 | Supply: SOLUSD on Tradingview.com
Is SOL Coming For Ethereum?
For a very long time, Solana has been dubbed the “Ethereum Killer,” however that has by no means actually materialized. The community has for a very long time, suffered numerous outages, which made many assume that it couldn’t match Ethereum. Nonetheless, this time round, there’s a rising perception that SOL is well-prepared to stay as much as the hype.
It’s value mentioning that the Solana community has been 100% uptime for the reason that final time it recorded a network outage in February this 12 months. That is additionally extra commendable contemplating the surge in community exercise that Solana has skilled in current occasions.
If Solana is someway in a position to put these outages previously, there isn’t a doubt that individuals might look to it as a greater different to Ethereum. A rise in its utility will even undoubtedly enhance SOL’s worth.
ARK Invest’s CEO Cathie Wooden recently praised how Solana is “doing a extremely good job.” She additional alluded to the truth that SolaSOLna is even sooner and cheaper than Ethereum.
On the time of writing, SOL is buying and selling at round $86, up over 10% within the final 24 hours, in response to data from CoinMarketCap.
Featured picture from Disruption Banking, chart from Tradingview.com
Disclaimer: The article is supplied for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use data supplied on this web site totally at your individual threat.
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