Solana is a unique blockchain network that aims to create a cryptocurrency-powered environment of products and services. It differs from Bitcoin but shares similarities with Ethereum. Solana is a blockchain network capable of handling the highest number of transactions. Solana can perform 50,000 transactions per second, which is higher than the number of transactions of Bitcoin and Ethereum combined.
Now that you know what Solana is, let’s discuss what makes it unique in our eyes. For one, it is built to scale. As discussed above, the number of transactions it can perform per second is relatively high. Solana can complete 50,000, Bitcoin 5, and Ethereum 15 transactions per second. Another reason we see Solana as a unique blockchain is due to its low fees. If you compare Solana to other networks that perform a similar task, you will realize that Solana is pretty affordable. Ethereum is 200 times more expensive than Solana when comparing the same transaction.
Solana’s blockchain ecosystem is growing substantially. Solana has experienced a 130 percent increase in project growth in the past few months. Its entire value locked in smart contracts has already surpassed $3.5 billion, increasing by 200 percent in August. Its growth is partially due to the recent NFT hype. Many NFTs have been built on the Solana network, giving Solana a chance to reintroduce itself to the masses. The NFT world hit new highs in 2021, making Solana’s success understandable.
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