In spite of cryptocurrencies facing strong headwinds with increased regulatory concerns, the discovery of a new omicron virus among other setbacks, Solana has emerged as one of the best cryptocurrencies by growth rate and resiliency.
According to a recent report by Kraken, despite posting a measly +3% return in November, SOL was the second-best performing large-cap altcoin behind ETH. In the recent past, SOL’s volatility has been growing, going from a factor of 89% to 103% month over month. This partly explains why the cryptocurrency managed to finish November in the green despite falling to as low as $181 as more crypto users onboard the ship.
SOL’s Growth Not By Coincidence
In the recent past, a wave of developments has also been coming to Solana making the network more attractive. Apart from a series of round funding being concluded in a bid to scale the network, various crypto funds have been launched for the nascent asset by firms such as Grayscale with Galaxy Digital expected to take the same route.
Earlier Last month, Solana labs inked a deal with Brave which would see the privacy-focused browser work with Solana in adding support for Solana wallets on Brave’s Web3 desktop and mobile browsers in Q1 of 2022.
The move is expected to expose over 42 million monthly active users of the web browser and over 1.3 million verified creators to the cryptocurrency even as Brave prepares to default to Solana for cross-chain and native DApps.
Fast Transactions, Dapps, Web3, NFTs Fuelling Growth
In the recent past, it has also been claimed that the network’s transaction energy cost takes less energy than a google search and 24 times less energy than charging a phone according to a report by the Solana foundation last month. While other rivals such as Ethereum have some of the lowest numbers of transactions per second, Solana boasts of being the answer to lagging transactions, currently processing about 2972 transactions per second.
Apart from presenting itself as the fastest blockchain in the world, Solana has carved out a name for itself for being the fastest-growing ecosystem in crypto, currently handling over 400 projects including Web3, DeFi, NFTs among others.
Solana’s growth has also been attractive to creators as it offers excellent scaling capabilities, is censorship-proof, low cost as well as offers composability between the network’s projects thereby eliminating the need for fragmented layer 2 systems or sharded chains.
That said, the network’s users remain optimistic that SOL’s price is primed to continue rising once it breaks out of its current consolidation. At press time, SOL is trading at $163.17 after a spirited rally since August.