Since launching in March 2020, Solana’s focus on speed, affordability, and decentralization has earned it more than 11.5 million active users. Having recently stepped out of the shadows of the bankrupt FTX exchange, Solana’s future has never looked brighter. Its native token, SOL, is once again making waves after rebounding more than 300% from its low of under $10 in December 2022.
With all eyes on Solana, it’s time to take a closer look at this new addition to the Yield App family.
1. 🪦 Rumors of its death are greatly exaggerated
In June 2023, the crypto world was abuzz with speculation of Solana’s premature demise. SOL’s drastic drop in price was partially due to its connection with FTX and Alameda. At the time of writing, FTX still holds around 55.8 million SOL tokens. If Solana keeps rising to $50 and $60, FTX customers claiming $10 billion might be fully reimbursed. Currently, they can recover up to 80% of their claims against bankrupt FTX.
2. ⚡️ It’s carbon neutral
Solana is the first blockchain with real-time energy emissions tracking, allowing anyone to analyze emissions at a granular level. Its proof of stake network and other innovations help minimize environmental impact. In fact, each Solana transaction uses zenergy comparable to a few Google searches.
3. 📈 VanEck predicts a 10,600% price rally
According a report by VanEck, Solana's SOL could see its price range from a modest $9.81 to an ambitious $3,211.28 by 2030 (while Ethereum has a target price of $11,800). That's a whopping 10,600% price surge for Solana in the years to come! The report even explores a scenario where Solana becomes the first blockchain to handle apps with over 100 million users.
4. 🤳 1,000+ dApps run on top of it
Starting with around 300 dApps in 2021, Solana now has more than 1,000 dApps running on top of it, and the numbers just keep growing! They cover everything from DeFi projects to NFTs.
5. 💨 It’s the world’s fastest blockchain
Solana has block times of 400 milliseconds — and as hardware gets faster, so will the network.
Solana is an enticing choice for many due to its remarkable ability to handle approximately 50,000 transactions per second (TPS). While speed isn't the only factor to consider, few cryptocurrencies rival Solana in this race. Equally remarkable is that Visa claims to process about 24,000 TPS, which means Solana could give existing payment networks a serious run for their money.
6. 📜 It’s writing history
Solana has a unique consensus mechanism called Proof of History (PoH). PoH uses cryptographic hashes to timestamp each transaction and ensure that all nodes agree on the order of transactions without having to wait for them to be included in a block. This allows for faster transaction times and improved scalability.
7. 🎒 It has a wallet called… Backpack
Backpack, the next-generation crypto wallet and operating system for executable NFTs (xNFTs) acts as both a wallet and a gateway to a new era of possibilities. Backpack effortlessly manages your private keys and connects seamlessly with various apps. Its uniqueness lies in its agnosticism towards assets and protocols. It’s an open, programmable system built for Web3. Every element within the wallet adopts the xNFT format which encompasses dApps, computer games, and other immersive encounters. This is kind of a big deal.
8. Its community is hella active
Solana has a vibrant developer community constantly working on exciting projects and features. These include creating DeFi tools, improving scalability solutions, developing wallets and exchanges, and providing educational resources on blockchain technology.
9. 👔 It’s backed by big names in venture capital
Solana has backing from top venture capital firms like Andreessen Horowitz (a16z), Multicoin Capital, Polychain Capital, Pantera Capital, Blocktower Capital, and CoinFund. This demonstrates the vast potential of the project both economically and technologically!
10. 💳 Solana Pay integrates with Shopify
Peer-to-peer payments were initially Bitcoin's primary use case. But while bitcoin could not scale, Solana can. And it's more than that. Solana shines with instant settlement and low transaction fees. So low that it can compete with industry giants like Visa.
Consider this: Credit card processing fees range from 1.5% to 3.5%. The average transaction fee on Solana? $0.00025. So say farewell to hefty credit card fees and welcome Solana’s payment rails. Since August 2023, Solana Pay integrates seamlessly with Shopify, opening up a world of possibilities for businesses and consumers. It seems that the original use case for crypto is beginning to find its way into the mainstream, thanks to Solana's capabilities.
11. 📈 Your SOL can work harder for you
In October 2023, Yield App opened up its doors for SOL holders. Earn a passive income of up to 5.5% annually on your SOL holdings, swap SOL for other assets (up to $10,000 daily), and watch your portfolio thrive in the world of Web3.
12. 💰 It’s easy to earn with Yield App
Unlocking the earning potential of your Solana tokens is a breeze. Simply transfer your SOL tokens to Yield App, pick an Earn product, and you're all set for daily passive income in the dynamic Web3 landscape.
Supercharge your earnings with SOL on Yield App today!
DISCLAIMER: The content of this article does not constitute financial advice and is for informational purposes only. The price of digital assets can go down as well as up, and you may lose all of your capital. Investors should consult a professional advisor before making any investment decisions.