‘s biggest competitor, is getting more interest from institutional players, according to Sam Bankman-Fried, CEO of the FTX exchange. Sponsored
Solana is an enterprise-grade blockchain that was created by Anatoly Yakovenko. It is backed by Alameda Research and FTX Exchange, which is under the watchful eye of cryptomillionaire Sam Bankman-Fried. According to Bankman-Fried, Solana’s compelling long-term roadmap as a blockchain means it will be able to support industrial applications of crypto. According to Bankman-Fried, NFT, decentralized finance
and the launch of the Pyth Network market data feed have contributed, at least in part, to Solana’s popularity. Bankman-Fried is developing a Serum derivatives exchange within the Solana network. Solana
token value rises
, which did not do well this week, due in part to legal troubles.
NFT Platform Contributes to Solana’s Popularity
An NFT platform called SOLSEA
launched by Hong Kong-based derivatives exchange FTX. It allows users to create and trade NFTs on Solana and Ethereum platforms. The project is a direct competitor to Ethereum, but has some advantages. Ethereum has high transaction fees and has network congestion issues. Bandwidth on Solana is not sacrificed like other cryptocurrencies with smart contracts. Such as Cardano
and Polkadot, but provides around 50,000 transactions per second.
According to solana.com, the average cost of each Solana transaction is $0.00025. This combined with new licensing standards and high throughput makes Solana’s blockchain, the SOLSEA framework, attractive to many NFT enthusiasts.
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