The last few days have been mixed when it comes to the price development of crypto assets. Only those who are invested in Solana (SOL) can currently look forward to new heights. The price of the native blockchain token SOL has reached 70 euros, driving the project to a market capitalization of more than 20 billion euros. Not much is missing, and Solana will overtake another large proof-of-stake network, Polkadot, on market cap.
Solana, which develops a smart contract platform similar to Ethereum, Cardano or Polkadot and positions itself as the technological basis for DeFi applications and dApps, is very developer-friendly. There are extremely low transaction fees and a high rate of possible transactions per second. These are two essential building blocks for decentralized applications that need both of these things.
Cooperation with Chainlink spurs the course
The makers behind Solana, Solana Labs from San Francisco around founder Anatoly Yakovenko, are gradually getting new partners on board. A partnership with Chainlink, another up-and-coming DeFi blockchain project, has now been announced. Chainlink’s price feeds are still only available in the Solana Devent, but they should run on the mainnet in the fourth quarter. This real-time price information, which comes from data providers such as Coin Metrics, Cryptocompare, NCFX, Tiingo, dxFeed, is an important basis for DeFi applications and makes Solana even more attractive for developers.
In general, Solana Labs is well networked in the crypto industry. FTX founder Sam Bankman-Fried, who has a stake in Solana Labs through his investment vehicle Alameda, has a special role. One of the most prominent dApps running on Solana is Serum – the decentralized exchange that was created in the orbit of Bankman-Fried. In addition to the billionaire FTX founder, other institutional investors are interested in Solana. According to the analysts at CoinShares, SOL tokens are currently very popular with them – which is driving the price up further.
The marketing machinery behind Chainlink
But not only Solana, also the significantly larger Ethereum challenger Cardano (ADA) has experienced highs in the past few days. Here, too, it is about the expectation that the soon-to-be-introduced smart contracts will make Cardano an attractive platform for dApps and DeFi applications. But it still remains to be seen whether Cardano will manage to assert itself against Ethereum in this regard.