The cryptocurrency market has had an extremely bullish year. Even after the recent market crash that wiped out billions, the entire Crypto market cap was around $300 billion in September of last year. It is now in excess of $2 trillion.
As this revolutionary blockchain initiative continues to gain traction, the price of Solana’s sol token has risen, leaving many other cryptocurrencies in the dust.
On September 8th, 2021, the digital token price achieved an all-time high of $214.36, up more than 13,200 percent from its January 1st price of $1.61. On January 1st, 2021, a $1,000 investment in Solana would have yielded roughly $140,000 today.
The adoption of blockchain network concepts and services has been a major factor in the rise in Solana prices.
According to the Solana white paper, a 1 gigabit per second network connection could theoretically perform 710,000 transactions per second (TPS).
The average transaction price, according to the project’s website, is $0.00025, which is significantly less than the cost of an Ethereum transaction at the time of writing.
In a blog post, Anatoly Yakovenko, the founder and CEO of Solana, provided a more concrete example of the blockchain’s bandwidth.
Solana employs the proof-of-history consensus algorithm, which “creates a historical record that proves that an event occurred at a specific moment in time.”