Solana Recently, it has grown in popularity and is now one of the world’s top 10 cryptocurrencies based on market capitalization. The ecosystem projects Audius and Arweave have also seen a rally.
In The past week, many cryptocurrencies have shown signs of growth. Bitcoin is close to $50,000 and Ether is testing resistance around $3,300. However, neither of them was able to reach the heights of the previous quarter.
However, Solana (SOL), which is a top 10 cryptocurrency with a market capitalization of more than $21 billion, outperformed them. After surpassing its all-time high of $61.44 from May, SOL achieved a new record of $83.23 last Saturday.
Solana’s innovative Proof-of-History consensus mechanism provides a much higher level of scalability and an average transaction cost of only $0.00025, making it a very popular blockchain for developing decentralized applications (dApps).
One of the most recent additions to the Solana ecosystem is PsyOptions, a US-style options protocol that allows users to write options on any asset represented by an SPL token. This token can be used as a fungible standard to represent tokens on the Solana blockchain.
The increase in non-fungible tokens (NFTs) has also contributed to the recent rally of Solana. Metaplex, launched in June, allows artists and creators to create NFT experiences on the Solana blockchain, and it is becoming increasingly popular.
Most recently, Degenerate Ape Academy launched on Solana with its initial collection of 10,000 ape NFTs, which sold out in just eight minutes, reaching nearly $6 million in total trading volume.
Solana and its tokens have seen an increase in token sales for projects based on the blockchain. Audius, a decentralized streaming and sharing platform for music, has seen its AUDIO token rise by 73% in the past seven days.
Similarly, the Arweave decentralized storage protocol, which was used by Degenerate Ape Academy to store its NFTs, has seen a surge in popularity. Its AR token has risen 46% in the past seven days.
After setting a new all-time high Saturday, the SOL price saw a slight decline over the rest of the weekend. At the time of writing, it is at $73.45.