2023-12-21 21:00:37 by NewsBTC

Solana (SOL) is flying high at the moment, and from all indications, the crypto token has no intention of slowing down anytime soon as it eyes $100. This is no doubt feasible, considering the several bullish narratives that continue to build up in the Solana ecosystem. Interestingly, SOL recently surpassed XRP to become the fifth-largest cryptocurrency by market cap.  Solana DeFi 2.0 Is No Joke On December 16, the official X (formerly Twitter) account for Solana made a post where it stated that “Solana DeFi 2.0 is just getting started.” Indeed, SOL may be up to something as its DeFi ecosystem continues to garner steam. Data from DeFiLlama shows that Solana has been going head to head to Ethereum in terms of DEX volumes on the respective chains.  Solana recently surpassed Ethereum in 7-day DEX volume for the first time in history. SOL has seen about $9.03 Billion in trading volume across all the DEXs on the chain in the last seven days. At the same time, Ethereum saw $8.836 Billion. This is more impressive when you consider the fact that Ethereum houses the most prominent decentralized exchanges.   With such liquidity flowing into the ecosystem, it is only a matter of time before SolaSOLna hits $100. Data from DeFi Llama also shows that many are doubling their stakes in the Solana ecosystem. At the time of writing, the Total Value Locked (TVL) on Solana stands at $1.20 billion, its highest level since last year. Much credit needs to be given to the protocols that continue to build on Solana. One of them happens to be the liquid staking protocol Jito, which has over $570 million locked on its protocol. The DeFi platform recently distributed $225 Million in airdrop to SOL users causing new money to flow into the ecosystem. SOL price breaks $88 | Source: SOLUSD on Tradingview.com Is SOL Coming For Ethereum? For a long time, Solana has been dubbed the “Ethereum Killer,” but that has never really materialized. The network has for a long time, suffered numerous outages, which made many assume that it could not match Ethereum. However, this time around, there is a growing belief that SOL is well-prepared to live up to the hype.  It is worth mentioning that the Solana network has been 100% uptime since the last time it recorded a network outage in February this year. This is also more commendable considering the surge in network activity that Solana has experienced in recent times. If Solana is somehow able to put these outages in the past, there is no doubt that people could look to it as a better alternative to Ethereum. An increase in its utility will also undoubtedly increase SOL’s value. ARK Invest’s CEO Cathie Wood recently praised how Solana is “doing a really good job.” She further alluded to the fact that SolaSOLna is even faster and more cost-effective than Ethereum.  At the time of writing, SOL is trading at around $86, up over 10% in the last 24 hours, according to data from CoinMarketCap.  Featured image from Disruption Banking, chart from Tradingview.com Scott Matherson Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.