The top cryptocurrencies by market capitalization keep changing over time as the industry matures. Solana (SOL) has seen its value skyrocket so far this year and has been consistently processing over 2,500 transactions per second.
The cryptocurrency’s price, according to TradingView data, is up nearly 13,000% year-to-date as the year started with SOL trading slightly below $2. Solana is now changing hands-on exchanges for around $240.
Solana is a blockchain platform that aims to achieve high transaction speeds at a low cost without sacrificing decentralization. To do so, it relies on a number of unique features, including a “proof-of-history” mechanism. This allows Solana to process an estimated 50,000 transactions per second, compared to Bitcoin’s seven and Ethereum’s 15.
As the Solana network supports smart contracts, decentralized finance (DeFi)