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Solana (SOL) is flying excessive for the time being, and from all indications, the crypto token has no intention of slowing down anytime quickly because it eyes $100. That is little question possible, contemplating the a number of bullish narratives that proceed to construct up within the Solana ecosystem. Apparently, SOL just lately surpassed XRP to turn out to be the fifth-largest cryptocurrency by market cap.
Solana DeFi 2.0 Is No Joke
On December 16, the official X (previously Twitter) account for Solana made a put up the place it acknowledged that “Solana DeFi 2.0 is simply getting began.” Certainly, SOL could also be as much as one thing as its DeFi ecosystem continues to garner steam. Knowledge from DeFiLlama exhibits that Solana has been going face to face to Ethereum by way of DEX volumes on the respective chains.
Solana just lately surpassed Ethereum in 7-day DEX quantity for the primary time in historical past. SOL has seen about $9.03 Billion in buying and selling quantity throughout all of the DEXs on the chain within the final seven days. On the identical time, Ethereum noticed $8.836 Billion. That is extra spectacular when you think about the truth that Ethereum homes the most distinguished decentralized exchanges.
With such liquidity flowing into the ecosystem, it is just a matter of time earlier than SolaSOLna hits $100. Knowledge from DeFi Llama additionally exhibits that many are doubling their stakes within the Solana ecosystem. On the time of writing, the Complete Worth Locked (TVL) on Solana stands at $1.20 billion, its highest stage since final yr.
A lot credit score must be given to the protocols that proceed to construct on Solana. One in all them occurs to be the liquid staking protocol Jito, which has over $570 million locked on its protocol. The DeFi platform just lately distributed $225 Million in airdrop to SOL customers inflicting new cash to circulate into the ecosystem.
SOL worth breaks $88 | Supply: SOLUSD on Tradingview.com
Is SOL Coming For Ethereum?
For a very long time, Solana has been dubbed the “Ethereum Killer,” however that has by no means actually materialized. The community has for a very long time, suffered quite a few outages, which made many assume that it couldn’t match Ethereum. Nevertheless, this time round, there’s a rising perception that SOL is well-prepared to reside as much as the hype.
It’s value mentioning that the Solana community has been 100% uptime because the final time it recorded a community outage in February this yr. That is additionally extra commendable contemplating the surge in community exercise that Solana has skilled in current instances.
If Solana is by some means capable of put these outages prior to now, there isn’t any doubt that individuals may look to it as a greater various to Ethereum. A rise in its utility may even undoubtedly enhance SOL’s worth.
ARK Make investments’s CEO Cathie Wooden just lately praised how Solana is “doing a extremely good job.” She additional alluded to the truth that SolaSOLna is even quicker and less expensive than Ethereum.
On the time of writing, SOL is buying and selling at round $86, up over 10% within the final 24 hours, in response to information from CoinMarketCap.
Featured picture from Disruption Banking, chart from Tradingview.com
Disclaimer: The article is offered for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use data offered on this web site totally at your individual threat.
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