Solana continues to grow as marketcap hits $30 billion
Solana, the blockchain that is seen as a challenger to Ethereum in the future, has been growing its ecosystem strongly of late which has, in turn, helped its token price to go up.
This has pushed the market cap of the token to over $30 billion overtaking Polkadot and USDC as it enters the top 10 cryptos list in terms of market cap. The ecosystem has a lot of space to grow in the coming months as more users and developers onboard the blockchain. The network boasts of a very high speed of more than 50,000 transactions per second and though these limits have not been tested so far, it has been able to withstand the recent price and network pressure very well so far.
This has to be noted with caution though as Ethereum had also started its journey on a promising note several years back and though it continues to upgrade and dominate the developer ecosystem among blockchains, it has been facing several issues over network congestion and high gas fees. This has helped Layer 2 protocols to grow immensely over this period piggybacking on the technology of ETH. Solana needs to ensure that the network remains robust and scalable in the coming years as well so that these issues are avoided in the future.
The number of transactions on the Solana network crossed 100 million about a month back and has been consistently hitting 120 million transactions over August and this bodes well for the network. The ecosystem has also been seeing some strong growth with many developers beginning to develop on the network and the introduction of the EVM bridge for Ethereum a few weeks back, which helps developers to port over their dapps between Ethereum and Solana, has been a shot in the arm for the network and for the developers as well as it opens up the Solana ecosystem for the Ethereum developers as well.
Cross-chain compatibility is going to be the key to the growth of the crypto ecosystem in the future as it is likely that more blockchains are going to be launched in the years to come and if the developers and their dapps are going to be stuck in the respective blockchains, then it will be very difficult for the ecosystem to grow as a whole. That is why we are seeing a lot of effort and time being spent on cross-chain bridges and other solutions at this time and it is likely to take a few more months before a stable solution to this issue is going to come about.