- Solana’s community has been buzzing with a ton of activities in recent weeks that are indicative of the tremendous growth that the blockchain is undergoing.
- Solana’s strong price performance in recent days has seen it climb to 6th place and set a new all-time high of $214.96.
- Events like the Ignition hackathon and the increase in liquid staking solutions for the blockchain leaves the community ecstatic.
Solana has its community to thank for the amazing metrics that it achieved within the last few weeks. From overtaking XRP to occupying 6th position with a market capitalization of $55 billion, Solana has continued to attract institutional investors and new protocols to its network.
The Community
Recently, Solana’s community on Twitter crossed 500K followers as a testament to the tremendous growth of the network. Not resting on the laurels, Solana is currently running IGNITION, a global Solana hackathon with prizes and funding of up to $5 million. The hackathon will play host to projects built around DeFi, Web3, Gaming, and Collectibles and is billed to run from August 31-October 8, 2021. Before this, Solana has successfully concluded the Wormhole and Solana Season Hackathons with thousands of participants.
Solana also announced that the number of staking solutions on the network had doubled in size. The announcement comes on the heels of the launch of Lido Finance and Socean Finance which has had the effect of increasing decentralization on the network.
Institutional investors are also contributing to the ripples around Solana. Bridge Tower Capital has partnered with Solana for the creation of a $20 million fund to accelerate the blockchain’s development in Europe. According to BridgeTower CEO, Cory Pugh, the partnership will support projects running on Solana and also focus “on a number of high potential industries like banking and capital markets, manufacturing and supply chain, life sciences, e-government, and public services.”
Solana’s Recent Run
In recent weeks, Solana grabbed the spotlight by notching tremendous gains of over 100%. This price rally culminated in the asset setting a new all-time high of $214.96 which puts it firmly as the sixth largest cryptocurrency in terms of market capitalization.
Solana’s rise has raised the question of whether it can fulfill its stint as an Ethereum killer, especially with the enterprise-grade functionalities that it offers to its users. Solana utilizes the revolutionary Proof-of-History which allows it to circumnavigate the problem of scalability. Furthermore, with faster processing speeds than Ethereum and cheaper fees, Solana is poised to attract even more projects to its blockchain.
The existence of a healthy community is often the precursor for a successful network and Solana has managed to keep its community vibrant through groundbreaking partnerships and events. A combination of an active community and technological advantage may be the formula for an even bigger price run for Solana.
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