The price of the Solana (SOL) blockchain token has surpassed the $100 mark for the first time. The capitalization of the project now amounts to $29 billion, while the token occupies the eighth place in the list of the largest cryptos in terms of capitalization. SOL's growth over the last 30 days is over 200%. About a year ago, the token was trading below $1.
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Solana uses proof-of-stake (PoS) and proof-of-history (PoH) algorithms to achieve high scalability while keeping the benefits of decentralization and security. The Solana network has a throughput of more than 50,000 transactions per second, while its main competitor, Ethereum, is currently limited to only 30 transactions. Edul Patel, CEO of trading platform Mudrex, said:
"Solana is not a common cryptocurrency used for a rapid rise and subsequent collapse its price, but rather a platform that can be used to create decentralized applications."