SOL, the native and utility token of the Solana network, reclaimed its all-time high on August 16, making it the only cryptocurrency to recover its full value since the May crash.
Currently trading at US$68 as per data from TradingView (see chart below), SOL is surging fast. The token reached a record price of U$69 on August 16 and US$75 a day later.
What’s Behind the SOL Mayhem?
SOL’s impressive performance comes after several developments for the Solana ecosystem, key among which was a recent US$70 million crowdfund to support its official decentralised exchange, Mango Markets.
Mango Markets is a DAO-governed platform, similar to other Ethereum-based DEXs such as Uniswap. Yet the DEX is powered by Solana instead, as it offers a wide set of innovative features integrated with high-performance technology.
Another boost for the token came shortly after the launch of Degenerate Ape Academy, an NFT project based on Solanart, Solana’s NFT marketplace, which recently registered a record daily volume of over 92,610 SOL, or more than US$5 million.
Q1 2021 Marks Solana’s Peak Performance
Solana is rising fast, having already caught the eye of the crypto community with its impressive market performance. The first four months of 2021 were a peak period for the token as it surged over 4,000 percent thanks to the protocol’s development success and integration of new DeFi projects on the network.
Solana is backed by Sam Bankman-Fried, founder of FTX Trading. Talking about Solana’s growth, Bankman-Fried says he is astonished by its success and looks forward to seeing what projects will be onboarded.
A lot of an ecosystem’s success depends on how much the community builds on it. I’ve been really happy with the growth of Solana so far building out the world’s fastest, most scalable on-chain ecosystem; I’m excited to see some projects come to market!Sam Bankman-Fried
Though Solana doesn’t have many notable projects on its NFT Marketplace, this could change as it becomes one of the leading blockchains in the industry.
A month ago, Australian renewable energy trading platform Power Ledger dumped Ethereum and switched to Solana for its higher throughput and speed.
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