Solana recently made it into the top 10 cryptocurrencies by market capitalization, while Solana ecosystem projects Audius and Arweave are also on the rise
Last week, many cryptocurrencies posted gains, with Bitcoin hitting nearly $ 50,000 and Ether testing the resistance around $ 3,300. However, none of them came anywhere near the all-time highs seen last quarter.
However, both were surpassed by Solana (SOL), which has advanced into the top 10 cryptocurrencies with a market cap of over $ 21 billion. After surpassing its all-time high in May of $ 61.44 last Monday, the SOL rose another 35% to hit a new all-time high of $ 83.23 on Saturday.
Solana’s innovative Proof of History consensus mechanism means dramatically increased scalability, and with average transaction costs of just $ 0.00025, Solana is becoming a popular blockchain for decentralized app development (dApp).
One of the latest additions to the Solana ecosystem is PsyOptions, an American-style options protocol that allows users to write options for any asset represented by an SPL token – a fungible token standard for the Solana blockchain.
The surge in non-fungible tokens (NFTs) appears to have helped Solana in its most recent rally. Metaplex was launched in June to enable artists and creatives to create NFT experiences on Solana and is already very popular.
Recently the Degenerate Ape Academy launched on Solana and their first collection of 10,000 monkey NFTs sold out in just eight minutes and reached a total trading volume of nearly 6 million US dollars.
Solana-based projects have also seen their tokens rally together with SOL. Audius offers decentralized music sharing and streaming on Solana and its AUDIO token has increased 73% in the last seven days.
Meanwhile, the Arweave decentralized storage protocol – which was used by the Degenerate Ape Academy to store their NFT – has also grown in popularity, with its AR token increasing 46% in the past seven days.
After reaching a new all-time high on Saturday, the SOL price fell for the remainder of the weekend. It currently changes hands at $ 73.45 at the time of writing.