Over the past 24 hours, Solana tokens (CRYPTO:SOL) have easily surpassed $76. The Solana network, which powers decentralized blockchain applications on its infrastructure, is continuing to make gains. Recent news is that Degenerate Ape Academy, a hub for non-fungible tokens (NFTs), has launched on the Solanart platform.
Within days of its launch, 1,691 owners have flocked to the Degenerate Ape platform, with 3,555 NFTs currently for sale. Buyers and sellers have already traded NFTs worth 137,000 SOL – equivalent to about $10 million at today’s price. But that’s not all the platform can do.
Solana Foundation, the company behind the token, is currently collaborating with Chainlink (CRYPTO:LINK) Labs to develop crypto options trading solutions that use Solana’s architecture and receive real-time price updates in as little as 0.4 seconds. In addition, Solana Foundation has partnerships with Tether (CRYPTO:USDT) and Terraform Labs, the company behind Terra (CRYPTO:LUNA), to bring stablecoins onto its network for use by decentralized app developers
While Solana is very innovative and has huge potential, note that its market cap has risen to $40 billion since the recent rally. Many of Solana’s network projects are still in the early stages or just starting to gain traction. So the valuation needs to catch up. Beware of buying into the hype right now.
Solana with its dedicated decentralized finance protocol enables interested investors to perform a wide range of financial activities typical of the niche, including earning interest, borrowing funds for a variety of uses, and doing asset swaps.
Solana has grown because it has been able to attract those developers who are a bit tired of waiting for the Ethereum Foundation to solve the age-old bottlenecks present on the Ethereum network.