Ethereum Competitor Solana Network Gains Traction as its Native Token SOL Registers New ATH

Making into the top 10 cryptocurrencies list is the main aim of every digital asset in the space. Solana Network is one such project that was able to climb up the ranks last week. Its native token SOL also registered a new ATH of $78.63 today. The new record was first noted by crypto analytics service Nomics.

Since morning, the price of SOL token has retracted by a small margin. However, the token started from less than $40 in the last week. This means that it has managed to gain 100% in a matter of the last seven days. The main reason that Solana is often dubbed as a competitor for Ethereum is that it already uses the PoS consensus model and also has smart contracts capabilities.

The biggest contributor for pushing Solana Network to new heights is the NFT marketplace. The Solana blockchain allows users to mint, trade, and host NFT artwork on their platform. The masterpiece called the Degenerate Ape Academy quickly rose to fame and set a record of selling all the pieces in only 8 minutes.

One of the most popular pieces of the NFT artwork called digital Ape resold for 100,001 SOL tokens that are valued at $6.2 million. With the high demand for the NFT artwork on Solana Network, the interest of the investors started to increase in the ecosystem. Last Tuesday, the total market cap of Solana Network surpassed $2 billion for the first time. Solana can handle 1,365 transactions per second, whereas Ethereum’s top capacity is set at 15 TPS.

Polygon Network is also a Strong Competitor of Ethereum

Another progressing network that has been making rapid progress is the Polygon. It is also a blockchain project that is built as a layer- 2 solutions. The native token for Polygon MATIC has managed to gain 12% in the last 24 hours. It is currently trading for $1.68, which is far away from ATH in May at $2.45 per unit.

Polygon network is planning to expand its horizons by launching a dedicated Polygon ecosystem called DAO. In addition, a merger with scalability solution provider Hermez has been announced by the network. The cost of the merger is set at $250 million in the first stage. After the merger is complete, the holder of the HEZ token can swap MATIC with a 7 to 2 ratio.

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