Solana Needs Higher Adoption Rate to Unlock its Full Potential

Solana Needs Higher Adoption Rate to Unlock its Full Potential
  • Solana is more scalable than Ethereum.
  • Metaplex is the heart of Solana’s NFT market.

Many dislike Ethereum, citing it’s too costly and sluggish. Alternatives arise. A few, like Cardano, are long-standing. Another is Solana Labs, new (SOL). This year’s favorite. Solana this year has climbed 12,000%. That is, 120%. Hundred dollars invested in SOL in December would have been $12,000 now.

Solana is a blockchain platform that enables developers to create new applications for decentralized finance or non-fungible token creation. According to a recent Lisbon presentation, it already has 1.3 million active accounts and has handled 38 billion transactions. On November 7, they had locked in $15.23 billion in decentralized financing initiatives. Metaplex is the heart of Solana’s NFT market, presently transacting over $32 million in NFTs every week.

Ben McMillan, founder & CIO of IDX Digital Assets, stated:

“As asset managers, we like Solana both as an investment as well as a development platform.”

Betamax Vs VHS Cassettes

Solana is more scalable than Ethereum and has a lower “gas price.” The ecology is expanding due to cost basis. A true Ethereum gas station would have inflation greater than the requirements required. Many people have compared this to Betamax, better than VHS cassettes but never achieved enough adoption to matter.

The big concern today is how effectively Solana scales. On September 15, the network was congested. Could this issue endure if developers move away from Ethereum? Solana and other blockchain initiatives need more users. They require developer support, meaning computer programmers pick their system over, or alongside, another blockchain.

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