ETH competitor Solana hit a new ATH and led the altcoin fee along with Polygon as the market grew 2.74% overnight. So let’s read more today in our latest Ethereum news.
After Solana entered the top ten cryptos by market capitalization this week, Solana has set a new ATH in the past few days, including today, giving the SOL token an ATH of 78 early in the morning, according to Nomics data. 63 USD. The price of Solana went down a bit and is now at $ 78.17, but that is still an 8.91% increase overnight as the SOL price was below $ 40 at the start of the week, which means the SOL has been blown away 100% in the past two weeks.
We were sold out in 8 minutes. Holy monkey.
No, the drop was NOT smooth. It was shitty at best. We did A LOT of wrong things and the team was blown away by the wave that hit us over the past week. It was exponentially bigger than we thought. Please monkey rage in the comments / 1 pic.twitter.com/HCccxoSoQn
– Degenerate Ape Academy 🎓 (@DegenApeAcademy) August 15, 2021
Solana has enjoyed a number of good news related to Defi and NFT over the past week and on Sunday the Degenerate Ape Academy’s NFT kicked off on the Solana blockchain, so the digital collectibles are now sold out within eight minutes. The most expensive digital monkey resold for $ 100,001, or over $ 6.2 million, in the past 24 hours. The network has exceeded a total of $ 2 billion and has an ATH of $ 74.08. Solana is seen as an ETH competitor because the blockchain includes smart contracts as an innovation popularized by Ethereum and simply because it is more scalable than Ethereum.
The network mint SOL using a proof-of-stake consensus mechanism that uses less energy than the proof-of-work consensus model currently used by BTC and ETH. Ethereum is expected to migrate to PoS later this year, and while Ethereum fans are waiting for it to happen, Solana has already resolved some of the issues that ETH users are struggling with such as scalability. Solana processes 1,365 live transactions per second and claims the maximum capacity is 50,000 TPS, which is far greater than Ethereum’s capacity of around 15 TPS.
Solana isn’t the only recovering alternative to Ethereum, Polygon is a Layer 2 solution that sits on top of the Ethereum blockchain and takes some of the pressure off of validating transactions. The MATIC token grew 12% overnight, hitting a new price of $ 1.68, still a long way from its previous ATH of $ 2.45, which was set in May. Polygon announced further plans to introduce an ecosystem DAO that will unite the different DAOs in the network.
Polygon announced a $ 250 million merger with the Hermez platform, which is another scalability solution from Ethereum, and HEZ token holders can exchange their tokens for MATIC at the 7: 2 rate.
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