Solana, which is called “SOL”, is an emerging cryptocurrency whose current market capitalization exceeds US$ 56 Billion. Since 2020, the growth of SOL has been on the watch by crypto investors. The investors put SOL amongst the top-5 digital currencies within the global crypto economy. Since 2020, SOL gained US$ 660 Million surges in terms of its use in smart contracts. At present, SOL is working on more than 3 dozen applications while the TVL for SOL is now exceeding US$ 11 Billion.
It is said that Ethereum and Bitcoin have found their worthy opponent in the shape of SOL. But a vast majority of crypto investors deny that SOL is a competitor of Ethereum and Bitcoin. They in fact believe that SOL’s competition is with other very popular crypto coins such as Terra, BNB, Avalanche, etc.
For instance, as compared to Terra and Avalanche, SOL’s market capital exceeds US$ 56 Billion. On the contrary, the market cap for Terra and Avalanche is not more than US$ 26 Billion.
Considering its adoption in the crypto market, it can easily be seen that SOL’s ecosystem is rapidly growing. One way to find out where SOL stands in the market, one can look at its DApps.
In terms of DApps, Ethereum is dominating wherein the most popular and highly used DApp is “Uniswap”. Uniswap alone has more than 188,200 addresses, which are all active addresses. SOL’s most active DApp is, however, “Radium”, which though was launched in February 2021, yet has more than 97,600 addresses.
The second popular Ethereum’s DApp is “Opensea” which has active addresses of 111,000 plus on weekly basis. On the contrary, the second-best DApp of SOL is Magic Eden with weekly active addresses as 58,400 plus. This shows that SOL is lagging only halfway behind Ethereum’s active addresses.
In the case of the “futures market”, however, SOL has earned the third spot in the global market with US$ 860 Million.
On the basis of SOL’s progress in the crypto market, experts believe that SOL’s future in 2022 is brighter than many crypto coins. It is worth investing in as SOL’s yields are expected to be higher than usual in 2022.
