The ETH competitor Solana reached a new ATH, leading the altcoin charge along with Polygon as the market grew 2.74% overnight so let’s read more in our latest Ethereum news today.
Having entered the top ten cryptos by market cap this week, Solana set a new ATH over the past few days including today so the SOL token set an ATH of $78.63 in the early hours this morning according to the data by Nomics. Solana’s price retreated a little and now it sits at $78.17 but this still represents an overnight increase of 8.91% as the SOL price was under $40 at the start of the week which means in the last fortnight SOL was blown away by 100%.
We sold out in 8 minutes. Holy Ape.
No the drop was NOT smooth. It was shitty at best. We did A LOT wrong and the team was overwhelmed with the wave that hit us in the past week. It was exponentially bigger than we thought. Please ape rage in the comments /1 pic.twitter.com/HCccxoSoQn
— Degenerate Ape Academy (@DegenApeAcademy) August 15, 2021
Solana enjoyed a string of Defi and NFT related good news in the past week and on Sunday, the Degenerate Ape Academy’s NFT launched on the Solana blockchain so now the digital collectibles are sold out within eight minutes. The most expensive digital ape was resold in the past 24 hours for $100,001 SOL or over $6.2 million. The network passed $2 billion in total value locked in Defi and also set an ATH of $74.08. Solana is seen as the ETH competitor because the blockchain incorporates smart contracts as an innovation popularized by Ethereum and simply because it is more scalable than Ethereum.
The network mines SOL using a proof of stake consensus mechanism which 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 wait for this to happen, Solana already solved some of the issues that the ETH users struggle with such as scalability. Solana handles 1,365 live transactions per second and claims that the maximum capacity is 50,000 TPS which is far bigger than Ethereum’s capacity of about 15 TPS.
Solana is not the only alternative to Ethereum to be rallying, Polygon is a layer-2 solution that sits atop the Ethereum blockchain and takes out some of the pressure of validating transactions. The MATIC token grew 12% overnight to hit a new price of $1.68 which is still a long way off its former ATH at $2.45 set in May. Polygon announced more plans to launch an ecosystem DAO that will unite the disparate DAOs on the network so now it will tap some of its $150 million DefiForAll funds to maintain and establish the organization.
Polygon announced a $250 million merger with platform Hermez which is another Ethereum scalability solution and the holders of the HEZ token will be able to swap their tokens for MATIC at 7:2 rate.