Moe | Flipside Analyst

    Moe

    Joined Jan 11, 2022
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    234Upvotes
    SOLANA - New User Activity

    SOLANA - New User Activity

    Feb 12, 2022 - Solana is a smart contracts platform powered by the SOL coin. It was launched in 2017 by former Qualcomm software engineer Anatoly Yakovenko, and it features a consensus mechanism that blends PoS with proof of history. Specifically, Solana timestamps incoming transactions, creating a verifiable order of events, which accelerates network throughput. Solana can theoretically handle 50,000 TPS, and those transactions are finalized in just 13 seconds. That incredible scalability keeps network fees low. The average transaction on Solana costs a fraction of a cent, much less than the $0.44 now charged on Cardano, and orders of magnitude below the $20 you might expect to pay on Ethereum. In short, the Solana blockchain is already fast and cheap, and that has translated into significant adoption. The platform boasts over 1,300 blockchain projects, including dApps like Magic Eden and Solanart, the fifth- and sixth-most-popular non-fungible token (NFT) marketplaces in terms of total traders. Solana also ranks as the sixth-largest DeFi ecosystem, with $8.7 billion invested in the blockchain. It just launched Solana Pay, a platform that will allow consumers to send digital payments to merchants using stablecoins like USD Coin, a cryptocurrency that's tied to the price of the U.S. dollar. Because Solana Pay is powered by blockchain technology, it eliminates the need for banks and credit networks, meaning merchants are charged a fraction of a cent for transactions.

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    Moe