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Why Solana Cryptocurrency Has Skyrocketed 100% In A Week

February 24, 2021 12:33 am
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Why Solana Cryptocurrency Has Skyrocketed 100% In A Week

Solana (CRYPTO: SOL), a so-called Ethereum (CRYPTO: ETH)-killer, has run up 100% on a seven-day trailing period and was trading 18.04% higher over 24 hours at press time boosted by Decentralized Finance integrations.

What Happened: SOL — the nineteenth largest cryptocurrency by market cap — broke out after the first automated market maker Raydium for Solana blockchain was launched, Cointelegraph reported.

Raydium’s launch reportedly brings Solana’s blockchain closer to being a replacement for DeFi projects on ETH as traders look for ways to alternatives due to high transaction costs on the latter blockchain. 

On Monday, a proposal dubbed ‘Bonsai’ was posted on a forum of the decentralized exchange SushiSwap (CRYPTO: SUSHI) that would involve integrating SushiSwap with the Raydium platform, Cointelegraph reported separately.

See also: Best Cryptocurrency Apps

The proposal’s author, “Handroll,” wrote, “We have been working on Raydium’s AMM and liquidity pool protocols since the fall of 2020 and have just launched on our platform […] Raydium’s protocol is already able to support SushiSwap liquidity pools for the Serum orderbook.”

Why It Matters: The proposal made claims that users of SushiSwap can execute token swaps and manage yield farms much faster and at lower transaction costs after the integration takes place, noted Cointelegraph.

SushiSwap team reportedly expects Bonsai to be live on testnet within the first quarter of this year.

The decentralized exchange has $3.16 billion in terms of total value locked, according to DeFi Pulse. TVL in DeFi as a whole stands at $38.11 billion, as of press-time.

SUSHI traded 2.41% lower at $15.39 at press time while the apex cryptocurrency — Bitcoin (CRYPTO: BTC) traded 2.56% lower at $51,013.06.

Despite the recent fall in BTC prices, Ethereum killers such as Cardano (CRYPTO: ADA), Aave (CRYPTO: AAVE) and Cosmos (CRYPTO: ATOM) have been trading in the green as they are touted for their smart contract functionality or DeFi utility.

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