Ethereum Competitor Solana (SOL) Rallies Over 40% To New All-Time High, Transaction Volumes Top 24B

What Happened: High-speed blockchain Solana SOL/USD saw its native token surge by more than 41% to a new all-time high of $64.48 today.

Extending a week-long rally that saw its price appreciate by more than 56%, SOL recorded a 472.48% uptick in daily trading volume, which exceeded $3.9 billion at the time of writing.

The hybrid blockchain is often referred to as 'Ethereum ETH/USD killer' because of its incredibly short processing times.

As one crypto trader pointed out, Solana processes about as many transactions in a month as Ethereum has in its entire history.

Read also: What is Solana?

While this has more to do with Solana’s network capacity than user growth, the blockchain recorded a total transaction volume of 24.1 billion as of this weekend.

Meanwhile, the Total Value Locked (TVL) of DeFi on Solana reached $1.96 billion driven by decentralized exchange Serum SRM/USD and its automated market maker and liquidity provider Raydium Protocol RAY/USD.

What Else: Last week, another Solana-powered decentralized exchange Mango Markets MNGO/USD, raised $70.5 million in one of the largest token sales in DeFi history.

According to the decentralized exchange, Solana’s total transaction fees on user deposits were as low as $126 for the token sale’s peak liquidity of $500 million.

“Solana is in hyper drive, pushing boundaries and growing faster than all its predecessors. It will inevitably be met with criticism, but that's not a bad thing. We will simply take the legitimate criticism and continue to improve exponentially,” commented Chase Barker, developer relations lead at Solana.

Check our interview with Solana