Despite the fact that the cryptocurrency market was under the influence of bears all day yesterday, it once again started to rise in the middle of the week. Some cryptocurrencies, which gained value despite the crisis, attract the attention of investors. While many cryptocurrencies try to hold on to weak support levels, Solana (SOL) managed to gain 19% by breaking through the resistance levels.
Solana, which is prepared in a structure very similar to the Ethereum blockchain network, is called the “Ethereum killer” because it consumes much less energy . The number of decentralized finance (DeFi) applications on the Solana network is also increasing. Many new projects are now focusing on applications that will run simultaneously not only on Ethereum, but also on Solana, Algorant and Binance Smart Chain. Decentralized applications added to these blockchain networks that work like the Internet can produce services for many different sectors by using the smart contract features of these networks.
Solana Investments Increase
Cryptocurrencies continue to receive investments from financial giants . According to a report by The Wall Street Journal , Solana, which has a highly developed blockchain network, has raised a new fund of 314 million dollars. Andreessen Horowitz, one of the well-known financial companies, mediated in the provision of this fund. Sam Bankman-Fried Solana, CEO of Alameda Research, which is mentioned in the investment news, claims that the blockchain network has the most ambitious roadmap.
Solana, which was put into service by ending the testing phases in 2020 as a competitor to Ethereum, is currently listed as the 11th most valuable cryptocurrency by market value. SOL still has a very small share next to Ethereum when it comes to DeFi projects. However, it provides convenience to investors with much faster and lower transaction fees compared to SOL Ethereum. However, it is expected that Ethereum will be able to catch up with Solana’s speed with the update that it will receive in the coming period.
SOL Expands to South Korea
As the Solana network evolves, it finds new partners. ROK Capital, a blockchain company headquartered in South Korea, announced that it has partnered with Solana. ROK Capital also provides consultancy services on the steps to be taken in the process of joining networks for many new blockchain projects.
ROK Capital co-founder Brian Kang said he is excited to welcome his new partner, the Solana Foundation. According to Kang, Solana’s (SOL) attempt to expand into Korean markets is promising:
Solana is one of the fastest growing networks in the industry, and in addition to injecting capital, this new network will provide specialized services for projects to be successfully prepared in Korea.
95% Reduction in Ethereum Transaction Fees
The biggest trump card Solana and other Ethereum competitors use against Ethereum is the low transaction fees. These blockchain networks, which offer very cheap transactions in a very short time, attract the attention of investors with a low portfolio.
The average transaction fee on the Ethereum network can climb up to $ 300 from time to time. However, at the moment, Etheruem transaction fees have decreased by 95% due to the reduced density in blockchain networks. It is reported that the average transaction fee has decreased to the level of $3.
However, in a new bull run, transaction fees may once again climb to very high levels as investors flock to Ethereum and the decentralized finance (DeFi) projects built on this network .