Nexo co-founder Antoine Trenchev wrote in an email that Solana has a growing ecosystem, projects are being built on it. Also, it has benefited a lot from the boom in NFTs. NFTs are tokens that are not interchangeable and are used to trade digital collectibles. He said that the support of Sam Bankman-Fried, chief executive of crypto exchange FTX, is also helping in this.
Solana has touted itself as the world’s fastest blockchain, and its website says it has an average cost of $0.00025 (roughly Rs.0.018) per transaction. In June it announced that it had raised $314 million (about Rs 2,290 crore) in a funding round with investors including Bankman-Frieds Alameda Research, venture capital firm Andreessen Horowitz, Polychain Capital and CoinShare.
Alternative coins such as Solana’s SOL, Cardano’s ADA and Binance Coin have increased in recent weeks. Despite being top coins like Bitcoin and Ether, they have registered growth and attracted the attention of investors.
Download the Gadgets 360 Android app and follow us on Google News for the latest tech news, smartphone reviews and exclusive offers on popular mobile phones.