What Happened: High-speed blockchain Solana (CRYPTO: SOL) 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 (CRYPTO: ETH) killer' because of its incredibly short processing times.
Ethereum: 1.2 billion transactions since 2015
Solana: 24 billion transactions in the last 18 months.
— David Holt (@IDrawCharts) August 15, 2021
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 (CRYPTO: SRM) and its automated market maker and liquidity provider Raydium Protocol (CRYPTO: RAY).
— Mango Markets (@mangomarkets) August 16, 2021
What Else: Last week, another Solana-powered decentralized exchange Mango Markets (CRYPTO: MNGO), 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
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.