Solana Up 25%, Hitting New All-Time Highs As Hopes For DeFi Explosion Grow
Solana (CRYPTO: SOL) took a major lift up since its yesterday's price, as Ethereum (CRYPTO: ETH) killers continue raking in gains.
What Happened: According to CoinMarketCap data, Solana's price increased by over 25.5% from its yesterday's low of $66.72 to a high of $83.74. This is the coin's new all-time high.
The report follows a recent announcement that the Solana development blockchain now receives market price feeds from the Chainlink (CRYPTO: LINK) on-chain data importation system.
This spurred many market onlookers to hope that Solana — a contender looking to house the decentralized finance (DeFi) ecosystem — will soon see a decentralized application Precambrian explosion.
Read also: What is Solana?
Chainlink provides so-called oracles — services that make outside data available to the on-chain smart contracts that DeFi and other decentralized applications (DApps) make use of.
Decentralized exchanges (DEXs), for instance, make use of oracles to know the correct prices of the coins that are traded on the platform. Algorithmic stablecoins such as MakerDAO's (CRYPTO: MKR) DAI (CRYPTO: DAI), on the other hand, use it to know when the stablecoin's price is too high or low and use that information to react and maintain the peg.
Read also: How high can Solana go?
With its nearly-instant transactions, high throughput, and transactions that cost orders of magnitude less than Ethereum's, Solana is now a great contender to host the nest wave of DeFi apps — or even have many transitions to its blockchain.
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