Saturday, December 4

The rapid expansion of Solana (SOL), has generated great interest towards the goal of $ 250 dollars

The price of the cryptocurrency Solana (SOL) is finding resistance near its all-time high. However, the impressive growth of its ecosystem of “decentralized finance” (DeFi) and “non-fungible tokens” (NFT) is likely to cause the cryptocurrency to surpass $ 250 before the end of this year.

At the time of writing, the cryptocurrency Solana (SOL) is priced at $ 200.25. Source: CoinMarketCap

Likewise, the interest of institutional investors is probably a key factor behind Solana’s significant growth of 494% since August. For example, SOL is the fourth largest component of the Bitwise 10 Crypto Index Fund ($ BITW), which is an index mutual fund with a capitalization of $ 1.23 billion, providing exposure to various cryptocurrencies.

Furthermore, data from the ‘VORTECS’ market indicator from CoinTelegraph Markets Pro. It showed that the current number of tweets talking about Solana is 32% higher than the average in the last 30 days. As long as the Solana cryptocurrency continues to grow, SOL will remain a viable solution for DeFi and NFT applications seeking cheaper and faster transactions.

Furthermore, due to the increase in Solana’s market capitalization, the cryptocurrency has surpassed XRP in market capitalization. Currently, Solana is positioned as the 5th cryptocurrency with the highest market capitalization, with a volume of $ 60,621 million dollars. Therefore, Solana (SOL) aims to be the next rival for Cardano (ADA).

FTX has expanded its NFT market to accept tokens based on the Solana network

After launching its non-fungible token market (NFT) in September. Cryptocurrency exchange FTX extended its support for the Solana (SOL) network on October 11, accepting metaplex tokens linked to the network. And it also plans to integrate tokens based on the Ethereum network soon.

The US division of «FTX», ad two weeks ago, the expansion of its functionalities. Also announcing that the exchange will soon accept Ethereum-based tokens. The exchange’s “FTX” platform is open to US users from a long list of jurisdictions. However, New York residents will not be able to register on the platform.

The FTX platform, in addition to supporting cryptocurrencies, allows its users to acquire NFTs through traditional banking transactions and credit cards. In addition, the NFTs offered are priced in dollars, Solana and Ethereum.

Brett Harrison, the president of FTX.US, said the exchange is trying to provide “simpler, safer and easier tools” for mainstream users interested in trading NFT through its platform.

“The NFT ecosystem has begun to infiltrate pop culture, but it has lacked a platform that provides easy access and exposure to mainstream audiences.” Harrison added.

It should be noted that the FTX exchange charges a 2% commission on all NFT transactions. However, it does not charge a commission for the NFT listing.

Solana’s TVL reached a historical record

At the same time that the price of the cryptocurrency Solana increased. The Total Locked Value on Deposits (TVL) of decentralized finance projects (DeFi) built on the Solana network, reached a new record of $ 13.3 billion dollars, on Monday, according to the platform. DeFi Llama.

Also, the most important DeFi project in the Solana network is “Saber”, an automated market maker (AMM) protocol that allows Solana users and applications to trade between stable pairs of assets efficiently and obtain positive returns, by providing liquidity to the network.

The Total Locked Value on Deposits (TLV) of all DeFi projects linked to Solana, reached a record of $ 13.3 billion dollars, on Monday.  Source: Defi llama
The Total Locked Value on Deposits (TLV) of all DeFi projects linked to Solana, reached a record of $ 13.3 billion dollars, on Monday. Source: Defi llama

Meanwhile, there are four DeFi projects with a TVL of more than $ 1 billion. For example Raydium ($ 1.84 billion), Sunny ($ 1.67 billion), Serum ($ 1.57 billion) and Marinade Finance ($ 1.55 billion).

Also, Solana declared via Twitter, which will add more DeFi projects to its list, following the conclusion of its “Ignition” event on October 18. Which increases the possibility of a higher demand for the cryptocurrency in the future.