{"id":32064,"date":"2023-11-08T23:37:17","date_gmt":"2023-11-08T21:37:17","guid":{"rendered":"https:\/\/www.fintechnews.org\/_\/?p=32064"},"modified":"2023-11-08T23:37:17","modified_gmt":"2023-11-08T21:37:17","slug":"ethereum-rival-solana-is-back-experts-say-its-no-surprise","status":"publish","type":"post","link":"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/","title":{"rendered":"Ethereum rival Solana is back\u2014experts say it’s no surprise"},"content":{"rendered":"
\n
\n

Stablecoins, Shopify, and a simplified developer experience are fueling SOL\u2019s rise<\/h2>\n
\n
\n
\n
<\/div>\n<\/div>\n

By\u00a0Mat Di Salvo<\/a><\/span><\/span><\/div>\n

<\/div>\n
Solana<\/a>\u00a0is once again the talk of crypto, and its native coin SOL is benefiting from the attention. The price of SOL is up over 9% today, hitting a 24-hour high of $44.41.\u00a0<\/strong><\/h5>\n<\/div>\n<\/div>\n<\/header>\n
\n
Over the past 30 days, it has exploded in value by over 88%, according to CoinGecko\u2014making it the biggest winner of all the major cryptocurrencies.<\/strong><\/h5>\n
And despite its association with the\u00a0collapsed FTX crypto exchange<\/a>\u00a0and its\u00a0criminally convicted<\/a>\u00a0founder Sam Bankman-Fried, experts say Solana\u2019s recent rise shouldn\u2019t come as a shock.<\/h5>\n
Widely considered a competitor to\u00a0Ethereum<\/a>, Solana aims to be the go-to network for on-chain applications and experiences. Ethereum proponents argue that the leading smart contract network offers greater stability and security, but Solana is objectively cheaper and faster for those wanting to build or use lending protocols, games, and other applications that utilize blockchain technology.<\/h5>\n
Solana gas fees right now stand at $0.000522; to make a transaction on Ethereum, it costs $6.58 on average.<\/h5>\n
For this reason, Solana has grabbed the attention of Visa, Shopify, and developers wanting to build on the network.<\/h5>\n
\u201cSolana adopts a streamlined approach, emphasizing high base layer throughput while simplifying the developer experience,\u201d portfolio manager at Yield App Akash Mahendra told\u00a0Decrypt<\/i>, highlighting how much data can be processed by the blockchain.\u00a0<\/strong><\/h5>\n
Mahendra added that major partnerships and institutional interest are also helping drive up the price of SOL.<\/h5>\n
It wasn\u2019t that long ago that Solana was getting a bad rep. FTX, once one of the biggest and most recognizable brands in the crypto space, was heavily invested in Solana.<\/h5>\n
Ex-FTX boss and co-founder Sam Bankman-Fried was a prominent Solana supporter, and the company invested in numerous Solana-related projects. FTX launched a marketplace for Solana NFTs, and\u00a0even co-created Serum<\/a>, which at one point was considered a foundation of the Solana DeFi space. At its peak in 2021, Solana commanded a market cap of $78 billion and boasted a $10 billion DeFi ecosystem.<\/h5>\n
FTX then collapsed in a highly publicized bankruptcy while holding over $1 billion in SOL. The cryptocurrency plunged as a result.<\/h5>\n
But big players still see real value in the project.<\/h5>\n
In August, Solana\u2019s payment protocol Solana Pay\u00a0integrated<\/a>\u00a0with the e-commerce platform Shopify, allowing merchants to accept stablecoin USDC via the blockchain.\u00a0\u00a0This collaboration \u201ccapitalized on Shopify\u2019s influential 10% share in the U.S. online retail sector, which translates to an estimated $444 billion in global transactions,\u201d according to Mahendra.\u00a0<\/strong><\/h5>\n
Then, payments giant Visa announced<\/a>\u00a0in September that it had chosen Solana\u2019s blockchain for its stablecoin ambitions. This, according to Solana Foundation\u2019s head of strategy Austin Federa, \u201cvalidates the importance of the network\u2019s unmatched speed and scalability.\u201d<\/strong><\/div>\n
These two moves were seen as bullish by investors who have since been plugging fresh cash into the project. And things really picked up in the last month.<\/h5>\n
Patrick Felder, founder & CIO at Prismatic Capital, told\u00a0Decrypt\u00a0<\/i>this was because when Bitcoin and the broader crypto market started rallying, SOL was the most deeply oversold asset in the space following\u00a0news<\/a>\u00a0that FTX\u2019s new management might sell off large amounts of SOL.<\/h5>\n
But this, according to Felder, was \u201cmassively overblown\u201d FUD (fear, uncertainty and doubt) and \u201ctriggered a massive short squeeze.\u201d In the world of trading, a short squeeze is when the price of an asset shoots up unexpectedly due to short sellers (those who\u2019ve bet on the asset going down) exiting their positions.<\/h5>\n
This happened with SOL, according to Felder, as many had bet on Sam Bankman-Fried\u2019s FTX trial hurting the asset’s price.<\/div>\n
The Solana community\u2019s annual conference, Breakpoint, took place at the end of October, leading to an even bigger rally, added Felder.<\/h5>\n
The irony is that at Breakpoint last year, the price of SOL\u00a0had plunged<\/a>\u00a0by 60% in the week following the FTX crash. Spirits were low.\u00a0But now, the coin has made a stunning comeback.<\/h5>\n<\/div>\n

 <\/p>\n

Link: https:\/\/decrypt.co\/204753\/ethereum-killer-solana-rising-with-institutional-adoption<\/p>\n

Source: https:\/\/decrypt.co<\/p>\n","protected":false},"excerpt":{"rendered":"

Stablecoins, Shopify, and a simplified developer experience are fueling SOL\u2019s rise By\u00a0Mat Di Salvo Solana\u00a0is once again the talk of crypto, and its native coin SOL is benefiting from the attention. The price of SOL is up over 9% today, hitting a 24-hour high of $44.41.\u00a0 Over the past 30 days, it has exploded in […]<\/p>\n","protected":false},"author":15,"featured_media":32065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[570],"tags":[],"class_list":["post-32064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"yoast_head":"\nEthereum rival Solana is back\u2014experts say it's no surprise - Fintech News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum rival Solana is back\u2014experts say it's no surprise\" \/>\n<meta property=\"og:description\" content=\"Stablecoins, Shopify, and a simplified developer experience are fueling SOL\u2019s rise By\u00a0Mat Di Salvo Solana\u00a0is once again the talk of crypto, and its native coin SOL is benefiting from the attention. The price of SOL is up over 9% today, hitting a 24-hour high of $44.41.\u00a0 Over the past 30 days, it has exploded in […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/\" \/>\n<meta property=\"og:site_name\" content=\"Fintech News\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-08T21:37:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fintechnews.org\/_\/wp-content\/uploads\/2023\/11\/Solana-e1699479411444.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"593\" \/>\n\t<meta property=\"og:image:height\" content=\"333\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Horacio\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Horacio\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/\",\"url\":\"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/\",\"name\":\"Ethereum rival Solana is back\u2014experts say it's no surprise - Fintech News\",\"isPartOf\":{\"@id\":\"https:\/\/www.fintechnews.org\/_\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.fintechnews.org\/_\/wp-content\/uploads\/2023\/11\/Solana-e1699479411444.jpg\",\"datePublished\":\"2023-11-08T21:37:17+00:00\",\"author\":{\"@id\":\"https:\/\/www.fintechnews.org\/_\/#\/schema\/person\/658757e1431d316aa8cf416fc54414eb\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/#primaryimage\",\"url\":\"https:\/\/www.fintechnews.org\/_\/wp-content\/uploads\/2023\/11\/Solana-e1699479411444.jpg\",\"contentUrl\":\"https:\/\/www.fintechnews.org\/_\/wp-content\/uploads\/2023\/11\/Solana-e1699479411444.jpg\",\"width\":593,\"height\":333,\"caption\":\"Ethereum rival Solana is back\u2014experts say it's no surprise\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.fintechnews.org\/_\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Ethereum rival Solana is back\u2014experts say it’s no surprise\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.fintechnews.org\/_\/#website\",\"url\":\"https:\/\/www.fintechnews.org\/_\/\",\"name\":\"Fintech News\",\"description\":\"And Techs news of your sector\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.fintechnews.org\/_\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.fintechnews.org\/_\/#\/schema\/person\/658757e1431d316aa8cf416fc54414eb\",\"name\":\"Horacio\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fintechnews.org\/_\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f064986367e108cbb4c673607b6db8fedc2dbd35b4ad02750db05fdfac027591?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f064986367e108cbb4c673607b6db8fedc2dbd35b4ad02750db05fdfac027591?s=96&d=mm&r=g\",\"caption\":\"Horacio\"},\"url\":\"https:\/\/www.fintechnews.org\/_\/author\/horacio\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Ethereum rival Solana is back\u2014experts say it's no surprise - Fintech News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/","og_locale":"en_US","og_type":"article","og_title":"Ethereum rival Solana is back\u2014experts say it's no surprise","og_description":"Stablecoins, Shopify, and a simplified developer experience are fueling SOL\u2019s rise By\u00a0Mat Di Salvo Solana\u00a0is once again the talk of crypto, and its native coin SOL is benefiting from the attention. The price of SOL is up over 9% today, hitting a 24-hour high of $44.41.\u00a0 Over the past 30 days, it has exploded in […]","og_url":"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/","og_site_name":"Fintech News","article_published_time":"2023-11-08T21:37:17+00:00","og_image":[{"width":593,"height":333,"url":"https:\/\/www.fintechnews.org\/_\/wp-content\/uploads\/2023\/11\/Solana-e1699479411444.jpg","type":"image\/jpeg"}],"author":"Horacio","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Horacio","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/","url":"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/","name":"Ethereum rival Solana is back\u2014experts say it's no surprise - Fintech News","isPartOf":{"@id":"https:\/\/www.fintechnews.org\/_\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/#primaryimage"},"image":{"@id":"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/#primaryimage"},"thumbnailUrl":"https:\/\/www.fintechnews.org\/_\/wp-content\/uploads\/2023\/11\/Solana-e1699479411444.jpg","datePublished":"2023-11-08T21:37:17+00:00","author":{"@id":"https:\/\/www.fintechnews.org\/_\/#\/schema\/person\/658757e1431d316aa8cf416fc54414eb"},"breadcrumb":{"@id":"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/#primaryimage","url":"https:\/\/www.fintechnews.org\/_\/wp-content\/uploads\/2023\/11\/Solana-e1699479411444.jpg","contentUrl":"https:\/\/www.fintechnews.org\/_\/wp-content\/uploads\/2023\/11\/Solana-e1699479411444.jpg","width":593,"height":333,"caption":"Ethereum rival Solana is back\u2014experts say it's no surprise"},{"@type":"BreadcrumbList","@id":"https:\/\/www.fintechnews.org\/_\/ethereum-rival-solana-is-back-experts-say-its-no-surprise\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.fintechnews.org\/_\/"},{"@type":"ListItem","position":2,"name":"Ethereum rival Solana is back\u2014experts say it’s no surprise"}]},{"@type":"WebSite","@id":"https:\/\/www.fintechnews.org\/_\/#website","url":"https:\/\/www.fintechnews.org\/_\/","name":"Fintech News","description":"And Techs news of your sector","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.fintechnews.org\/_\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.fintechnews.org\/_\/#\/schema\/person\/658757e1431d316aa8cf416fc54414eb","name":"Horacio","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.fintechnews.org\/_\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f064986367e108cbb4c673607b6db8fedc2dbd35b4ad02750db05fdfac027591?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f064986367e108cbb4c673607b6db8fedc2dbd35b4ad02750db05fdfac027591?s=96&d=mm&r=g","caption":"Horacio"},"url":"https:\/\/www.fintechnews.org\/_\/author\/horacio\/"}]}},"author_meta":{"display_name":"Horacio","author_link":"https:\/\/www.fintechnews.org\/_\/author\/horacio\/"},"featured_img":"https:\/\/www.fintechnews.org\/_\/wp-content\/uploads\/2023\/11\/Solana-e1699479411444-300x168.jpg","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.fintechnews.org\/_\/fintech\/cryptocurrency\/\" class=\"advgb-post-tax-term\">Cryptocurrency<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Cryptocurrency<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 3 years ago","modified":"Updated 3 years ago"},"absolute_dates":{"created":"Posted on November 8, 2023","modified":"Updated on November 8, 2023"},"absolute_dates_time":{"created":"Posted on November 8, 2023 23:37","modified":"Updated on November 8, 2023 23:37"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.fintechnews.org\/_\/wp-json\/wp\/v2\/posts\/32064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fintechnews.org\/_\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fintechnews.org\/_\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fintechnews.org\/_\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fintechnews.org\/_\/wp-json\/wp\/v2\/comments?post=32064"}],"version-history":[{"count":0,"href":"https:\/\/www.fintechnews.org\/_\/wp-json\/wp\/v2\/posts\/32064\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fintechnews.org\/_\/wp-json\/wp\/v2\/media\/32065"}],"wp:attachment":[{"href":"https:\/\/www.fintechnews.org\/_\/wp-json\/wp\/v2\/media?parent=32064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fintechnews.org\/_\/wp-json\/wp\/v2\/categories?post=32064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fintechnews.org\/_\/wp-json\/wp\/v2\/tags?post=32064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}