Over the last week, Solana’s value has increased by up to 17%, although the last 24 hours saw a decrease of 4% after the crypto hit an all-time high of $260. Otherwise labeled as the ‘Ethereum Killer,’ Solana is now considered the fourth-biggest cryptocurrency in the market today. On the other hand, Solana’s rival Cardano has remained stagnant, slipping into sixth place, as reported by Coinmarketcap.
On November 2, Solana surpassed Cardano and has since been increasing in value—otherwise known as “to the moon.” It seems that Solana is aiming to take over Ether’s place, but that might take a while, as there’s still a $526 billion market value difference between the two cryptocurrencies at the moment.
Still, Solana’s consistent spikes have hardened the investors’ stance that the up-and-coming crypto will eventually surpass Ethereum and will, later on, become the go-to platform for smart contracts. At the moment, the other cryptocurrencies above Solana are Bitcoin, Binance Coin, and Ether, in no particular order.
This recent surge came after Solana Ventures, the crypto’s investment arm, announced that it will be funding $100 million to boost gaming on the blockchain. This comes in collaboration with Lightspeed Venture Partners and FTX.
These funds will be used to help out not only gaming studios but technology companies and other projects that fit within the concept of both blockchain and gaming.
https://twitter.com/solana_daily/status/1457991369398489088?s=20
How Is Solana Related to Blockchain Gaming?
The concept that made Solana quite popular is its decentralized finance (DeFi) and non-fungible tokens (NFTs). Essentially, Solana is popular in the developer community, especially among those who no longer want anything to do with Etherum’s hefty transaction fees. With Solana touting its cheap fees, more and more developers have been considering it as a more efficient alternative to ETH.
On another note, NFTs are a common bridge or connection between the cryptoverse and blockchain gaming. Similar to crypto, non-fungible tokens rely on digital ledgers—otherwise known as blockchains in this case—to validate the various digital items.
At the moment, Axie Infinity is one of the biggest NFT projects in the globe, and its worth is almost $3 billion according to CryptoSlam. For those who aren’t familiar with Axie, it is a play-to-earn (P2E) blockchain game where you can earn with every win. While cute, Pokemon-like NFT pets have caught the attention of many crypto enthusiasts, assets vary from spaceships to many others.
Solana also has gaming projects in store, and while it’s not as big as the others, it appears that Star Atlas is looking to create a metaverse that could possibly even surpass Axie Infinity’s popularity. As long as the value of NFTs and DeFi continues to skyrocket, there’s still a massive chance that Solana’s value will once again reach a new all-time high before the end of the year.
