Solana Up, Bitcoin and alts down - Another Ethereum Killer?
I've witnessed a few cryptocurrencies get addressed or seen as the next big thing, or more specifically, the Ethereum killer. I'm not talking based on the fact that I am more supportive of Ethereum and believing it will scale, greatly following the path of bitcoin. But this really isn't the first time I'm hearing the phrase "Ethereum Killer" a number of projects have been called that name, including Avalanche (AVAX) being hyped as one, but it does seem like nothing is really happening there, and judging from the price actions via coinmarketcap it just feels like an overpriced crypto. Not only that, Cardano (ADA) has also recently seen and embraced fame due to its recent movements which seem as though it should be flying well above 10-15$ in a couple of weeks. This has been the hype, every new chain that seems to be doing a bit great suddenly sees a spotlight of being an "Ethereum Killer"
I have not exactly been all up in Solana, but just like ADA, I was forced to dig deep into them, to see why they've suddenly earned the Frontpage on almost all cryptocurrency news outlets.
The cryptocurrency industry is seeing huge expansion, this has quite a lot of factors to consider, one is Defi and the latter is NFTs. The beauty of the most recent trending tokens and projects have had one of two relationships with this sector, like the Axies, it's price movement was all as a result of its blockchain game which had just a lot to do with NFTs and shit. Now, inevitably, Solana's driving force also accounts to this section.
NFTs creating more relevant cases for tokens and Defi making finance much more expansive and reproductive, the beauty has been in the inflow of cash and the less congested atmosphere.
Solana is a decentralized ecosystem, just like many other crypto projects, it's built to be scalable, cheap as per transaction costs and ultimately, fast. Solana gives room for a wider range of transactions flexibility, in the sense that, as per stated on their website;
"Solana is all about speed, with 400 millisecond block times. And the more people use it, the faster it gets."
I didn't actually see the end part coming. So, apparently, the more users it emerges, the faster it gets. In simplified terms, you could relate Solana to one of those weird family bicycles with lots of seats and wheels, so apparently, the more people cycling, the faster the bicycle moves. However, a huge credit for Solana price movement despite a bearish Tuesday atmosphere, is undoubtedly given to the NFT projects running underneath it. I've come across many of them, and minting is like the trending in that space. Buying pressure is exacted as a lot of people are buying Solana off the market for minting, in order to stand a chance of winning cool NFT prices which could be sold off at Solanart.io
The Question remains, is Solana the really an "Ethereum Killer"?
You may see this as a generational buying moment in an emerging asset class or one speculative bubble.
Quoted from here If diversifying is ya thing, then Solana could be betted on. Not financial advice tho
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