You Choose Your Best!
In this article will check some stats and data from around the blockchain, telling us exactly what’s going on with these three coins and the ecosystem in general, including what the future holds and how we should play them.
We need to know why this crypto has had this parabolic rise and if it will stay up at this price.
The main reason for the rise in the price of sol is NFTs. Actually, ftx exchange launched its NFT marketplace with Solana and Ethereum cross-chain trading, which gives more volume in the latest NFT search.
They offered lower minting fees which attracted artists who found gas fees on Ethereum really painful, taking advantage of price differentials across Solana and ETH.
But after being spammed with hundreds and even thousands of pictures of a fish, ftx started charging about 500 usd as a one-time fee for minting NFTs on the platform.
Degenerate ape is one of the major NFT projects actually built on Solana, and it also gave the blockchain its first million-dollar NFT sale.
These are huge steps for Solana as a competitor to Ethereum, who has really been the pioneer of NFTs up until now. Ethereum, the founder of Vitalic Buterin, knows about the NFT problems on Ethereum, mainly the gas fees and already has ideas to solve it by moving NFTs from the main chain to some sort of layer two solutions.
With Cardano also doing NFTs and Solana, Ethereum has stiff competition to stay at number one. Unfortunately, the persistent high fees will be here for months more before any ETH 2.0 upgrades, and layer twos can get involved.
Project serum is another project by ftx using the Solana blockchain. İt’s a fully decentralized dex and defi ecosystem where you can directly trade coins between different blockchains.
This is really the holy grail right now for projects and can add a lot of value to certain chains, as we’ve seen with polygon and Solana up until now.
What’s really unique about the Serum is that it has an order bookstore market for a Dex. So you can trade like you’re on a centralized exchange, but you keep your coins in your wallet, and you have full ownership and control. Read More…