NNF | Wait and Watch: The Crypto Market ends slightly negative!
Wait and Watch!
The crypto market ended slightly negative this week!
This week on NNF (Navigate with Nord Finance),
Let’s dive into the crypto market and take a look at SOL.
NNF of the week:
1 Min Market:
The crypto market calmed down after last week’s FTX mayhem. The market remained slightly weak as investors are in wait-and-watch mode to see if there is any more collateral damage from the FTX collapse.
As mentioned in the last newsletter, The market will remain in a slightly volatile state for a couple of weeks but the worst is likely to be behind us. This is a good time to explore and learn the potential of different cryptocurrencies and slowly start building a long-term portfolio.
Check out this week’s market performance.
Catch the Coin:
Today, we’re demystifying SOL in this segment.
We’ve dived into SOL to give you an idea of how far SOL has come and what the future looks like for SOL.
Solana ($SOL) Overview:
$SOL is the native cryptocurrency of Solana, a layer-1 blockchain network. Launched in March 2020, Solana is competing with the likes of Ethereum and Cardano with its computational capabilities. It employs a novel proof-of-history consensus mechanism to maintain its blockchain ledger while using proof-of-stake to ensure security.
Solana is built for high performance with scalability. Transactions per second (TPS) of Solana stands at around 2000 which is a huge jump when compared to Ethereum which is running at 11 TPS. The network has grown in popularity with more than 125 dApps running. Also, more than $300 Million worth of value is locked in Solana-powered DeFi protocols.
Market Cap: 5 Billion+ USD
Use Cases:
- Staking
$SOL can be staked i.e. delegated to a validator as a part of the PoS mechanism. Staking rewards are paid out in $SOL.
- Gas Fees
$SOL tokens are used to pay transaction fees for any DeFi or NFT activity on the Solana network.
Future outlook:
Solana has garnered new developers and communities of its own over the last year due to its speed and efficiency. Centralization is still a concern for the network. To solve this, onboarding more validator nodes is being seen as a top priority. NFTs and DeFi activity in Solana is growing which is a bright signal for things to come. However, frequent network outages are one of the weaknesses of Solana that developers need to solve to make it an attractive network for blockchain apps.
BTS Scoop of the week:
Our NNF (Navigate with Nord Finance) newsletter subscribers have received behind the scene updates on our upcoming Crypto Investment Platform.
