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Is Solana (SOL) a Good Investment in 2022?

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At the time of Ethereum’s release, it seemed that no other cryptocurrency project in the DeFi field would be as significant as Ethereum itself. As a fast layer-1 blockchain, Solana competes head-on with Ethereum. Why? Because it has all the necessary components of a DeFi coin, transactions can be processed quickly.

Anatoly Yakovenko created Solana in 2017. This blockchain is intended to process transactions more quickly than other well-known cryptocurrencies. While it is very fast at processing transactions, it is not its sole strength. They also have a minimal transaction cost.

A proof-of-stake protocol underpins the blockchain, expediting the processing of transactions. This consensus is combined with the novel proof-of-history protocol. It can reportedly handle up to 70,000 transactions per second, according to early sources. Solana is well-known in the DeFi industry, and it can back distributed applications with the use of smart contracts.

In addition, it works well as a home for DeFi platforms such as specialized NFT markets. The Solana platform’s native token, SOL, is used to pay for in-app purchases and other transaction costs. It is a convenient method of exchange and a safe place to save one’s wealth.

By integrating a proof-of-history (PoH) consensus in addition to the underlying proof-of-stake (PoS) consensus of the blockchain, Solana (SOL) aims to make it easier to build dApps and increase their scalability. All types of traders, from amateurs to large financial institutions, are drawn to the platform because of its cutting-edge hybrid consensus method.

Solana is one of the best cryptocurrencies to purchase for low-risk crypto earnings because of its rapid development, novel design, and remarkable price history. At $11 billion in market valuation, it is grossly underpriced relative to its competitors.

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