Advertisement
AD

Main navigation

Solana Surpasses Tether by Market Value, Enters Fourth Place with $75 Billion

Advertisement
Tue, 9/11/2021 - 10:25
Solana Surpasses Tether by Market Value, Enters Fourth Place with $75 Billion
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Advertisement

"Ethereum killer" Solana crypto has surpassed Tether, becoming the biggest stablecoin provider in terms of market capitalization with $75 billion compared to Tether's $73.8 billion, according to CoinGecko.

Competition with Tether

At press time, Solana is in fourth place in terms of market capitalization. Its closest competitor, BNB, currently holds third place with an impressive $109 billion. The major part of its capitalization has been gained in the most recent rally started at the beginning of November.

Article image
Source: CoinGecko 

Tether has not started up the "printer" again, which means that Solana still has some time to gain traction and create a small lead. With each issuance of new Tether tokens, the market cap gets an average of a $1 billion increase.

Fund sources

The increasing market value of Solana is tied to the previous rise of the NFT industry and decentralized applications. The total market capitalization of NFTs built on the Solana network is nearing $1 billion, which makes it the second-largest network for NFT art.

Advertisement
Article image
Source: CoinMarketCap

In addition to NFT, the decentralized finance industry brings Solana an additional $15 billion in valuation, which, added to NFT, totals almost 20% of the project's capitalization.

"Ethereum killer"

The project has been dubbed an "Ethereum killer," or an alternative to the huge fees of the Ethereum network. In addition to relatively small fees, Solana brings to the table a much wider network bandwidth with 65,000 transactions per second.

Related

According to Solana block explorer, the current network holds 2,486 transactions per second, less than the 10% load listed on Solana's own website. Previously, the Solana network was down for more than 24 hours due to reaching a large transaction volume, which raised concerns in the community about the network's declared ability to handle a large number of transactions simultaneously.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD