Solana Review: Current Market Insights to Guide Your Trading Journey on Scallop Exchange (May 2023)

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Last Updated on May 1, 2023 by Bitfinsider

In the crypto industry of 2023, Solana has continued to see tremendous growth and adoption. Many users and developers have chosen to build on the platform due to its high transaction throughput, low fees, and quick confirmation times.

The creation of multiple decentralized finance (DeFi) protocols built on Solana’s blockchain has been one of the most important milestones in the blockchain’s history. These protocols have attracted billions of dollars in value and provide a variety of services, including as loan and borrowing, trading, and yield farming.

Major businesses and organizations have also adopted Solana more frequently. Microsoft and Visa are among some of these significant tech and financial firms that collaborated with Solana in 2023. In fact, Mastercard just announced that it is partnering with the Solana Foundation today. This is an indication of how the Mastercard Crypto Credential instills its faith and trust in the SOL blockchain ecosystem, just like the other tech giants. Through these collaborations, Solana hopes to examine the potential of blockchain technology across a range of sectors and applications.

Solana’s native token, SOL has experienced substantial rise in value in relation to the market’s performance, reaching new all-time highs in 2023. It has established itself as one of the top blockchains in the sector, with a bright future, because of its strong technological capabilities, expanding ecosystem, and rising alliances.

Solana’s Bright Future

As interest in NFTs and SOL prices increased during the past three months, Solana’s protocol activity surged too.

At the start, SOL has faced numerous network outages. The perception of the protocol and its token dropped as a result of these outages.

Yet, the activity on the Solana network remained robust in spite of these factors. In terms of daily activity, Solana was able to keep up with Polygon, the Ethereum mainnet, and Arbitrum as of April 28th, according to data.

The interest in the platform’s NFTs may be contributing to the increase in activity.  The popularity of the NFT was greatly aided by high-profile collections on the network including y00ts, DeGods, and Solana Monkey Business.

The volume of the blue-chip index on the Solana protocol has considerably increased over the past month, according to data from Solana Floor.

Additionally, the development of the protocol was aided by Solana’s dApps. Popular dApps including Rarible, MeanFi, and Saber have seen an increase in the number of unique active wallets on the system, according to Dapp Radar.

The network’s Saber marketplace also experienced a volume growth of 3.33%. The amount of transactions on the network increased as a result.

Solana saw a lot of staking activity because of the high level of interest. According to data from Staking Rewards, there were 3.81% more stakers on the network over the previous 30 days. At the time of publication, there were 603,790 stakers.

Higher transaction throughput can result from more stakeholder participation in the network because there are more resources available to validate and process transactions. A large number of stakeholders is generally an indicator of the network’s health and expansion.

According to CoinMarketCap, SOL’s price at the time of publication was $23.21 and it had gained by 3.63% over the previous day.  Over the past 7 days, both its price and volume have increased.

If you are convinced in the future of the Solana ecosystem and its token, just like some of their tech partners, look nowhere else than Scallop Exchange! 

How to Buy or Trade SOL on Scallop Exchange

You can buy or trade SOL on Scallop. As Scallop frequently holds campaigns and events, you should check out its official Telegram group here to see if you can participate and win rewards as you trade.

On Scallop, you can trade SOL as a spot pair (SOL/USDT) in 3 simple steps:

  1. Sign up and register an account on Scallop 
  2. Buy USDT via Scallop One-click Buy (Follow the step-by-step guide from step 1 to 6) 
  3. Trade SOL/USDT at Scallop Spot

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.