Future

Cryptocurrency

Solana

Zeus Network

Coin

Solana has long been considered as a potential “Ethereum killer”. The recent metrics indicate that this statement might be closer to reality than ever before. We begin with July 29, when SOL made headlines by <a rel="nofollow" href="https://cryptopotato.com/solana-sol-flips-binance-coin-bnb-to-become-the-fourth-biggest-cryptocurrency-details/" target="_blank">flipping Binance Coin</a> (BNB) and increasing to a total market capitalization of $85 billion. This makes it the fourth largest cryptocurrency in the market. 
Solana’s DEX trading volume also hit record high, increasing to $2 billion, and then surging to $3.09 billion during a 24 hour period. This 50% increase overtook both Ethereum and Binance Smart Chain, demonstrating the growing popularity of this platform among the traders. 
Moreover, Solana exceeded Ethereum in total transaction fees and Miner Extractable Value or MEV tips on a weekly timeframe for the first time. Solana generated $25 million in transactional fees. Ethereum on the other hand generated only $21 million at the same time. 
Solana’s market growth is further boosted by the fact that during a recent 24 hour period, the ecosystem generated <a rel="nofollow" href="https://ambcrypto.com/will-solana-become-a-true-ethereum-killer-in-2024-key-data-suggests/" target="_blank">$5.5 million in revenue</a> , the highest since the last two months. The stakeholders of Solana also have the opportunity to enjoy a considerable rise in revenue. They have earned $32 million, which gives 7% return compared to Ethereum’s 3%. 
Lastly, Solana has <a rel="nofollow" href="https://www.bitget.com/news/detail/12560604125949/" target="_blank">surpassed</a> Ethereum in total economic value with more than $2.2 million compared to Ethereum’s $1.97 million. 
<h3 id="solana-s-mass-adoption-is-being-driven-by-innovative-projects">Solana’s mass adoption is being driven by innovative projects</h3> 
The rise of Solana is not just about only impressive figures, it is also powered and accelerated by various innovative projects that are helping to stimulate its use across the globe. For example, Jupiter has established itself as a decentralized replacement for centralized exchanges on the Solana network. It offers multiple features like DEX aggregator, asset bridging, limit orders and decentralized perpetual training. Currently Jupiter has managed to attract an average of 90,000 unique wallets on a daily basis, with $400 million worth of crypto assets being traded on the platform. 
Similar to Jupiter, Orca has also created a sensation in the market for being the most efficient liquidity DEX on Solana. The ‘Whirlpools’ feature of Orca has enabled it to create such a sensation in the market. This feature promises to give higher returns for liquidity providers. It also guarantees to provide lower slippage for traders. Total Value Locked or TVL of about $260 million has enabled Orca to become a crucial player in the Solana’s burgeoning DeFi landscape. 
Amid all of this, <a rel="nofollow" href="https://zeusnetwork.xyz/" target="_blank">Zeus Network</a> has distinguished itself as the project which is completely different from others. It is a cross-chain infrastructure which leverages the speed and affordability of Solana. The aim of this project is to introduce the unparalleled liquidity of Bitcoin (currently around $1.3 trillion) to Solana through its Apollo dApp. Apollo has managed to attract more than 40,000 users from 162 countries just within 4 days of its testnet release. 
At the center of Zeus’ innovative approach lies the idea of chain-agnostics transactions, where Solana and Bitcoin transactions are offered by Zeus Nodes. All of these are stored in the Solana ecosystem which allows a seamless cross-platform interaction. Another significant feature is its programmable signatures, like the Zeus Programming Library or ZPL, which enables the creation of custom protocol. This empowers the developers for building complicated decentralized applications customized for cases of specific use. 
This network has a good security infrastructure. It uses fraud proofs for securing transactions and maintaining network integrity. If some Zeus Nodes collaborate with frauds, the honest ones will safeguard the network by giving fraud proofs to slash malicious actors. 
Lastly, it should be mentioned that Zeus Network is supported by the Solana Foundation and stacks. It has already managed to <a rel="nofollow" href="https://www.binance.com/en/square/post/6347334803865/" target="_blank">raise $8 million in investments</a>. It is the first project on Jupiter LFG Launchpad which secured an impressive 50% of JUP as voting power. 
<h3 id="bright-future-of-solana">Bright future of Solana</h3> 
The trajectory of Solana’s growth has shown no signs of slowing down. In the last year, SOL has managed to gain a staggering 623% in value. Since July, crypto users had locked about approximately $5.4 billion across several applications and protocols native to Solana. This represents an almost 250% increase since the beginning of 2024. 
Influx of stablecoins has become an important factor in the increase of TVL of Solana. Solana’s supply of stablecoins has increased from $1.9 billion to $3.2 billion in the year 2024. The introduction of PYUSD of PayPal on Solana has bolstered this growth. The supply of the coin on the network has reached $233.3 million since its launch in May. 
Solana also broke its <a rel="nofollow" href="https://unchainedcrypto.com/solanas-growth-metrics-including-stablecoin-supply-continue-to-take-off/" target="_blank">all-time high in weekly active addresses</a> recently. It has crossed the 10 million mark for the first time in its History in the month of July. This enhanced activity is reflected in the fees of the network, with Solana generating over $1 million as daily fees since March 2024. 
Thus, Solana has become a serious competitor for the throne of Ethereum. It has managed to do this by innovating as well as attracting both users and developers. 
The post <a href="https://coingape.com/blog/solana-the-cryptocurrency-of-future/">Solana, The Cryptocurrency Of Future</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana, The Cryptocurrency Of Future

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