Solana (SOL), The Spotlight Coin of the Day

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Solana (SOL), the blockchain providing the open infrastructure required for global adoption, is the spotlight coin of the day and also last week.

On Sunday, SOL was among the top-performing cryptos. It surged by over 21% in the past 24-hour period. As a result, Solana (SOL) captured the 11th position on the crypto market cap chart.

Today, the coin is still doing well as it surged to a new all-time high of $62.28. According to CoinMarketCap, SOL is trading at $62.1 at press time. This means its price rose 33.8% in the last 24 hours.

In addition, SOL is the native token of the Solana blockchain. Based on the website, Solana is an open-source project that implements a new, high-performance, permissionless blockchain maintained by the Geneva-based Solana Foundation.

Solana Labs created the Solana protocol. Moreover, many investors back the blockchain platform. This includes Slow Ventures, Multicoin Capital, 500 Startups, Foundation Capital, and Abstract Ventures.

According to the Solana team, they aim to process around 710,000 transactions per second on a standard gigabit network. This happens if the transactions are, on average, no more than 176 bytes. However, Solana processes around 50,000 transactions per second as of now.

Yesterday, the total value locked (TVL) in Solana (SOL) DeFi reached a new all-time high of over $1.68 Billion. Today, it reached $1,86 billion. This means it increased by 85.44%.

Last month, Power Ledger announced the migration of its Powerledger Energy Blockchain from Ethereum to Solana. The Australian energy trading company said that SOL is much faster than ETH. Also, the firm noted that Solana can support higher transaction throughput.