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New Era of Blockchains
What is Solana? 4 Reasons to Try SOL Today
A few weeks ago, NC Wallet added Solana (SOL) to its list of supported networks. Here are a few reasons why Solana could become your next go-to asset.
Reason 1. Speed
Solana can handle up to 65,500 transactions per second (and possibly even more!). This metric – also referred to as TPS – indicates how quickly a network is able to execute transactions. Solana is the ultimate winner when compared to most other networks. For instance, Bitcoin manages 7 transactions per second, while Ethereum – Solana’s main competitor – is currently limited to just 10-12 TPS. What’s more, Solana is ahead of the largest centralised payment systems like Visa and Mastercard that can process 24,000 and 5,000 TPS, respectively. The difference is quite outstanding!
Reason 2. Affordable transaction fees
At the time of writing, the average fee for a transaction on the Solana network is around 0.000010456 SOL ($0.000203). This level of network affordability is achieved due to several reasons:
Solana’s infrastructure allows for processing transactions in parallel, reducing the overall waiting time and required costs;
The Proof-of-History consensus mechanism, implemented by Solana, uses a cryptographic clock that timestamps transactions, guaranteeing decentralisation and security;
Last but not least, Solana can handle large amounts of transactions, thanks to its top-notch scaling capabilities.
Besides, Solana’s gas fee for minting an NFT remains below $0.01, as opposed to the minimum of $10 on Ethereum. Moreover, creating an NFT on Solana typically requires between $0.04 and $0.12, whereas for an Ethereum-based NFT, you would have to pay from $50 to $150.
Reason 3. Promising NFT market possibilities
Speaking about NFTs, Solana-based NFTs are currently the second-largest market after surpassing a billion dollars in total non-fungible token sales. Solana has a distinct ecosystem of NFT investors and developers, established in 2021. With Solana NFTs, users can participate in staking or play-to-earn activities and much more.
Reason 4. Commission-free payments with NC Wallet
If you are still unsure about Solana, how about we give all NC Wallet users a unique advantage over others when using the Solana network? With NC Wallet, no transaction fees are deducted from your wallet when performing operations with SOL, making them 100% commission-free. On top of that, you can gain a daily bonus for simply holding SOL in your wallet.
Solana is backed by investors and favoured by millions of crypto users worldwide. Try Solana today with NC Wallet and receive unmatched benefits!NC WALLET