Solana has garnered a name for itself that now stands unparallel in the market. The cryptocurrency and its network have seen phenomenal growth. SOL token operated at a price level below $1 before 2021 but the bull run of 2021 brought it under a perpetual limelight as the current price now lies in triple digits. The cryptocurrency had been suffering from bearish momentum as December started amidst market corrections but the current price movements show a possible reversal of the trend. At the time of writing, SOL token stands at a price level of $165 with a 6% increase during the past twenty-four hours. Solana is the fifth largest cryptocurrency in the market.
Solana – Recent developments
Solana is also dubbed as the Ethereum Killer because of the similarities it bears to the queen of the market but at the same time advancing Ethereum’s technology. The network is essentially a highly functional protocol which is aimed at providing decentralized finance solutions through the power of the blockchain.
Solana Foundation has also announced the launch of a pilot Bounty Program. The Bounty Program is to be launched in partnership with other projects in the ecosystem. The initiative is not only aimed at making projects in the ecosystem fool-proof but also increasing engagement in the community.
Two of the projects in Solana’s ecosystem are working to bring something never heard before on the ecosystem. Raydium and Serum are working towards brining cross-chain liquidity, bridged assets and much more for the ecosystem. Serum is a decentralized exchange on SOL’s blockchain while Raydium is an automated market maker and a liquidity provider designed for Serum on the blockchain of SOL. Raydium also enjoys the first mover advantage in its offering for Serum. Both the SOL-based projects have partnered up to make previously unavailable cross-chain trading pairs available on SOL’s ecosystem. This will also widen the scope of SOL’s ecosystem as users from Ethereum and other popular chains will be able to experience the speed and low fees of Solana. For bridging the gap on SOL’s blockhain, Raydium has also announced to partner up with various other projects to widen the scope of cross-chain assets through the Wormhole Bridge.
Future outlook
The initiative taken by Raydium and Serum for Solana’s ecosystem has the potential to boost the cryptocurrency’s value. The future outlook for SOL is highly bullish. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $592 in a year’s time while the five-year projection places it at $2287
