Top Solana Based Cryptocurrencies
Skerdian Meta • 3 min read
Solana is an open-source network that implements a new high-performance and permissionless blockchain. The main goals of Solana are to decentralize the financial system (DeFi) and to support high-frequency decentralized applications (Dapps).
The Solana blockchain is one of the fastest networks in the crypto industry, with 400ms block time and currently 60,000+ transactions per second (TPS). It has its own token called SOL and a number of other digital tokens are built on Solana. Let’s have a look at the top coins on Solana in terms of market capitalization.
Tether – USDT
USDT was introduced in 2014 and was initially called Realcoin, perhaps for the fact that it is pegged to the US Dollar to the rate of 1:1. Tether is a stablecoin that has a stable value, mirroring the price of the USD. It is a Layer-2 token that is built on top of Bitcoin’s network, via the Omni platform. Brock Pierce, Reeve Collins and Craig Sellars are the founders of Tether and they are well-known names in the crypto industry. Brock Pierce co-founded Blockchain Capital, in 2014 Pierce became the director of the Bitcoin Foundation and he also co-founded Block.one, which is the company behind EOS
Tether is one of the first cryptocurrencies and the first stablecoin. The peg to the US Dollar is maintained by keeping a sum of cash, reserve repo notes, treasury bills, reserves commercial paper, and fiduciary deposits equal in USD value to the amount of USDT in circulation. Besides the Bitcoin blockchain, Tether was later updated to work on the Solana, Ethereum, EOS, Tron, Algorand, and OMG networks. Tether has a static fully diluted market capitalization 0f $71.393 billion since it is a stable coin and the value doesn’t change, while the current market cap stands at 70.355 billion.USDT/USD
Solana – SOL
Solana was founded in 2017 by Anatoly Yakovenko. It is an open-source network, aiming to implement a new high-performance, permissionless blockchain. Solana uses the Proof-of-History (PoH), which can be considered an invention of Solana. It uses time validators, where the people who make the transaction after the current transaction validate the previous transaction. It comes from the Proof-of-Stake (PoS), which is less energy-consuming than the Proof-of-Work (PoW). The PoH is based on the concept that you could prove that a message occurred at a specific time before and after an action, so it removes coin mining which consumes high amounts of energy.
Solana’s goal is to decentralize and democratize the global financial system where everyone can benefit from and to support all high-growth and high-frequency blockchain applications. It ranks 6th by market capitalization which currently stands at $58.235 billion, while the fully diluted market cap stands at $98.165 billion. Solana coin is SOL, which has been showing strong bullish momentum since early August.
Terra – LUNA
The Terra LUNA mainnet was launched in April 2019. Terra is a blockchain network which uses stablecoins pegged to normal currencies to enable stable payments systems. At the moment, Terra offers stablecoins pegged to the USD, South Korean Won, Mongolian Tugrik, and the International Monetary Fund’s Special Drawing Rights basket of currencies. It aims to bring new stablecoins pegged to other fiat currencies.
The native coin of the Terra network is LUNA. It is used to stabilize the price of the protocol’s stablecoins. LUNA holders are able to vote on governance proposals as well. Terra was created by Terraform Labs, which is a Korean blockchain company. LUNA/USD has also been extremely bullish so far this year, increasing 100 times in value, from around $0.50 to $50 and it is aiming to make further gains.
Terra Luna Weekly Chart – Buyers Remain in Total Control