Solana Surpasses $1.5 Billion Trading Volume on NFT

The cryptocurrency market has exploded in the last few weeks, and it seems that there are quite positive signals coming from Solana at times. Total trading volume for Solana-based NFTs has exceeded $1.5 billion, according to data provided by NFT data platform CryptoSlam.

Solana has managed to reach a new milestone just months after first exceeding $1 billion.

According to data collected by CryptoSlam, NFTs posted on the platform generated more than two million transactions with 314,910 buyers and 260,844 sellers.

Last September, an NFT from Degenerate Ape Academy managed to raise $1 million, a first for Solana and joined the club of Ethereum-based NFT projects like CryptoPunks.

The recent crypto has emerged in 2021 as a cheap alternative to Ethereum, which continues to grapple with high transaction fees and relatively slow transactions.

Solana has managed to reach the new milestone just months after first exceeding $1 billion.

Number of Transactions Exceeded 2 Million

Solana, a high-speed blockchain platform for decentralized applications and non-fungible tokens (NFTs), has surpassed $1.5 billion in trading volume on its network, according to data from Solana Labs.

The San Francisco-based firm said on Monday that it had crossed the milestone in just 10 months since its launch. Solana Labs CEO Anatoly Yakovenko said the non-fungible token (NFT) boom helped the company achieve this “major milestone” as NFTs posted on the platform generated more than two million transactions with 314,910 buyers and 260,844 sellers.

Solana is a proof of stake blockchain protocol that was launched in March 2020 by Solana Labs. It is known for offering low latency, fast transaction speeds, and low transaction fees compared to other blockchains. Solana has seen increasing adoption in recent months due to the crypto craze around NFTs and Defi projects.

Towards the end of last month, Solana surpassed Ethereum 2.0 in terms of average daily trading volume on decentralized exchanges (DEXs) for three days straight, according to data from Dune Analytics. The growth was primarily driven by the surge in activity on Serum DEX.

Volume Reaches $21 Billion in Ethereum

Earlier this year, banking giant JPMorgan predicted that SOL could potentially surpass Ethereum in the NFT sector. However, it still can't help the market leader in this field. Ethereum generated a sales volume of $21 billion.

The crypto platform also lags behind Ronin, owned by embattled sidechain solution Axie Infinity, which recently lost $540 million to hackers.

NFT Market, Next to SOL

According to market commentators' views, NFT markets are working on support for Solana. Kingpin OpenSea is expected to integrate the “Ethereum killer” as early as this April, potentially giving a huge boost to network adoption. Rumors about the addition started circulating last year.

SOL Becomes the Largest Currency for The 6th Time

Meanwhile, SOL, the native token of the Solana network, has once again surpassed the market cap of Ripple-linked XRP to become the sixth-largest cryptocurrency. The cryptocurrency is currently sitting at $133 on major spot exchanges.