On September 7th, 2021, the crypto market experienced a flash crash that struck down the prices of Bitcoin, Ethereum and major altcoins. Only Solana (SOL) was impervious to the selloff with a 10% profit on the day.
In the past month, Solana’s impressive journey to reach the top 10 cryptocurrencies by market cap has been highly impressive with a 316% rally. SOL has benefited from ecosystem growth as new user demand surged for a fast and low-cost network. Leading crypto exchange Phemex has always been aware of Solana and its buzzing ecosystem. On August 20th this year, Phemex listed Solana as part of the SOL/USDT spot trading pair.
Since then, innovation on Solana has continued. The platform recently launched a bridge between its network and its largest competitor, Ethereum.
The Wormhole bidirectional bridge for the ERC-20 standard to SPL token is a decentralized solution bringing interconnectivity between the two networks.
This allows developers and users to no longer be restrained to a single ecosystem or have to rely on third-party centralized solutions to exchange tokens, launch dApps, or deploy smart contracts.
The DeFi sector reached a record of over $100 billion in total value locked (TVL). Despite the fact that Solana has seen great adoption, most of that TVL is on Ethereum. Therefore, Wormhole might just be the game-changer that opens up more possibilities for Solana users.
H2: Solana Taking Over NFTs? Why Ethereum Should Watch Out
In addition, Solana is quickly positioning itself as a hub for the non-fungible token (NFTs) sector. More projects can leverage the ERC-20/SOL bridge to expand its user base.
On Ethereum, high transaction fees have effectively priced out a large portion of people. This is why many have turned to Solana to mint, buy, and sell their favorite NFT collection.
One of the projects gaining popularity on Solana is the Degenerate Ape Academy. This NFT allows users to mint a Degenerate Ape to gain access to an exclusive community. This demonstrates the added value in these assets, as users acquire them for something beyond their price alone.
The Degenerate Ape Academy plans to continue to expand future utility, and the community will be a big part of how the project moves forward. The Academy’s rarity system, minting possibilities, community rewards, and more might just make it a top NFT project that competes with the likes of CryptoPunks and EtherRocks on Ethereum.
How You Can Earn Rewards With Solana On Phemex
After listing SOL to its platform, Phemex continues to acknowledge the massive growth and demand for SOL. In response, it has launched round 2 of its “Grab a Coin” promotion.
From September 7th to 14th, users can participate to win up to $47,000 in SOL and USD. The crypto exchange wants to reward users based on their enthusiasm around Solana.
Winners will be announced on September 22 and prizes will be distributed on October 13. The first prize pool will be won by lucky draw, the second by SOL deposit volume, and the third by SOL spot trading volume.
The fourth prize pool of $5,000 will be shared by the first 500 participants who deposit at least 1 SOL. Their deposit also counts toward their deposit volume rankings for prize pool 2.