The fifth biggest crypto by market cap was Solana[1], changing hands at $170.71[2], at press time. This was after a drop[3] of 3.39% in 24 hours. The week hasn’t been good for Solana – for most of the top cryptos either – and SOL’s price fell[4] 11.19% in seven days.
However, that doesn’t mean it’s time to give up on Solana. In fact, Grayscale Investments just released its introduction[5] to the asset. Hot off the press, the document provided plenty of original insights to consider when analyzing Solana.
Feel it in your ‘SOL’
Some points that Grayscale’s report touched upon were Solana’s speed, its growth, and the speed of its growth. Even Grayscale couldn’t resist a comparison to Ethereum, as the report noted[6],
“Solana has managed to build a large and fast-growing community of users. The most popular Solana wallet, Phantom, has seen Monthly Active Users (MAUs) grow from 200,000 in August 2021 to 1.2 million in October 2021. Comparing Phantom to the most popular Ethereum wallet, Metamask, Solana user growth is roughly where Ethereum was in October 2020.”
Coming to the blockchain’s advantages, Grayscale’s report listed[7] a strong team of core members from companies like Google and Apple, Solana’s technology which enabled low transaction fees, its user community, and the burgeoning ecosystem.
What’s more, the report also tracked[8] Solana’s meteoric DeFi growth this year.
Source: Grayscale Investments[9]
Stepping outside the ecosystem for a moment, the report acknowledged[10] efforts to attract more developers, such as Solana hackathon events.
Still not fully ‘SOL’-d on Solana
However, Grayscale Investments’ report covered[11] several risk areas where Solana was concerned. This
