Solana rises 10% and overtakes Ripple

A number of new projects on the Solana network, especially in the field of DeFi and DAOs, have caused the SOL price to rise again.

Solana Is Just A Few Dollars Away From His All Time High

The Solana price is up 10 percent today, overtaking the Ripple (XRP) as the 6th largest token. 1 SOL token is currently trading at a price of $206. That means the price has risen by more than 30% in a week.

This morning, the price even briefly rose as high as USD 212.29. That’s only $4 away from his All Time High

SOL Weekly Chart – Source: Tradingview

What is happening on the Solana network?

On Thursday, the Total Value Locked (TVL) DeFi protocols on the Solana blockchain exceeded $12.7 billion. The total value locked into these protocols is a useful indicator of the growth of DeFi in general and on specific blockchains. According to DeFiLlama, the TVL in Solana has even surpassed $13.5 billion today. The growing capital is thus a sign that the network is being used more and more.

On Friday, Solana also announced the beta launch of “Squads”. That is a tool to help people form decentralized autonomous organizations or “DAOs” on the network. The mainnet and devnet of this new tool is expected to go live on November 9.

DAOs mimic the structure of shareholder-led organizations through self-enforcing smart contracts and the democratic voice of its members. They are often used to raise and coordinate capital and to structure governance protocols.

After all these updates, Solana’s market cap is only $8 billion away from its major competitor, Cardano.

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