Sol is a local token of the solana blockchain surged to a all time high over $60 on monday since the network has seen growth in adoption.
Sol is among the top best performing crypto by by being up 36% in just a day, this crazy rally propelled solana token over $60 on Tuesday morning for the first time ever while on January the token was worth just $2.
Solana was founded 2017 around the time the ICO went boom, solana was created to challenge ethereum as the best blockchain for building decentralized applications just like polkadot and Cardano ADA, solana claim to be better than ethereum for instance it claim it process 50,000 transaction per second how ever it currently handle 6,111 TPS, according to solanabeach.io.
Solana has a proof of history consensus mechanism for adding new transactions to the blockchain which shows that a transaction event has happened at a particular time without requiring validators to talk to one another.
In june 2020 solana labs which is the company who created solana completed a $314.15 million private token sale which was led by Adreessen Horowtiz and polychain capital, which is one of the fund raising rounds in the industry.
Bankman-fried who is the owner of the crypto FTX have always been the champion of solana and built a decentralized exchange called SRM (Serum) on top solana so as to take advantage of it's speed and security according to coingecko, Serum 24 hour trading volume is at $40,995,834 which is below ethereum uniswap that can process $1.3 billion in 24 hours, still solana decentralized ecosystem has been growing really fast with the value of all the token staked in solana based decentralized finance application approaching a $2 billion.
While other crypto currency that a doing well are Bitcoin trading at $47,000 at of on monday with Ethereum up 4.5% on monday as well, while the top ten best performer this week are Dogecoin and polkadot, up by 13% and 12% respectively.