Crypto may be in a slump, but that doesn’t mean you can’t invest.
The stock market as a whole has taken a beating over the last few months, and cryptocurrency has been hit especially hard. The global crypto market has lost more than $1 trillion in the past six months, and individual cryptocurrencies have seen their prices plummet.
However, that doesn’t necessarily mean you shouldn’t invest right now. Crypto is a riskier investment because nobody knows for certain whether it will survive a major downturn. But right now is also one of the most affordable times to invest, as prices are the lowest they’ve been in months.
Choosing the right investment is tough, because all cryptocurrencies are speculative right now. But there’s one crypto that could have a bright future ahead of it: Solana (SOL 1.25%).
How does Solana compare to Ethereum?
Ethereum (ETH 1.59%) is one of the most popular cryptocurrencies of the past two years, and it has plenty of advantages. Its network is the most widely used for decentralized applications (dApps), including decentralized finance (DeFi) projects and non-fungible token (NFT) marketplaces.
The biggest problem plaguing Ethereum, however, is its speed (or lack thereof). Currently, the network can only handle around 13 transactions per second. Slower speeds also mean higher transaction fees, and developers and users alike have been flocking to Ethereum’s competitors as a result.
One of those competitors is Solana, which shines in the areas where Ethereum falters. Like Ethereum, Solana is a smart contract platform that can host dApps. However, it boasts speeds of up to 65,000 transactions per second, making it one of the fastest networks in existence.
Solana also recently revealed its latest project, Solana Pay, which is a decentralized payment system. Solana Pay allows merchants to accept crypto as a form of payment. Its decentralized nature means there are no intermediaries, it’s incredibly energy efficient, transactions happen instantly, and fees are just a fraction of a penny.
With Solana Pay, the cryptocurrency is not only competing in the dApp space, but it’s also becoming a stronger payment coin. This type of diversity could help Solana succeed in multiple areas, potentially even competing with companies like Visa and Mastercard.
