Solana and the benefits this blockchain platform brings to Lord Arena
If you’re new to crypto, then maybe Solana has gone under your radar, but not to worry, we’re here to shed some light on this fast-emerging project that is taking on the biggest names in crypto.
First of all, what is Solana?
Solana is a blockchain network that seeks to develop an ecosystem of cryptocurrency-powered products and services.
Solana can currently process over 50,000 transactions per second, more than Ethereum and Bitcoin combined, and at a fraction of the cost. Developers can also write and launch customizable applications in multiple programming languages on the Solana blockchain.
Solana’s native cryptocurrency, SOL, is used to pay for executing programs and sending transactions.
There are many big game projects that have joined Solana’s ecosystem, typically the names below:
1. Star Atlas is a blockchain-based, space-themed, grand strategy video game built on the Solana blockchain. It is a massive multiplayer metaverse set in the distant future. And as many Youtubers have said: “This is going to be a massive game.”
2. Aurory uses play-to-earn mechanics, allowing players to earn tokens and NFTs while playing the game. Aury, the in-game currency, will allow you to buy items from other players in the marketplace, while also directly benefiting from the growth of Aurory. Currently, the price of AURY on CMC is close to $14/token.
3. DeFi Land is a multi-chain agriculture-simulation web-game created to gamify decentralized finance. It will have all the features that traditional platforms have, but it will be gathered all in one place.
There is no doubt about the potential of these projects, they are all highly appreciated by many crypto experts. So why do such potential projects choose Solana blockchain platform, what will Lord Arena benefit from cooperating with Solana?
1. Built to scale
Solana is built for speed and can currently execute over 50,000 transactions per second. Bitcoin and Ethereum, on the other hand, handle five and 15 transactions per second, respectively. For reference, Visa’s payment network reportedly processes over 1,700 per second on average. Faster transaction processing speeds are needed for projects that rebuild the financial system as we know it through decentralized blockchain-based applications.
2. Ultra-low fees
Solana offers far lower fees than many other similar blockchain networks are charging today. For reference, Ethereum transaction fees are >200 times more expensive when compared to the same transaction on the Solana network.
3. Ecosystem growth
Solana’s blockchain ecosystem has grown rapidly and is seeing strong adoption. In fact, Solana has seen a 130% growth in its projects over the past few months (up to 181 projects at the time of writing). Solana’s total value locked in smart contracts is now north of $3.5-billion, growing 200% in August.
In conclusion, as we can easily see in many internet materials, Solana has outperformed Bitcoin over the past 12 months. And with the NFT market hitting new highs in 2022, you can understand why Solana blockchain networks facilitating its transactions have received increased attention. As a result, with the above benefits, it is not difficult to say that the cooperation with Solana is an extremely important stepping stone for the strong development of Lord Arena in the near future.
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