Solana bypasses XRP by market capitalization by $ 13 billion

Ethereum rival Solana surpassed XRP in market capitalization to become the world’s sixth largest cryptocurrency, according to data aggregator CoinGecko.

Solana is currently trading at $ 217.21, up 15.7% in the past 24 hours and roughly 36% in the week.

Solana traded at $ 212.29 this morning at 9:49 UTC, after which the price of the cryptocurrency broke the previous record high at $ 213.47.

The total locked value of all Decentralized Finance (DeFi) protocols on the Solana blockchain surpassed $ 12.7 billion on Thursday.

Total Locked Value is a useful metric in cryptocurrencies, especially when it comes to smart contract-enabled blockchains like Solana and Ethereum. Smart contracts are self-executing financial contracts that do not require an intermediary to act as a broker and fulfill the terms of the contract.

Blockchain Developers Use Smart Contracts To Create Decentralized Funding Protocols (DeFi for Abbreviated). DeFi refers to a variety of tools that allow users to lend funds, earn interest, exchange tokens, and in other ways to make their money work.

Official repair site Asic for mining cryptocurrencies in Russia.

Thus, the total value recorded in these protocols is an indicator of the growth of DeFi in general and on specific blockchains. Solana has surpassed $ 13.5 billion to date, according to DeFiLlama.

On Friday, the sale of Tungsten NFT cubes on Solana raised about $ 100,000 for the Coin Center cryptanalytic center. NFTs included joke memes posted on crypto Twitter one week prior to the sale.

i have 3 DMs about it so its coming for sure

someone will sell an NFT tungsten cube

– Meltem Demir ◎ rs (@Melt_Dem) October 14, 2021

Also on Friday, Solana announced the launch of a beta version of the “Squads” tool that helps people create Decentralized Autonomous Organizations or “DAOs” online.

DAOs mimic the structure of shareholder-led organizations through self-executing smart contracts and democratic voting. They are often used to mobilize and coordinate capital and structure management protocols.

Solana’s “Squads” is a web-based governance client that allows DAO members to initiate governance proposals and vote. Mainnet and Devnet integration is expected to take place on November 9.

At today’s market capitalization, Solana is just over $ 6 billion behind Ethereum’s highly publicized rival Cardano.

In just eighteen months, the network has established itself as the third largest smart contract platform in the world. Undoubtedly, this is a major achievement.

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