Solana (SOL), the 30th-largest cryptocurrency by market capitalization, made headlines during the past 24 hours after it surged 17 percent to become the fourth-largest cryptocurrency in the world, usurping Binance Coin (BNB).
The jump in value came after Solana reported $20 million in investments from multiple venture capital firm’s, which followed a $314 million SEC filing last week. The funds are expected to be used for R&D and marketing, furthering the development and adoption of the Solana platform.
The surge in value came as Bitcoin, and most other coins in the top 10, were relatively stagnant. This allowed Solana to jump up five places to become the fourth-largest cryptocurrency. This pushed Binance Coin (BNB) down to the 5th spot and Ethereum (ETH) to become the third-largest crypto in the world.
Solana, which launched in 2017, is a high-throughput blockchain platform built for scale and speed. It is reported to process more than 50,000 transactions per second (TPS), making it one of the fastest blockchains currently available. It also has low transaction fees, making it popular among blockchain developers and users.
The Solana Foundation is also developing a new layer-2 platform called Serum which will enable high-speed peer-to-peer trading and liquidity sharing between different DeFi protocols. With the new investments, it is expected that the development of Serum will be accelerated, furthering the use cases of the Solana network.
