A Lesser-Known Crypto Coin SOL's Frenetic Ascent Into The Top 10 Chart: Report

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SOL is a cryptocurrency that runs on the Solana blockchain

You know Bitcoin. Odds are you've heard of Ethereum. And even if you just watched TV at some point this year, there's a good chance you're familiar with Dogecoin, too.

But what about SOL? A lesser-known coin is having a moment during a frenetic time in the ascent of cryptocurrencies — shooting up the charts to solidify its place in the top 10 cryptocurrencies of late. It was up some 28 per cent in the seven days leading to April 4 at a time when Bitcoin's price was flatlining after having jumped about 40 per cent from a January low.

SOL, a cryptocurrency that runs on the Solana blockchain, is being talked about as a potential long-term competitor with Ethereum. That's because it's more than just a coin: Solana and Ethereum have both developed support among coder communities, who have built functions like smart contracts and NFTs on the platforms. Evangelists hold regular meetups from San Diego to Hong Kong.

Solana's recent jump may be tied to the popularity of a Solana-based, fitness-related app called STEPN and moves to include NFTs from its blockchain on OpeanSea, a major marketplace for the digital collectibles, according to Jonathan Cheesman of crypto-derivatives exchange FTX.

Compared with other dominant coins, Solana is relatively young. The idea for Solana was first published in 2017 by developer Anatoly Yakovenko, and SOL debuted last year and its value surged in the late summer.

One key advantage? Transactions on Solana's blockchain are extremely cheap, relatively. The miners who validate transactions on Solana charge much less than those for Ethereum, because Solana's tech allows many, many more transactions per second — tens of thousands, compared with fewer