Blockchain technology brought revolution and it was nothing short of extraordinary. Solana blockchain became popular soon after the launch, given the insane highest achievable transaction speed of 65,000 transactions per second (TPS). Such high TPS results in low transaction fees and hence, the blockchain has an abundance of developers and users quickly.
Solana network started reporting network downtime where the whole blockchain sometimes stays inactive for hours. More than ten such instances were reported until February 2023. For a blockchain with the size and volume as much as Solana, such halts could result in hefty losses for users. The fear was felt across the space and many projects and developers were seen moving away from the network in the contingency.
Turns out the networks faced the outages in the way of chasing scalability or high transaction speed. Many believe that Solana networks prioritize speed and decentralization has to suffer. For instance, the network practically runs at 2000 to 3000 TPS and though it says there are over 2,000 validators, most of them are in a cluster of 150 groups. This raises questions about decentralization.
$SOL token also took a massive hit dropping from All-time high (ATH) of $260 to below $10 in just over a year. Most of the network outage instances were reported during a similar time frame. Solana’s links with the failed crypto exchange FTX were also cited for the token’s decreasing value. $SOL, however, recovered since the start of this year and surged seven times since then where most of the pumps seen in the last few weeks. Currently, it trades at $71.9, up by 13% in the last 24 hours.
Solana (SOL) is very well-placed among the leading Layer 1 blockchain networks but facing issues that challenge the network’s position. The slowdown of Solana-like leading networks gives chance to other players to take over and can outshine the blockchain. The former is making all the efforts to stay in the game but the latest blockchains are taking advantage and keen to fill the void. These new blockchain networks took lessons from Solana’s shortcomings in scalability and decentralization and tried to best serve their users.
The Layer 1 blockchain within the Vulcan Forged ecosystem, Elysium, comes with cutting-edge features and capabilities on top of basic services. Elysium blockchain is a smart contract enabled and boasts a transaction speed of 2,500 TPS with optimum scalability. In addition, the blockchain is carbon-negative which makes it stand out among the energy-guzzling blockchains that raise environmental concerns.
Elysium blockchain is one of the notable additions to the Vulcan Forged ecosystem this year. This blockchain is designed to streamline the handling of tasks associated with cutting-edge technologies like the Metaverse, Web3, and Artificial Intelligence (AI). The L1 chain is not only compatible with non-fungible tokens (NFTs) but also incorporates features such as NFT marketplaces and functionalities reminiscent of cloud wallets.
Engaging with the Elysium blockchain is a seamless experience through MetaMask and Ledger-like widely used Ethereum-compatible. $LAVA is a native token of the blockchain that plays a crucial role in powering its ecosystem. The integration of the $PYR token, Vulcan Forged’s native token, enhances the network’s functionalities.
Importantly, this facilitates a smooth transition for users and players already acquainted with Vulcan Forged studio’s games, as both tokens provide continued support for their journey on the platform.
The $PYR token has experienced a notable upswing in its trading price, currently standing at $6.9 with a remarkable surge of over 10% in the past week. Over the course of a month, $PYR witnessed a substantial increase of over 30%, and in the last three months, it has surged by more than 80%.
Avalanche blockchain is among the leading L1 networks known for high throughput and scalability. The blockchain network holds smart contract capabilities. With such abilities, Avalanche developed an ecosystem of Decentralized Applications (DApps) and Decentralized Finance (DeFi).
In addition, the blockchain network continues to make efforts for interoperability with the Ethereum network through bridges. Avalanche has a unique method where it consists of three individual chains. The blockchain also attempts to solve blockchain trilemma—acquiring scalability, security, and decentralization.
The native utility token $AVAX is among the leading crypto assets across the market. Currently, it trades at $26.8 gaining 28% in the last seven days. The monthly gain of $AVAX stands at 100%.
Aptos network is a Proof-of-Stake (PoS) L1 blockchain network rejuvenated from the Diem project of Meta employees. Similar to other blockchains, Aptos focuses on bolstering mainstream adoption of Web3 and the DeFi ecosystem. Hypothetically, the blockchain can attain a staggering transaction speed of 150,000 TPS.
Aptos is constructed using Move, a novel smart contract programming language. Move brings benefits such as easily verifiable blockchain commands, the ability to modify private keys, and a modular design to Aptos. However, decentralization—a prerequisite of an ideal blockchain—is supposedly compromised in efforts to achieve such impressive throughput.
The native token $APT is trading at $7.9 after witnessing a 14% increase in the last week. Currently, the token hoards a market capitalization of over $2.2 Billion.
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