As the market rises, Ethereum competitor Solana reaches a new high.

As crypto markets rose 2.74 percent overnight, Solana and Polygon, two scalable alternatives to Ethereum, led the altcoin charge. Solana has achieved new all-time highs over the last few days, including today, after briefly entering the top ten cryptocurrencies by market capitalization earlier this week. According to crypto data aggregator Nomics, the SOL coin momentarily reached an all-time high of $78.63 in the early hours of today morning UTC.



Solana's price has since fallen slightly. It is presently trading at $78.17, representing a rise of 8.91 percent over the previous day. Solana's price was around $40 at the start of last week, so it's increased by roughly 100% in the previous two weeks.

Over the last week, Solana has received a slew of DeFi and NFT-related good news. The NFTs of Degenerate Ape Academy became live on the Solana blockchain on Sunday. Within eight minutes, all of the digital collectibles were gone. The most expensive digital ape was resold for 100,001 SOL, or almost $6.2 million at the time of purchase, just 24 hours later.

On Tuesday, the Solana network topped $2 billion in total value locked in DeFi protocols, putting SOL at a new high of $74.08. Solana is sometimes referred to as an Ethereum killer, owing to the fact that the Solana blockchain has smart contracts, a feature popularized by Ethereum, and is now more scalable than Ethereum.

The Solana network mines SOL using a proof-of-stake consensus process that consumes far less energy than Bitcoin and Ethereum's hardware-intensive proof-of-work consensus approach.

Later this year, Ethereum is anticipated to switch to PoS. While Ethereum users wait for that to happen, Solana claims to have already fixed some of the problems they face, such as scalability.

Solana claims to be able to process 1,365 active transactions per second, with a maximum capacity of 50,000 TPS, greatly above Ethereum's currency capacity of roughly 15 TPS.

Solana isn't the only Ethereum alternative that is currently on the rise. Polygon, a layer-2 solution that sits above the Ethereum blockchain and relieves much of the load of validating transactions, is also gaining popularity at the moment. The native MATIC token on the blockchain increased by 12% overnight to a new price of $1.68. That's still a long way off from its previous all-time high of $2.45, which was reached in mid-May of this year.

Polygon revealed plans to build a Polygon Ecosystem DAO on Thursday, which will bring the network's diverse DAOs together. Polygon will use a portion of its $150 million #DeFiForAll fund to launch and run the organization.

Polygon also announced a $250 million merger with Hermez, an Ethereum scalability solution, last week. Holders of Hermez's native HEZ token can exchange it for MATIC at a 7:2 ratio, and Hermez's layer-2 roll-up technology will be integrated into Polygon's suite.

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