What is Solana (SOL)? It is a protocol that enables the creation of blockchain applications with scalability. This means that developers can use it under their own brand to create applications. And due to its scalability, it can manage a large volume of transactions without any issues.

The Solana price is currently hovering around the 33.36 GBP level, this project is undergoing numerous exciting developments. SOL can be purchased at spot GBP price on any of the [major UK exchanges](/news/article/best-exchanges-for-crypto-uk).

This post will examine SOL in greater detail and explain whether you should consider investing in it!

## What is SOL?

It is a project that wants to [scale blockchain protocols](/news/article/solana-price-uk) so that they can handle real-world applications. The team behind Solana appears to have a lot of experience in both the traditional financial sector and technology.

So, SOL is a new cryptocurrency created to help make the technology more accessible and user-friendly. The Solana coin protocol allows developers to create and launch their blockchain-based applications on a white label basis. 

They can use SOL to power their applications without worrying about the underlying infrastructure. In addition, Solana can be used to pay for transaction fees and other costs associated with using the latest technology. 

## What are the use cases of SOL?

•	It can be used to produce and manage digital assets.

•	Developers can construct decentralized applications (dapps) using SOL.

•	On its platform, it can be used to pay for goods and services.

•	Participating in the platform's consensus mechanism enables users to earn interest in their SOL.

•	SOL can be traded for other cryptocurrencies or fiat money on exchanges.

In addition, SOL provides [many features and benefits](https://www.cryptonewsz.com/forecast/solana-price-prediction/) that make it an attractive option for developers looking to create and launch their decentralized applications.

## Bottom line

SOL is a scalable protocol that facilitates the creation of decentralized applications by programmers. The protocol employs a one-of-a-kind consensus mechanism to achieve high transaction throughput without compromising security.

Additionally, it features a native token, SOL, which can be used to pay network transaction fees. The protocol is open source and available for white label use by anyone.


The Solana blockchain & current price in GBP

Solana wallets are experiencing a severe cyberattack that has nearly drained $8 million. A leading [SOL-based NFT](/news/article/solana-nft) marketplace, Magic Eden has sent an alert to its users to cancel permission for dubious sources. The marketplace has pointed out that there has been a widespread exploit on the SOL blockchain. 

## Solana wallet funds being transferred to unspecified addresses

Many Solana wallet holders are reporting a loss of funds on Twitter. The funds from these wallets are being transferred to an unspecified address. However, some users have claimed that the wallet where all the SOL funds are drained is “Htp9MGP8Tig923ZFY7Qf2zzbMUmYneFRAhSp7vSg4wxV”.

![solana wallet 1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/solana_wallet_1_91ef2d1dd4.png)

Mainly, the hot wallets are being targeted. Therefore, the hot wallets on Phantom and Slope are at the risk of being hacked and drained. So far, these wallets, including Magic Eden, are the firms that have reflected on this hack.

[Phantom](https://twitter.com/phantom/status/1554626111535026177) has ensured that it is working with its team to gather the information regarding the hack. Also, it has clarified that the hack is ‘Phantom-specific’. Likewise, Slope commented on the hack and said its team is working to identify the issue. Moreover, Slope is also updating its users regarding the developments. 

On the other hand, Magic Eden has also confirmed the breach in the SOL blockchain. Moreover, it has provided directions for its users to keep themselves safe from the cyberattack. Magic Eden has firstly directed to cancel permissions to unverified sources. Secondly, the marketplace has suggested transferring the Solana wallet funds to either a new or cold wallet. 

![solana wallet 2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/solana_wallet_2_bd3fd1d4cc.png)
 
[Source](https://twitter.com/MagicEden/status/1554620084831674370)

## What’s the issue?

Though there is limited information regarding the breach, some speculate it to be a ‘supply chain issue’. PeckShield, a blockchain investigator, has pointed out that the supply chain has been breached before to steal the private keys. This could be the reason behind the Solana wallet hack that transferred funds to an unknown address.  



Cyberattack on Solana wallets drained $8 million

## Here, we rank the top 5 Solana NFT marketplace options based on their unique specs. Find out the pros and cons of each of them below!

Ethereum has shaped and dominated the non-fungible token (NFT) market for years. It is considered a pioneering blockchain for these digital assets. But lately, its dominance is shrinking with the availability of more efficient blockchains.

Solana now has become an increasingly popular alternative to Ethereum. It is much faster and requires low transaction fees. That’s why many NFT marketplaces have already emerged for Solana NFTs. Besides,[ these marketplaces](https://decrypt.co/101342/solana-overtakes-ethereum-daily-nft-trading-trippin-ape-tribe) are even overtaking Ethereum in NFT trading.

If you're looking to explore Ethereum alternatives for minting NFTs, you can review the best Solana NFT marketplace options here.

## What Distinguishes Solana from Ethereum?

Before we review the best NFT marketplaces based on the Solana blockchain, we must understand how Solana differs from Ethereum. Here’re the key differences:

1.	Solana can handle 65,000+ transactions in a second, much faster than Ethereum’s limit of 30 transactions per second.

2.	Solana blockchain offers much lower transaction fees in comparison to Ethereum.

3.	Unlike Ethereum’s Proof-of-Work (PoW), Solana operates with a mix of both; Proof-of-History (PoH) and Proof-of-Stake (PoS) mechanisms. This makes the systems energy-efficient and less harmful to the environment.

## Five best Solana NFT marketplace

Across the wide range of NFT marketplaces, you can review the best NFT marketplaces based on the Solana blockchain here!


## 1) Magic Eden

Magic Eden is one of the most well-reputed Solana NFT marketplaces. It allows the trading of Solana NFTs with a low transaction fee of only 2%. It also ensures an efficient transaction process. Besides, if you make a sale on Magic Eden, you can instantly set out your royalties.

Currently, Magic Eden is only approving limited projects to maintain quality. It’s quite an intuitive platform that works with every Solana wallet. The platform also runs a unique collection called Magic Ticket for showcasing its digital assets. Also, it has a separate NFT gaming section, where you can create different in-game objects.

### Pros

•	Low transaction fee

•	Compatibility with nearly all Solana wallets

•	Gaming section


### Cons

•	Approves lesser number of projects


## 2) DigitalEyes

The first NFT marketplace for trading Solana NFTs is DigitalEyes and comes second on our Solana NFT marketplace rankings. It is another popular platform where you can trade your SOL-based NFTs with ease. The platform offers various NFT collections, and if you become the first buyer of any NFT, you can earn profit through its resale.
Moreover, the platform has a mint calendar that gives you updates for the coming NFTs. It creates anticipation for the projects and allows buyers to learn about the upcoming NFTs. However, DigitalEyes charges you a slightly higher transaction fee of 2.5%. An additional fee is payable for royalty on this platform.

### Pros

•	Variety of NFT collections

•	Supports numerous Solana wallets

•	Easy-to-navigate


### Cons

•	Slightly higher transaction fee (2.5%)

•	Extra fee for royalty


## 3) Metaplex

Metaplex can be a good option if you don’t want to list your SOL NFTs on competitive marketplaces. This platform allows you to design your own storefront to market your NFTs. Because of that, you don’t have to follow the set criteria of a platform and enjoy the freedom to showcase your collection as you like.

In addition, you can trade NFTs on this platform via this decentralised platform. Your marketing fee will also reduce as you trade more NFTs. Unlike most marketplaces, Metaplex provides numerous incentives to NFT creators. This is why it has become an affordable option for marketing your collection. 

### Pros

•	Allows separate and creative storefronts

•	Give incentives to NFT creators

•	Secure transactions

•	Affordable marketing cost


### Cons

•	Supports fewer wallets

## 4) Solanart

Among the best marketplaces based on Solana, Solanart is another popular name. It is the biggest Solana NFT marketplace in terms of the collections it offers. The platform features an array of diverse Solana NFT projects. Among them, the notable ones are Aurora and Degenerate Ape Academy.

Other than the collections, Solanart also ensures efficient transactions. Besides, you can integrate any of the Solana wallets with this platform. However, Solanart has one disadvantage: the high transaction fee. It charges you around 3% on each NFT trade, which is higher than most other marketplaces. As an NFT creator, you’ll also have to bear the additional royalty charges.    

### Pros

•	A diverse range of Solana NFT projects

•	Smooth and secure transactions

•	Integrates with most of the wallets

•	Intuitive interface

### Cons

•	Charges 3% transaction fee

•	An additional royalty fee for NFT creators

## 5) SolSea

SolSea is one of the most used Solana NFT marketplaces, as it supports both creators and buyers. The platform features many creative NFT projects that have earned great recognition. Moreover, SolSea features NFTs that support SPL (Solana Program Library) tokens and provide rarity rankings, too.

It is easy to navigate and allows the effortless integration of artwork licences to your NFT collections. It also offers numerous handy features like the SolSea calendar that reminds you of the upcoming NFTs, and for managing finances, there is MoonPay and FXT-pay.

However, SolSea is quite expensive in terms of the transaction fee. It charges 3% on each transaction and an extra royalty fee from NFT creators. Nonetheless, the features it offers justify the high prices.

### Pros

•	Effortless licence integration

•	Rarity rankings

•	SPL compatible NFTs

•	MoonPay and FXT-pay

•	Reminders for upcoming NFTs


### Cons

•	3% transaction fee

•	Royalty fee

## Final Thoughts

The NFT market has been shaped and ruled by Ethereum since the beginning. Though it still holds a large market share, few other blockchain-based marketplaces are also emerging. Among them, Solana is the leading blockchain as it offers faster transactions with lower fees and has energy-efficient systems.

In this article, we reviewed the best NFT marketplaces based on Solana. According to our rankings, Solana NFT marketplace Magic Eden can be the ideal choice for you. It charges much less for transactions and can be integrated with many Solana wallets. Moreover, DigitalEyes, Metaplex, Solanart, and SolSea are also worth exploring marketplaces, as they make up our list of the top 5 Solana NFT marketplaces till today!



Review the Best Solana NFT Marketplace Options

If you're a fan of non-fungible tokens (NFTs), you're in for a treat! There are many upcoming Solana NFT projects to watch out for.

## Using Solana for NFTs

Solana is a blockchain with a significant NFT sector. It is considered useful to create a safe and secure environment for artists to sell their work and buyers to complete their purchases.
It also has lower transaction fees than Ethereum.

## About NFTs

Non-fungible tokens (NFTs) are unique digital assets used to represent ownership. Unlike traditional cryptocurrencies, which are fungible and can be exchanged for other currencies or goods, each NFT is unique and cannot be replaced by another token. This makes them ideal for representing digital art, collectibles, or game items.
Recently, the Solana Foundation announced plans to launch a new NFT standard, which will make it easier for developers to create and issue NFTs on the Solana blockchain. This is just one of many upcoming Solana NFT projects that could help boost the adoption of this emerging technology.

## Upcoming Solana NFT Projects

Here are some of the upcoming NFT projects that are being built on Solana:
- [Decenturion](https://www.coingecko.com/en/coins/decenturion): Decenturion is a decentralised autonomous organisation (DAO) that is based on the principles of blockchain democracy. It is one of the first DAOs to utilise NFTs as a means of governance, and it plans to use Solana to issue its own currency, the Decenturion Dollar.
- Aquarius: Aquarius is a platform that allows users to buy, sell, or trade digital collectibles. It plans to utilize Solana to issue NFTs that represent unique collections of digital art, music, and other media.
- DTube: DTube is a decentralised video sharing platform powered by the STEEM blockchain. It plans to migrate to Solana to take advantage of its faster transaction speeds and lower fees.

These are just examples of the many projects that are being built on Solana. With its support for [NFTs](/news/category/nft-news), Solana is quickly becoming one of the most promising platforms for decentralised applications.


Upcoming Solana NFT Projects

In blockchain and crypto, there's always a battle raging. So, lets look at Solana vs Ethereum.
There has been competition between networks, and crypto coins, since the craze around decentralised applications (DApps) and non-fungible tokens (NFTs) in 2021.

While the 2020 DeFi summer depended on Ethereum as the primary driver, 2021 witnessed the peak of other crypto coins, like Solana, featuring higher trade speeds at reduced expenses. This was something that Ethereum aspires to accomplish using its Ethereum 2.0 upgrade.

While the two blockchains have their own particular fans and investors, Ethereum turns out to be leading as a blockchain that delivers a much more transparent and developed space for DApps. But, undoubtedly, the two have their own significance and differences that cannot be ignored.

This article examines the significant differences between the two blockchains. We explain the working model, each blockchain's core attributes, and the developing DApp ecosystem on each.

Let's proceed with the significant differences and attributes Solana and Ethereum offer.

## Working Model

One of the critical factors that differentiate Ethereum from Solana is the working model. Each has a distinct working technology operating at its core, and each has distinctive ways of solving the issues around scaling. This section of the article looks at the technology driving the two blockchains.

## [Ethereum](/coins/eth)

### Working Mechanism

Ethereum operates on Proof of Work (PoW) mechanism, the same as used by Bitcoin's blockchain. The network is secured by hundreds of thousands of miners who partake in the operation of consensus by "risking" their computing power/hardware. This ensures that the network stays decentralised and that the barricade to enter the network is high. It also reduces network performance as it cannot process many transactions per second.

### Stateful Design

The next point separating Ethereum from Solana is its "stateful" nature. It implies that all the trades on the network are documented in one state, and if any new trade ensues, then the complete network (or all the miners) has to update its network document to reflect that new trade. This process is expensive, so Ethereum 1.0 is deemed slower than other 'stateless' blockchains like Solana.

## Solana

### Working Model

Unlike Ethereum, Solana operates on the Proof of History (PoH) working model. The model needs a series of computational actions that cryptographically define the time course between two events. This is done by adding timestamps to all transactions and following each order. This type of order sequencing is significantly distinct from that in Bitcoin and Ethereum, where their transactions are not set in a timely order.

### Stateless Design

The other significant difference between Ethereum and Solana is that Solana has a 'stateless' design. As already mentioned, this enables a decrease in across-the-board memory consumption. Since the complete state of the network does not require an update for each transaction, they can be efficiently carried out sequentially. This makes Solana highly scalable.

## Features and DeFi Ecosystem

Every blockchain has some outstanding features that set it apart. Decentralisation is undoubtedly something Ethereum has always focused on compared to Solana's focus and has driven to accomplish that through its operational technology.
Talking about the DeFi ecosystem, Ethereum is much older than Solana in the market. Solana is constantly working on its marketing strategies to draw more investors towards its network, but Ethereum stays ahead because of its market hold and the trust gained over time.

Let's dive in to understand better the Solana and Ethereum features and the DeFi ecosystem.

## Solana

Solana's critical selling point is its power to process a block every 400 milliseconds and document 60k transactions every second. These key features independently make it one of the speediest working layer-one blockchains. Further, it has numerous features that drive it to stand apart. Let's discuss some of them.

### Enhanced Transaction Speeds

Solana operates on Tower Byzantine fault tolerance (BFT), an ad-lib version of pBFT (practical Byzantine fault tolerance). This terminates the requirement for nodes to communicate in real-time, enhancing overall efficiency.
Additionally, Solana operates on Gulf Stream, a mempool-less transaction forwarding standard that pushes the transactions to the network's edge. This allows network validators to carry out transactions earlier than expected, encouraging the network to process over 50,000 transactions every second (TPS).

### Improved Scalability

A critical element that drives Solana to stand apart from its opponents is that the blockchain is scalable at its ground level; it does not need layer-two solutions to boost scale. A vital blockchain component that assists in this scalability is the Turbine block propagation protocol. It enables splitting data into small fragments, making it manageable to share it across the network. Sealevel also helps in the processing of transactions across GPUs and SSDs.

Together, these features make for a positively scalable, efficient, and cost-effective blockchain.

### DeFi Ecosystem

Solana's DeFi ecosystem is still at its developing stage, with diverse DApps being launched on the platform. This results from comprehensive hackathons and other marketing techniques the network has utilised to draw a broad user base. The blockchain has more than $12B in total value locked (TVL) across all its DApps.

One of the significant DApps on Solana is Raydium, an on-chain ordering book AMM that enables users to conduct transactions. Since launching in April 2021, it has collected over $1.8B.

## [Ethereum](/coins/eth)

Ethereum's strong point is its decentralisation. However, it lacks the power to process a vast number of transactions per second. The barricade to enter and become a validator is not too high, creating a trustless, decentralised network. To reimburse for the scarcity of scaling attributes at the native blockchain, layer-two solutions deliver evolved scalability and throughput.

### Technology

Turing-complete language is one of the critical elements of Ethereum, specifically at the time of its launch. This means that it can sustain a variation in programmability, enabling the creation of diverse smart contracts. Thus, it utilises Solidity as its ground programming language for coding smart contracts.
Ethereum was one of the first blockchains in designing decentralised on-chain smart contracts.

## Stablecoins

Stablecoins are the drivers of decentralised finance (DeFi). See them as regular currencies like USD. The only distinction is that stablecoins are cryptocurrencies that designate one unit of standard fiat currency — a cryptocurrency secured to a fiat currency. Since all major cryptocurrencies are highly volatile, having a type that stays secured to one unit of a standard fiat currency makes sense. Stablecoins do a flawless job in accomplishing that. 

## DeFi Ecosystem

Sushi was the first DApp on Ethereum. It is one of the largest order, bookless, peer-to-peer cryptocurrency trades that gives investors the power to buy/sell their desired tokens easily. It has seen a massive performance since its launch in September 2020.

Apart from Sushi, Compound was one of the primary DApps behind the DeFi summer of 2020. It is a lending medium on Ethereum that witnessed massive growth in its borrowing volume.
Ethereum, older in the market than Solana, has a more extensive investor base which finds Ethereum a promising investment for funds.

## Solana vs Ethereum. Who Holds the Crypto Power?

On one hand, the Ethereum network has over 7,000 nodes and 90,000 validators and has a market value of almost $400 billion. Yet, Ethereum 1.0 lacks scalability and is comparatively more expensive than its competitors, Cardano and Solana.
However, the blockchain is ready to launch its upgraded version, Ethereum 2.0, which is anticipated to solve all the cryptocurrency problems, especially its scalability issues; the number of transactions per second. 

Talking about Solana, it possesses 600 nodes and around 1,000 validators. According to the recent data available on Solana's website, it is presently [hosting around 340 apps](https://solana.com/ecosystem). Meanwhile, Ethereum has more than 3,000 Dapps operating on its network.

So, coming back to our question, who holds the crypto power, Solana or Ethereum? Solana has high scalability features and excellent marketing techniques to acquire investors. Ethereum has the first-mover benefit and enjoys the advantages of network effects.

Ultimately, Solana has room for development, but, certainly, Ethereum holds the crypto power. It has too much momentum, especially when it comes to DeFi Applications. Ethereum, though it lacks some cryptocurrency features, holds the second-largest cryptocurrency market cap and investors find the blockchain promising for their returns.
However, Solana is expected to shine in the fast-growing NFTs market. 

It is one of the best-designed cryptocurrencies, and it remarkably performed well when the significant cryptocurrencies fell 10-15%, which is outstanding for a crypto coin.


Solana vs Ethereum: Who Holds the Crypto Power?

If you're wondering what's the best crypto to buy and hold, we've put together some analysis to help your research.

Buying and holding cryptocurrency could be a great way to be financially independent and beat inflation. It could also give you total control over your financial portfolio.

Owning crypto that constantly increases in value is every investor's dream. But, the market for crypto is highly volatile and things change so fast that while some cryptos gain over time, the opposite happens to other cryptocurrencies.

But being a keen investor involves making big bets on the future, which consists of investing in cryptos that can stand the test of time.

If that's your goal, there are cryptocurrencies you can buy now which are tipped to increase in value in a decade. Here are some experts have predicted could go 'to the moon'.

## [Cardano](https://cardano.org/)

Cardano is the ninth most popular cryptocurrency, with a market cap of about $32 billion. Cardano is an environmentally friendly coin compared to others that require a high amount of energy, electricity, and hardware to mine. Miners update the blockchain using coins they own.

This matters because governments and even crypto enthusiasts and investors scrutinize the effects of Bitcoin mining on the environment. Looking for innovative ways to tackle the impact of crypto mining is becoming crucial and could make the 'cleaner' tokens, like Cardano, a better long-term bet.

## [Solana](https://solana.com/)

Solana's value could increase in the coming years for many reasons. One reason is a new feature released by Solana that investors and enthusiasts are keen on; Solana Pay. Solana Pay supports decentralized P2P payments and aims to support payments with traditional currencies like the US dollar.

That feature gives Solana an edge over other competitors. Solana is the seventh most popular crypto with a market cap of $35 billion. 

## [Ethereum](/coins/eth)

Ethereum is not a new name in the crypto industry; it's the second most popular crypto in the crypto market. The new Ethereum upgrade Eth2 has garnered much interest among investors and enthusiasts due to upgraded security and scalability. This upgrade and the blockchain's role in smart contracts and NFTs could secure rising values for Ethereum in the coming years.

## [Bitcoin](/coins/btc)

Bitcoin is the most popular cryptocurrency; it's a good asset for investors. Generally, Bitcoin is the first choice when investors plan to buy and hold.

As more businesses accept crypto as a means of payment, it increases in popularity. Companies like Microsoft, Tesla, and PayPal have started accepting Bitcoin as a means of payment. It has been a performing asset for more than a decade and as general acceptance and use increase, it could be worth adding to your investment portfolio.

## Final Thought

Crypto is worth investing in; there are thousands of cryptocurrencies in the market, so choosing the right one is essential.



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Upcoming Solana NFT Projects

Solana vs Ethereum: Who Holds the Crypto Power?

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