There are a number of so-called Ethereum killers that have emerged on the blockchain and smart contract scene. And while none of them have knocked the second-biggest cryptocurrency off its perch, a select few have trailblazed their own paths and are doing just fine.
Solana is one such project, and now it has received another layer of validation. Solana has made its way onto the coveted Bloomberg terminal, becoming only the third cryptocurrency to achieve this milestone and coming on the heels of bitcoin and Ethereum.
Tim Grant, Galaxy Digital’s head of Europe, made the announcement, revealing a collaboration between Mike Novogratz’s firm and Bloomberg. Grant explained that the partnership has yielded the Bloomberg Galaxy Solana Index, which is now live and accessible to close to 400,000 users.
The Solana index has “added significance,” he explained, considering it’s the maiden “institutional grade pricing source for Solana.” The Solana index, which uses the same ticker symbol as the token, SOL, joins similar indices for bitcoin, Ethereum, the broader crypto market and DeFi.
According to CoinShares research, Solana saw investment product inflows of $8.5 million in the first week of November. This compares to $9.6 million for Polkadot and $5 million into Cardano. Institutions could potentially get the compliance clearance required to dabble in Solana with the Bloomberg nod.
The addition of Solana on the Bloomberg terminal is sure to drum up more interest in the No. 5 cryptocurrency among institutions. While the Solana price is down nearly 6% today, it has been on a roll otherwise. SOL has soared 12,000% year-to-date, based on CoinMarketCap data.
Similar to Ethereum, Solana is a play on the DeFi and NFT market segments. Solana offers an alternative to market participants who are looking for speedy transactions and to avoid Ethereum’s lofty fees.
Solana’s blockchain boasts 2,159 transactions per second (TPS) at an average cost of transaction at $0.00025 of last check. The platform hosts several hundred projects including those specializing in DeFi and NFTs.
The total value locked (TVL) for all DeFi projects across blockchains is $257 billion, according to DeFi Llama. Solana’s piece of the DeFi pie is $13.5 billion. Solana has momentum on its side, and as more projects flock to its platform, the bulls could take Solana to new heights.