The Solana protocol SOL/USD was created specifically to facilitate the creation of decentralized applications (dApps). It aims to improve scalability by introducing a proof-of-history (PoH) consensus alongside underlying Proof-of-Stake (PoS).
Solana Developments as a growth catalyst
Orca, a Solana-powered decentralized finance (DeFi) platform, raised $18 million in a Series A funding round on September 22.
This DEX platform announced that it had secured the funds in an investment round that included Polychain, Placeholder, and Three Arrows.
This is an investment to help them get started on their path to making Orca the best swap for the Solana Ecosystem.
They also have $300 million in total value locked (TVL) on the platform.
On September 23, Solrise Finance, a decentralized fund management and investment Protocol, and Civic Technologies, a decentralized identity firm, partnered to launch the first Solana-based decentralized exchange with permissionless access.
This enables institutions to enter the world of decentralized finance (DeFi). This is because, in most cases, these institutional investors are unable to participate due to the need to comply with regulations.
A parallel ecosystem is possible through this permissionless DEX, which means they can gain access to DeFi while still meeting all of those requirements.
With all of this in mind, we can anticipate increased interest in the SOL token, Solana’s native cryptocurrency token, which has the potential to skyrocket in value.
Should you buy Solana (SOL)?
Solana (SOL) was worth $135.94 on September 24.
To gain a better understanding of the token’s current value, we will compare it to its all-time high value as well as its performance in August.
On September 9, the token’s all-time high value was $213.47. When compared to its value on September 24, the token was worth $77.53 or 57 percent more at its all-time high.
In August, the lowest point of SOL was on August 3, when the token was worth $32.91.
The token’s highest point of value in August occurred on August 31, when it increased to $125.95. We can see that the token’s value increased by $93.04 or 282 percent during the month of August.
With all of these developments in the Solana ecosystem in mind, we can anticipate the SOL token’s value increasing to $183 by the end of September, making it a worthwhile investment before October.