The growing demand for ethereum, as well as overcoming its record highs, has caused an extraordinary demand for its main competitor - Solana, which is now showing an incredible upward movement.

Solana, often called the Ethereum killer, has grown by more than 17,000 percent over the course of this year. Now the cryptocurrency occupies an honorable fourth place in terms of market capitalization, which is more than $75 billion.

Thanks to this bullish rally, Solana managed to overtake Tether and push it into fifth place. Solana has overcome its record high and reached the milestone of $258, which makes it very popular among investors at the moment.

The crypto asset appeared in April 2020, and over the year it grew by more than 30,000 percent, the initial price of the crypto asset was $0.75.

Solana has developed by leaps and bounds, improved its ecosystem, the speed and functionality of its network, which began to attract investors, it has a very fast blockchain around which you can build a huge number of different projects.

Ether and Solana often compete with each other, since both cryptocurrencies provide the possibility of smart contracts. Solana is much faster and more productive than Ethereum, and the commissions within the network are much lower than Ethereum.

Smart contracts play a key role in launching decentralized finance applications, as well as NFT.

Sharat Chandra, Blockchain & Emerging Tech Evangelist, says that Solana can process up to 50,000 transactions per second, and blockchain has become the most popular and preferred protocol for Defi and NFT projects.