Solana is a blockchain technology based on the proof-of-stake consensus agreement. Founded in 2020 and after a 4-year long journey with many ups and downs, Solana is at present one of the most in-demand blockchain networks.
The network is fast, highly scalable, environment-friendly, and secure. There are many cryptocurrencies that are built on the Solana network.
In this article, you will read about the top tokens on the Solana blockchain that you can buy and hold with assured profit. These cryptocurrencies are listed as per the increased market capitalization.
1. Tether (USDT)
Tether is a cryptocurrency that operates on the Solana blockchain in addition to Algorand, Celo, Cosmos, Ethereum, EOS, Liquid Network, Solana, Tezos, Ton, and Tron.
They are the most profitable stablecoins in the market now; it is pegged to the US dollar in a 1:1 ratio. As it is backed by the powerful US dollar there are low chances that the coin has price volatility.
The high speed, increased scalability, and security of the coin combined with its low transaction cost make tether a favorite of the cryptocurrency investors. The current market capitalization of Tether is $111,960,010,909.
2. Solana (SOL)
Solana is a layer 1 blockchain that is protected by a combination of both proof-of-stake and proof-of-history consensus agreement. This combination helps the developers to balance decentralization, scalability, and security in the same token.
SOL is the native currency of the Solana blockchain network. It has a market capitalization of $75,980,105,046. It is used for making transactions on the blockchain network.
3. Chainlink (LINK)
Chainlink is the third largest cryptocurrency on the Solana network based on market capitalization. Its market capitalization is $10,581,535,377.
It is a large, open-source network backed by a strong community of data providers, node operators, smart contract developers, researchers, security auditors, and the like.
It is a Decentralized Oracle Network (DON) that offers services such as price feeds, Proof of Reserve, Verifiable Randomness, and Keepers connectivity to any web API.
The LINK token can be used to pay the node operators and can enable implicit staking and explicit staking.
4. Render (RNDR)
With a market capitalization of $3,909,429,988, Render is the fourth largest cryptocurrency on the Solana network. It is a Graphics Processing Unit (GPU) with a decentralized nature.
The network connects artists and studios to facilitate content creation using GPU. Its peer-to-peer connectivity ensures advanced security, scalability, and speed.
Render has a unique proof-of-work consensus named proof of Render, which ensures that all the artworks created under the GPU mechanism are properly rendered to concerned nodes before the final payment is made.
5. Dogwifhat (WIF)
Dogwifhat is a dog-themed meme coin network with a market capitalization of $3,412,042,272. As the name suggests this network is represented by the meme of a dog with a hat.
As the network claims, Dogwifhat is a futuristic network that is considered a symbol of progress that transcends all boundaries to embrace a new era of finance and technology.
6. The Graph (GRT)
The Graph is another major coin on the Solana network with a market capitalization of $2,850,257,314. It is an indexing protocol that is used to query data for other networks like Ethereum.
It works to provide decentralized public infrastructure to the blockchain user. Anyone can publish open APIs called subgraphs, which the network can query using a mechanism called GraphQL.
The indexers are paid fees and rewards using the platform’s native token, GRT.
7. Arweave (AR)
Arweave is a decentralized storage network that provides storage for digital data. It is a “permaweb”; it hosts permanent decentralized web applications that are strongly backed by a community.
As the name suggests, each block of this network is weaved to the adjacent blocks to prevent any leakage of the data. This technology is called blockweave.
The platform uses the proof-of-access consensus algorithm to secure its operations. The current market capitalization of the Arweave network is $2,841,999,275.
The Bottom Line
The Solana protocol is a blockchain network that has many promising offerings to the blockchain ecosystem.
If you are planning to invest in any of the Solana-based crypto coins, do so only after careful consideration of the merits and demerits of each currency and its suitability to your unique needs and requirements.
