Only launched about 5.5 years ago, Solana (CRYPTO: SOL) is now the sixth-largest cryptocurrency in the world with a market cap of over $96 billion as of July 30.
Many investors see immense potential in Solana’s network. It’s one of the few cryptocurrencies to operate on a proof-of-stake (PoS) mechanism to govern the network. After realizing how energy-intensive the traditional crypto-mining, proof-of-work (PoW) system had become on Bitcoin, the world’s largest cryptocurrency, several crypto networks transitioned to PoS.
Image source: Getty Images.