The world of cryptocurrency has evolved after the launch of Bitcoin. Projects like Solana (SOL) and Uniswap (UNI) have reached the height of the cryptocurrency market; this is all because of various use cases.
However, some of the latest cryptocurrency projects like Pugglit Inu (PUGT) have taken the initiative or a step ahead towards hitting the lofty standards which were set by their mainstream counterparts. But now the question that arises in the minds is: would Pugglit Inu succeed? As per the experts, the project has the potential to succeed.
How Solana (SOL) converted into A Market-Leading Token
Solana is a blockchain platform that was launched earlier in the year 2017. The motive behind the design of the Solana is to support decentralized applications.
Very often known as an “Ethereum killer,” Solana processes several transactions every second when compared to Ethereum. As compared to Ethereum, Solana has also reduced the fees of the transaction. Some of the uniqueness of both are mentioned below that says-
Like Ethereum, Solana supports smart contracts. These smart contracts are essential for launching cutting-edge applications that include non-fungible tokens (NFTs) and decentralized finance (DeFi). By utilizing more efficient approaches, Solana executes these protocols.
Ethereum is a proof-of-work (PoW) blockchain, which is directly meant for miners to compete to solve challenging puzzles to validate transactions.
As an outcome, this technology is more energy-intensive and environmentally harmful. On the contrary, Solana makes better use of proof-of-stake (PoS), which is an eco-friendly approach.
The native currencies, SOL, have backed the Solana blockchain. After its successful launch, SOL has risen nearly 4,600%, with a market cap of over $13.5 billion. As per Coinmarketcap, these numbers are seen as the ninth-largest cryptocurrency by market cap.
Uniswap (UNI) Helps You Decentralized Your Finances
Uniswap inherits the true and real definition of decentralized finance (DeFi). Uniswap is an innovative peer-to-peer (P2P) exchange platform that enables traders to swap tokens. In other simple words, Uniswap limits the requirement of a centralized party when trading (buying and selling) crypto assets are completed.
To match market participants in Uniswap, the exchange does not utilize traditional order books.
This contrasts with the fact that the industry norm is hugely dominated by centralized crypto exchanges, including Binance, FTX, and Coinbase. All of these crypto exchanges act as a middleman between buyers and sellers that are earning substantial commissions.
Uniswap utilized an automated market maker (AMM) model. Uniswap’s AMM will consider token prices based on various factors, such as volume, demand, and market capitalization. This seamlessly makes it possible to conduct decentralized cryptocurrency trading.
As per Coinmarketcap, the project is powering up the native token, which is usually UNI. By 2020, it is expected that the token will have boosted its power to around 140% and will rank as the 19th largest cryptocurrency by market cap.