Solana (SOL) is a smart contracts platform that is currently experiencing a hot bull market. The price of SOL is $108 at the time of writing and the market cap is $31.6 billion, ranking number eight in the top ten cryptocurrencies based on market capitalization according to CoinGecko.
Seeing the rise of Solana, BigoMex follows the market trend and decisively launches SOL contracts trading on Wednesday, 1 September 2021. SOL/USDT is the newest trading pair on BigoMex along with 17 other pairs available for contracts trading.
The Rise of Solana
Solana is co-founded by Anatoly Yakovenko, who is also the CEO of Solana. Different than Proof of Work (PoW) used by Bitcoin and Proof of Stake (PoS) used by Ethereum 2.0, Solana uses a novel consensus mechanism called Proof of History (PoH).
According to their documentation, “Leader nodes “timestamp” blocks with cryptographic proofs that some duration of time has passed since the last proof.” Using PoH allows Solana to achieve high throughput with fast transaction times and low transaction fees.
Solana launched their mainnet beta in March 2020. In July, FTX, a cryptocurrency exchange led by billionaire Sam-Bankman Fried, built a decentralized exchange (DEX) called Serum using Solana. At this time, the price of 1 SOL was around $1.
The presence of Serum on Solana became a critical milestone that boosted the popularity of Solana as a smart contracts platform. Solana also held a hackathon joined by many developers that created new and interesting applications, especially for the lucrative decentralized finance (DeFi) sector.
In August 2021, the price of 1 SOL reached more than $120. Besides DeFi apps, Solana also has non-fungible tokens (NFT) markets that attract millions of dollars in trading volume. Since all transactions on Solana use the native SOL token, the price of SOL rises with the increase in the network’s activity.
Solana’s ecosystem of DeFi and NFT apps are just beginning. If the Solana developers continue to provide innovation that answers the needs of the market players, then the price of SOL can keep climbing upwards. Some spectators even predict Solana can exceed Ethereum.
Fee Free SOL Trading on BigoMex
Responding to the popularity of SOL, BigoMex launches the SOL contracts trading. BigoMex always pays attention to what is trending in the market and follows market rules, especially the expectation of cryptocurrency traders and investors.
To celebrate this launch, BigoMex is holding a fee free trading event where traders don’t need to pay transaction fees when trading SOL/USDT. Users can already trade SOL/USDT in the contracts trading section of the BigoMex platform.
The leverage available for trading SOL includes 10x, 20x, 30x, and 50x. The minimum margin for all trading pairs is 2 USDT. With the low margin requirement, BigoMex aims to open access to new traders that have low capital to begin trading.
The current cryptocurrency bull market gives many opportunities to make a substantial profit. Solana (SOL) is a popular crypto asset that is experiencing a strong bullish trend. With the new applications launching on Solana and attracting many users, the price of SOL may continue the upward trend, giving investors a chance to follow along and benefit from the increase.
