As the native cryptocurrency of the Solana network, SOL is nearing its all-time high of $260.06. In response to this promising trend, Mert Mumtaz, CEO of Helius, a Solana infrastructure provider, announced plans to exponentially enhance the network’s transactions per second (TPS). Specifically, he suggested that a forthcoming upgrade could boost the network’s TPS by a factor of 1,000.
Mumtaz revealed this development in a recent post on X, the social media platform formerly known as Twitter. Notably, he admitted that his team had initially hoped to keep the project under wraps, but the cryptocurrency market’s recent surge necessitated a more public announcement. Mumtaz confirmed that Helius is developing a performance optimization system, which he believes will send Solana’s TPS soaring. Currently, Solana supports up to 65,000 transactions per second.
During testing on the Solana testnet, the Helius team reportedly achieved a 1,000-fold increase in TPS without introducing significant changes to the blockchain’s core. This achievement aligns with Solana’s roadmap, which identifies “increasing bandwidth” and “reducing latency” as key objectives. If these efforts prove successful, SOL, Solana’s native token, could see a considerable increase in value.
Earlier this month, Solana surpassed BNB to become the fourth-largest digital asset, boasting a market capitalization of an impressive $103 billion. By comparison, BNB now ranks fifth, with a market value of $93 billion.
SOL’s recent performance has been marked by steady gains, particularly since the election of pro-cryptocurrency candidate Donald Trump signaled a more bullish outlook for Bitcoin. According to data from CoinMarketCap, SOL has risen by 3.13% in the last 24 hours, and its trading volume has increased by 26.76% to reach $11.32 billion. Over the past week, the token’s value has surged by 34.27%, and over the last 30 days, it has increased by 47.26%. Since November 2023, SOL has demonstrated an impressive growth of 268.02%. Currently, it is 15.48% below its record high of $260.06, achieved in November 2021. However, if current trends continue, SOL could well reach a new all-time high before the year is out.
The implications of these developments extend far beyond Solana and SOL. They speak to the broader potential of blockchain technology and the ongoing evolution of the digital asset space. As we move into 2025, it will be fascinating to see how these trends develop and what new heights SOL might achieve.
