Solar (SXP) is Taking Giant Leaps
The crypto market is registering a relatively low price movements recently but there are some coins that rallied significantly. And among these coins is Solar (SXP). Solar (SXP) has shown a very impressive gain in the last 7 days (186% growth to be exact). Before going into why this happened, lets see few things about the Solar Network.
What is the Solar Network
The Solar Network is a Layer-1 blockchain founded in 2018 by Joselito Lizarondo and Nayiem Willems. It uses the Delegated Proof-of-Stake (DPoS) consensus mechanism. This mechanism makes the network have speed and security with the help of its node operators. Solar also strive to be one of best energy efficient blockchain of the world.
The Solar Network Token (SXP)
The Solar Network has a native utility token called SXP. There are over 560 million SXP token is circulation currently and are used for:
Governance
Staking
Payments
Rewards
Solar DApp currency
SXP registered an all-time high price of $5.79 in 2021 and an all-time low price of $0.161303 in 2020.
Solar (SXP) Currently
The price of SXP currently is around $0.8 (*this price may change by the time you read this) and has market cap of $458,946,419. The token's recent gains has attracted the attention of many investors and according to the stats form CoinGecko.com, in the last 7 days the token grew by 186%.
And this recent rally came because Solar Network announced that it will be launching a new block explorer called SolarScan.
Solar Network claims that Solarscan will revolutionize user's interaction with the block as it has awesome features such as real-time updates and fast database. But all of its features are yet to be explored.
So what are your thoughts on Solar Network?...... Let me know in the comment section.
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Disclaimer
I am not a financial advisor. The information found here are for educational purposes and cite my personal opinion.