Traders of SOL, the native cryptocurrency of the Solana blockchain platform, must be in a great mood as the price of the coin has surged by more than 300% in the last 24 hours. The reason for this is the recent listing on the Binance exchange.
Being listed for trading on the world’s largest crypto exchange is a milestone for blockchain many projects, including Solana.
Binance first announced on Tuesday that it would list Solana (SOL) on its trading platform with zero listing fees. The cryptocurrency, however, is currently only available on the BNB market.
The exchange also launched a bounty promotion for the coin worth $50,000, where users can win up to $1,000 in SOL tokens by completing different tasks.
Solana was founded in 2017 by the former engineers of Qualcomm, Intel, and Dropbox. The project is a single-chain, delegated proof of stake protocol that delivers scalability without compromising decentralization or security. The Solana platform claims it can handle up to 65,000 transactions per second without sharding.
The project has reportedly raised over $25 million from several investors like Multicoin Capital, Foundation Capital, Distributed Global, Blocktower Capital, NGC Capital, and Rockaway Ventures.
Solana recently partnered with decentralized oracle solution, Chainlink, to build an oracle that updates prices every 400 milliseconds, which it claims is incredibly faster than existing oracles.
Less than 24 hours after being listed on Binance, the price of SOL has surged above 300%, pushing the token to its All-Time-High (ATH) since launch.
SOL’s seed price was $0.04 while the auction price on Coinlist was cleared at $0.22. The project had touted a 90% price guarantee during its Dutch-style Coinlist auction for 8 million tokens last month. At the end of the auctioning, the project raised at least $1.76 million, but the recent surge must have increased the total balance.
At the time of writing, the cryptocurrency is trading at $0.8424 on Binance, leaving traders with at least 320% gains against the USD over the last trading session.
It’s also trading favorably against Bitcoin, as it managed to gain about 370% at the time of this writing.
