Solana Layer-2 Scaler Defies Crypto Market Slump, Surges 41% This Week Amid Multiple Exchange Listings
A Solana (SOL) layer-2 scaling solution defied the wider crypto market slump and surged by more than 41% this week following a flurry of recent exchange listings.
Solayer (LAYER) is a blockchain network designed for high throughput and near-zero latency.
The network bills itself as “infinitely scalable” and is designed to handle 1 million transactions per second (TPS).
Explains the project,
“Solayer is a protocol for developers who want to enhance their decentralize application’s performance on Solana. It aims to increase the reliability of network access while reducing associated costs by up to 50x.”
Solayer’s new native token, LAYER, is trading at $1.21 at time of writing, up from $0.857 one week ago. The 216th-ranked crypto asset by market cap is also up more than 18% in the past 24 hours alone.
LAYER launched in February. That same month, the Singapore-based crypto exchange Bitget and the Seychelles-based exchange MEXC both rolled out trading services for the asset.
Earlier this month, the San Francisco-based exchange Kraken listed LAYER, and this week the Hong Kong-based HashKey Global also made the token available for traders.
Despite LAYER’s gains this week, the asset remains more than 14% down from its all-time high of $1.41, which it set shortly after launching last month, according to data from CoinGecko.
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