Little-known Solana has become the seventh most valuable cryptocurrency. The token climbed 26 percent on August 31 and soared to $125.98. Over the past month, Solana has grown by almost 220 percent.

The token was issued just 18 months ago, but its market value already exceeds $30 billion. The main reason that Solana has garnered so much attention is for non-fungible tokens (NFT). Each copy of such a currency is unique and cannot be exchanged or replaced with another similar token.

Solana skyrocketed in value due to the August NFT rally, which saw that total sales of this type of token hit a record $900 million. The company is also actively developing decentralized finance projects. Solana pays special attention to the so-called “smart contracts”, which are more secure than traditional ones. The mechanism automates agreements so that each of the parties is confident in the result, as well as eliminates intermediaries and speeds up the trading process. Additionally, the enterprise uses cryptographic technology “Proof of History”, which allows to make hundreds of thousands of transactions per second, and stimulates customer confidence in the blockchain.