According to a corporate blog post, Brave is shifting to the Solana cryptocurrency network because of the excellent speeds and cheap prices of the network. According to research from Solana Beach, basic transactions on the Solana blockchain cost as low as 0.000005 SOL, or $0.001, compared to other smart contract-enabled blockchains such as Ethereum.
It is possible that the cheap costs will make engaging with cryptocurrency, and notably Eich’s expected “next billion crypto users,” significantly more appealing. Brave presently has 42 million monthly active users, which means that the shift might be as advantageous to the Solana ecosystem as it is for the company.
Once the incorporation is done in the initial half of 2022, millions of Brave users will be exposed to a selection of new Solana decentralized applications, also known as dapps, that will be developed by the Solana Foundation. “When it comes to helping dapps construct the finest online experiences, deep interaction with browsers is essential.” According to the CEO of Solana Labs, Anatoly Yakovenko, “Brave’s introduction of Solana wallet support across all variants of their browsers is a key step toward on-boarding the next billion people to Solana.” Brave announced the compatibility in a press release.
Brave is presently the third most downloaded internet browser, behind only Opera and Google’s Chrome, as per statistics gathered by App Figures. Brave is built on top of the same free and open-source codebase that powers Chrome and Mozilla Firefox.
Because of this, Brave’s Ethereum-based token, the Basic Attention Token, has benefited significantly from the news (BAT). As per CoinGecko, BAT is now up more than 19 percent on the day as of this writing. While Solana’s native cryptocurrency, SOL, has been trading down somewhat today (down 1.3 percent), it has been trading over a record-breaking $260 per coin since the weekend.
In the year 2021, Solana has had a breakthrough year. On the first of January, the cryptocurrency was selling for less than $2 a unit. SOL is now selling at $249 per share. The rapid rise of the NFT collectibles market, as well as the development of DeFi goods (those that permit for the trading, borrowing, and lending of services without the need of third-party intermediaries such as banks), have been the driving forces of the network’s development.
For example, the total value of DeFi projects created on Solana reached a new high of $12.7 billion last month, with projects such as Raydium, Marinade Finance, and Serum all setting new highs in the process. Emerging DeFi ventures are also receiving significant amounts of capital from well-known investors.