TL; DR
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Solana is currently telling a story about survival.
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Developers choose a blockchain to build on, learn its language, and invest their time – all in the hopes of selling a product or service to the user base.
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That means developers want to make sure they continue building robust blockchains, which have proven that they can survive and thrive over time.
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Solana did just that.
Full story
A 100% price increase in less than 30 days? That’s not bad!
But not every cryptocurrency that makes these kinds of gains gets as much attention as Solana is getting now.
Why then this special fascination for Solana?
There are probably a number of reasons, but primarily it’s because:
Solana is currently telling a story about survival.
Or, if we want to make ourselves sound smarter than we are (which we do), we’d say it’s all to do with The Lindy Effect, which says:
The older something is, the longer it is likely to persist into the future.
The Lindy effect persists special weight in the crypto world, as most blockchains do not pay developers directly.
Instead, developers choose a blockchain to build on, learn its language, and invest their time – all in the hopes of selling a product or service to its user base.
That means developers want to make sure they continue building robust blockchains, which have proven that they can survive and thrive over time.
…and this past year Solana has experienced it.
In a twelve-month period the chainsaw has:
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The price drops by ~75%
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The daily active user base drops from ~730,000 to 200,000
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The largest NFT project jumps to a competing chain
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And $120 million worth of tokens get stuck in the FTX bankruptcy…
But Solana is still there.
And developers still choose to build on it.
The longer a project endures → the longer it is likely to survive into the future → the more excited the investing public becomes about it.