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Solana Pay was launched by Solana Labs to push the price of SOL and stablecoins to a new high in 2022.
Solana’s SOL has seen a considerable rise in price last year giving other cryptocurrencies a run for their money. But unfortunately, it has fallen victim to the geopolitical instability and the ensuing financial crisis. With the launch of Solana Pay with new payment standards and protocols, Solana’s price might soar again. Solana Pay, the new payment method facilitates crypto traders, acceptance of stablecoins during sales.
Solana recorded a massive yearly growth of 11,800% and reached its all-time high of US$214.36 in September 2021. Most of the SOL investors are driven towards it because of its fully-functional blockchain network. It has the capability to process 710,000 transactions per second with a 1 gigabit per second network connection. With Solana Pay, merchants can transact in digital currencies compatible with the Solana blockchain anytime and from any part of the world. This facility is common for the whole crypto market. However, with many add-on features, Solana’s price is definitely going to rise.
How Solana Pay Can Make a Difference to SOL Token?
Currently, Solana’s price is swinging between US$80 and US$82. However, traders are awaiting a breakout in the coming weeks. Although the price analysis of SOL insists on a bearish trend, enthusiasts believe that Solana Pay could make a disruption at this point. Besides, the Solana platform is also getting popular among project developers recently. At the time of writing, it has over 167 active projects in its ecosystem. According to Solana co-founder, Anatoly Yakovenko, Solana has over two million monthly active users.
While these factors could contribute to an increased usage of the Solana network, the buzz around SOL tokens is also expected to spike. Solana Pay allows merchants to access their money in real-time, which will help manage working capital, liquidity, liability protection, and direct access to money in seconds. The interlinking of two blockchain wallet addresses allows merchants to unlock a two-way communication channel with their customers. This will allow them to conduct quick transactions and send offers and rewards to loyal customers.
How Solana Pay is Different from Other Systems?
Even though Bitcoin and Ethereum are the top two cryptocurrencies, the investors are tired of their slow speed and high costs for transactions. However, many emerging blockchain networks are providing better services recently, stomping over Bitcoin and Ethereum on many accords. One of them is the Solana network which can do 65,000 transactions per second.
Besides, the introduction of Solana Pay has opened the door for many customer-friendly features like using a QR code to online browser plug-ins to pay. These advancements are available for SOL tokens and some other stablecoins.
The actual catchphrase that suits Solana pay’s easy transaction method is ‘make payments like sending an email’. However, it also ensures that the transactions are safe and delivered at the right time. To make it possible, Solana has included standardized destination, currency, amount, transaction identifiers, and descriptive text fields so the merchants can confirm that a transaction was complete.
With a handful of amazing advantages and new options, Solana Pay is already expected to give heavy competition to fintech platforms like PayPal. On the other hand, it will also boost the dominance of SOL tokens in the market.