What is Solar (SXP)?

Solar blockchain is an open-source project focused on creating a community-driven ecosystem to help users and developers build fast, efficient, and scalable decentralized applications and protocols with no extreme gas fees. While blockchains like Bitcoin, Ethereum, and Polygon have been popular among users, they often require prior knowledge and development experience and can be highly energy intensive and expensive. Solar is trying to make a sustainable and fully decentralized ecosystem where developers can easily create and launch NFTs, decentralized applications, and more without any centralized attacks or high gas issues.

SXP is the native utility coin of Solar blockchain that is used for payments, creation of assets (NFTs and fungible tokens), staking to secure ecosystem, funding of projects, metaverse utility and governance contribution- propose and vote on development changes. 

Who are the Founders of Solar?

The Solar project was introduced back in 2018 by Joselito Lizarondo and Nayiem Willems, the founders of Swipe.io- a well-known crypto payment system. They built and launched Solar in 2022 with the same aim to provide a clean and sustainable payment solution worldwide through blockchain technology. Swipe was acquired by Binance and later rebranded to Solar with a non-profit organization- Solar Blockchain Foundation.

How does Solar (SXP) work?

Solar Network is based on Delegated Proof of Stake (DPoS) layer-1 blockchain framework and has 53 block producers securing the ecosystem. Here’s a brief working of Solar:

• DPoS consensus: The DPoS is more reliable, energy-efficient, sustainable, and scalable than the Proof of Work and Proof of Stake consensus mechanism. Here, the token holders delegate their votes and are responsible for transaction validation and creating new blocks.

• Forked from ARK: Solar underlying framework has been forked from ARK core and further takes security to another level by utilizing Schnorr cryptographic signatures with a better block production routine. These features make it a highly stable and operational blockchain for developing and creating dApps.

• Side Ledger Protocol: Its SLP protocol allows users to create and deploy simple utility tokens, fungible and non-fungible assets on Solar blockchain. It is similar to common token standards ERC-20, BEP-20, and ERC-721 and can be created with almost any programming language. 

What makes SXP Unique Use Cases?

• It offers users a fast and cheap way to create tokens (approx. 5 SXP) and transfer funds over the blockchain- around 0.2 SXP.

• Users can create applications and assets and delegate their tokens simply with Solar Wallet.

• The team is working to build Solar Virtual Machine which will support all smart contracts, applications, NFTs, wallets and other tools developed for the Ethereum blockchain.  

Solar (SXP) Price Analysis

Source: TradingView

• SXP’s price today is trading at $0.3262, with a 24-hour trading volume of $6.98 million. In the last 24 hours, The SXP price has dropped by 1.25%, and its market cap is $187.14 million as of August 07, 2023.

• SXP price has been in a downtrend since April and is currently oscillating in a consolidated range of $0.32-$0.39, below its 50-day moving average.

• The RSI below 50 also indicates slight bearish market sentiment. If the SXP price is above the $0.30 support level, it might come back.