Firedancer is a third-party validator client that could revolutionize the Solana (SOL) network. The SOL network has already seen incredible growth over the last few years. The SOL-based pump.fun platform alone has launched numerous memecoins with great success. The SOL cryptocurrency has also displayed stellar performance over the last few years. SOL’s price fell to below $9 after the collapse of FTX in 2022. Since its 2022 lows, SOL has hit multiple all-time highs. The asset could finally breach the $1000 mark if all goes according to plan.
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How Will The Firedancer Upgrade Improve Solana?
The firedancer upgrade has the potential to increase the number of transactions per second on the SOL network to more than 1 million. Ethereum, on the other hand, can deliver only 15 transactions per second. The increase in scalability will single-handedly lead to SOL becoming one of the biggest crypto networks.
Not only will the number of transactions increase, but the price of each transaction will also go down. Faster and cheaper transactions could lead to a surge in users for the SOL network.
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The upgrade will also introduce a fourth alidator client. This move will make the network more decentralized. Apart from increased decentralization, the move will also lead to stronger security. Further decentralization and stronger security could lead to more users flocking to the SOL network.
Will The Asset Hit $1000 After Firedancer?
There is a high probability that the SOL network will experience a surge in adoption after the Firedancer upgrade. A rise in users will likely lead to a massive price spike for SOL. Given that the SOL network will far outshine Ethereum in terms of transactions per second, there is a chance that SOL will overtake ETH’s market cap.
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SOL’s price will have to rally by about 461% to hit the $1000 mark. SOL’s price has rallied by more than 3000% from its post-FTX collapse crash till it hit a peak of $293.31 in January of this year. It is more than possible for SOL to breach the $1000 mark after the Firedancer update.