Solana is currently being widely used on Cloudbet, a well-known crypto casino and sportsbook platform. The growing interest in Solana stems from its impressive capabilities, such as a transaction rate that is 46 times faster than Ethereum.
About Solana
Solana is a blockchain designed to support applications built on decentralised technologies. It was established in 2017, and it is an open-source appliance, so it is quite affordable and customizable. Solana is owned by the Solana Foundation located in Geneva, while Solana Labs, which developed the blockchain, is based in San Francisco.
In terms of transaction processing and its cost, Solana is much faster and less costly as compared to current blockchain and technology such as Ethereum. The token used for operations in Solana is Solana or SOL which in 2021 experienced over 12,000% growth. SOL was considered to be valued at more than $75 billion at the time of its all-time high, making it one of the largest cryptocurrencies in terms of market capitalization.
Again, similar to many other cryptocurrencies, SOL has also declined in the year 2022. It had a dismal market capitalisation of around $3 as of the year’s end, December 2022. 63 billion. However, it recovered to about 45% of the lost value in SOL the following year.
Increasing Transactions and Price Surge
Cloudbet has reported a significant surge in Solana transactions, a trend that began in late 2023 and has continued through May 2024. Solana transactions have been increasing by an average of 27.85% each month in 2024. The highest surge was recorded between March and April 2024, coinciding with Solana’s price rise to $190-$200. At that time, predictions suggested that Solana’s price could reach or exceed $270. Significant transaction increases were also noted in January and February of this year.
User Preferences and Rewards Program
This surge indicates a growing interest in Solana among Cloudbet players, who favor it for its speed and affordability. Additionally, Cloudbet has launched a Rewards Program that allows users to earn rakeback rewards using USDT tokens, further boosting the number of Solana transactions on the platform.
Spokesperson Comments
A spokesperson said that when the initial uptick in Solana usage on the platform was noticed, it was assumed that it was simply following the currency’s market value. However, it was found that increased usage was driving Solana’s value, not the other way around. The spokesperson observed that many new Solana users were betting on soccer, with a similar number in the casino lobby. Additionally, there was significant traffic from Solana users placing bets on tennis and basketball.
Transparency and User-friendliness
Cloudbet is transparent about fees, ensuring clients only pay fees applicable within their chosen network without any additional charges during deposits and withdrawals. This user-friendly approach, combined with multi-cryptocurrency support, makes Cloudbet a preferred option for those who appreciate the Solana ecosystem and plan to bet on events like the UEFA Euro 2024, Champions League finals and NBA Finals.
About Cloudbet
Operating since 2013, Cloudbet is an industry leader in crypto betting, with over a hundred thousand users and millions of bets processed. The platform offers various cryptocurrencies for betting, including Bitcoin, Ethereum, and stablecoins such as USDC and USDT. Accessible in eighteen languages, Cloudbet is the top choice for bettors who prefer using cryptocurrency.
Cloudbet Bonuses and Promotions
Cloudbet offers a generous welcome bonus for both casino and sportsbook players. Matching a player’s first deposit 100% up to 5 BTC, or the equivalent in other currencies. To claim this offer, you need to make a minimum deposit of 0.001 BTC, 0.03 BCH, 0.01 ETH, or 20 USDT.
There’s no traditional wagering requirement. Instead, your bonus funds are released as you earn loyalty points by playing games. For example, for every 800 loyalty points you earn, the casino will release 0.01 BTC to you. Moreover, they continue this pattern up to the maximum bonus amount of 5 BTC. The rate at which bonus currency is released for loyalty points varies depending on the cryptocurrency.
Cloudbet also offers a Tuesday Deposit promotion. This is a reload bonus that matches every Tuesday deposit with a specific percentage up to a pre-defined amount, based on your loyalty level. The percentages range from 50% to 100%, and the bonus amounts can go from $125 to $5,000. This offer has different wagering requirements depending on the bonus amount, ranging from 25x to 40x.
Additionally, Cloudbet features various slot promotions that change monthly and holds regular tournaments with different prize pools and rules. There may be geo-restrictions for participating in these contests. Sports betting enthusiasts can also enjoy zero-margin sports bets on this platform.
Cloudbet
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