Solana is the blockchain network that has huge potential to compete with Ethereum, the smart-contract leader
n the year 2021, Solana, a public blockchain platform, shocked the cryptocurrency world by climbing an eye-watering 3,700% before struggling amidst market-wide corrections. But is it possible for SOL to overtake Ethereum and become the number one NFT platform in 2023? Let’s find out!
Here is How Solana Can Overtake Ethereum
Solana is home to many DeFi platforms, Dapps, and NFT marketplaces, all thanks to its fast and low-cost blockchain. Solana functions on a “Proof-of-History” consensus that offers more security and flexibility for developers to make faster transactions. On the other hand, many programmable blockchains like Ethereum depend on outside programs to get their transactions done.
According to Anatoly Yakovenko, co-founder of Solana Labs, “Every block producer has to crank through the VDF, this proof of history, to get to their assigned slot and produce a block, which gives the ledger this interesting property where you can infer when events occurred when you examine it.”
SOL’s Price Surge: Gaining Momentum Over Ethereum
Solana is currently trading at $23.82 following a gain of nearly 243.32% in the previous four weeks. Although SOL has struggled amidst wider market downturns, this surge in the price of Solana will give momentum during the next bull market and also make it a hub for decentralized finance (DeFi) projects.
Solana’s 24-hour trading volume is $999,706,586. CoinMarketCap now ranks #11, with a live market cap of $8.8 billion.
Could Solana’s NFTs Overtake Ethereum?
There are many obstacles in Solana’s path to becoming the number 1 NFT platform. Starting from its network is vulnerable to security breaches to new rivals emerging with better offers. However, there is always a little hope mixed with luck.
Though Ethereum is still the king of DeFi projects, constant cryptocurrency market crashes and crypto winters are affecting the trust people have in this smart-contract leader. Hence, we may get an opportunity to see Ethereum getting dethroned by Solana in 2023 and beyond.
Source : coingape