Solana: The New Queen of Blockchain?
Behind the scenes of the cryptosphere, Solana, nicknamed the “Ethereum Killer,” is making noise. Figures reveal its rise to power, surpassing Ethereum on several fronts: daily activities, NFTs, stablecoins, etc. Vitalik Buterin and his team must step up their efforts to not lose their lead against this emerging rival.
But is the confidence of Solana’s developers justified in their ambition to compete with Ethereum despite their youth? Observers remain skeptical of this fierce battle, where Solana is gaining ground on Ethereum’s weaknesses (notably gas fees), while showing signs of vulnerability with its recurring outages.
The Battle for Supremacy
The fight between these two cryptocurrency giants promises to be long and intense according to CoinTurk. Because in the kingdom of cryptocurrencies, Solana is carving out a prime spot for itself. According to the latest data, it outperforms its competitors by becoming the leading blockchain in terms of payment volumes over the past six months. With transactions totaling $1.7 trillion, Solana exceeds Ethereum ($1.1 trillion) and Tron ($869 billion).
- The growth in liquidity on the Solana network is also stimulating the activity of DeFi protocols, making the platform more attractive.
- A new record for monthly transactions was set, while the number of daily active users now exceeds 800,000, reaching an unprecedented level.
This increased liquidity not only facilitates decentralized exchanges but also attracts DeFi projects in search of solid performances and abundant liquidity.
Solana’s ability to process a large number of stablecoin transactions promotes its global adoption, thus offering efficient and cost-effective financial services to users and developers.
Despite its rise, Solana, the issuer of the SOL cryptocurrency, still has to catch up with Ethereum in terms of total value locked (TVL) on the network, closely followed by Tron.
The Rise of NFTs on Solana
In the realm of NFTs, Solana is also seeing its popularity rise with a significant increase in the total floor value of its collections. While Solana is shaping up to be a major player in the world of cryptocurrencies, the road to total supremacy is still fraught with challenges.
