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Many Ethereum killers are seeing impressive growth in key aspects of their ecosystem, and Solana (SOL) is notably not left behind. In a remarkable twist, Solana has taken the center stage as it relates to the overall trading volume of its non-fungible tokens (NFTs) when compared to that of Ethereum.
Per the data embedded in the screenshot shared by Sol Bulletin, Solana's NFT trading volume topped $25.5 million in a 24 hour range while that of Ethereum was pegged at $24.5 million. Notably, this bullish growth milestone is the first time Solana will be beating Ethereum in terms of total NFT trading volume.
🚨 BREAKING NEWS: @solana JUST FLIPPED @ethereum IN 24 HOUR SALES VOLUME FOR THE 1ST TIME IN HISTORY. pic.twitter.com/MDB6UwZyfK
— Sol Bulletin 📌 (@SolBulletin) June 30, 2023
Comparing Solana and Ethereum ecosystems
As Layer-1 blockchain protocols, the duo of Ethereum and Solana both have decentralized finance (DeFi) ecosystems. While Solana has a notable functional DeFi ecosystem, it is by no means a match for Ethereum.
Data from DefiLlama pegs the total value locked (TVL) on Ethereum at $26.7 billion, a figure that surpasses more than half of the entire industry TVL. Solana's TVL, on the other hand, is pegged at $265.57 million.
Their respective market capitalization is also a major distinguishing metric, with Ethereum's pegged at $231.17 billion while that of Solana is pegged at a mere $7.38 billion.
Ethereum has been tagged as the most liquid blockchain for smart contracts, and while Solana is an able contender, it is still miles apart. While Ethereum dominates in many ways, Solana's developers are arguably more laser focused on introducing unique real world utility into the protocol, which has led to the launch of the Saga Mobile Phone.
Obvious similarity
With the diversity in their ecosystem that makes them different, the duo of Solana and Ethereum are powered via the proof-of-stake (PoS) consensus model. Solana was designed as a PoS protocol from the start, but Ethereum transitioned to this new model from proof of work (PoW) through the Merge as the call for scalability and sustainability takes shape.
Tomiwabold Olajide
Mushumir Butt
Gamza Khanzadaev
