Solana (SOL) Outshines Ethereum in This Key Metric: Details
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
Vladislav SopovEthereum 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.
Related articles
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin