Solana Rising: Key Metrics Hint At Serious Ethereum Competitor
14 Novembro 2024 - 9:00AM
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The Solana blockchain network has been making tremendous strides
and is on its way to catching up with Ethereum. Based on hedge fund
Syncracy Capital’s recent findings, the market share and the
valuation of Solana have increased in a short period, going as far
as an estimate placing the network at 33% of the worth of Ethereum.
Related Reading: Shiba Inu Price Watch: 60% Rally Catches Whale
Attention – Is More Growth Ahead? This progress highlights how far
Solana has come since being considered an undervalued player in
2023, thanks to more coherent architecture, higher transactions per
second and simplicity of development. Solana has seen, and
continues to see, an increasing volume of activity on-chain and
growth in users and builders, after shaking off the difficulties
caused by the collapse of FTX. Advancement Of App Earnings And
Other Metrics Undoubtedly, the most noteworthy change this month is
that Solana set a new record, outperforming Ethereum in terms of
monthly application revenue. This is hardly surprising, given the
rise in applications that are finance and commerce oriented.
Retailers have found Solana very appealing because it is easy to
use on mobile devices, and has low transaction costs. Pumpdotfun
and other apps like it are also showing off the full potential of
Solana’s network. These apps currently make over $348 million a
year. With about 42 million SOL locked as of October 26, Solana’s
TVL has reached a two-year high. By contrast, Ethereum’s TVL has
stayed somewhat unchanged – particularly in decentralized finance
(DeFi) and decentralized physical infrastructure networks (DePIN) –
which are both seeing a spike in usage on the platform. This rise
in TVL reflects the growing confidence in Solana’s ecosystem. The
Future Of Solana And The Expanding Ecosystem The appeal of Solana’s
ecosystem is steadily on the rise, even vying with Ethereum in the
few niches that remain uncontested. The network does not only focus
on retail merchants, but it is also on the rise with several
innovative DePIN protocols that aim to incentivize the users to
maintain the real world infrastructure. Solana’s forthcoming
Firedancer upgrade is anticipated to further improve the network’s
scalability. Syncracy Capital said this will maintain Solana’s
valuation disparity with Ethereum at a low level, thereby
establishing it as a formidable competitor. Related Reading: XRP
Price Patterns And 2024 Election Spark Talk Of A New Rally SOL
Price Forecast It is projected that by the 14th of December, 2024,
the price of Solana will have appreciated by 12%, hitting $242,
data from CoinCodex shows. Considering that the Fear &
Greed Index lies within its ‘Extreme Greed’ limits and consumer
behavior is still positive, it would be more logical to purchase
Solana at this point in time. More so, there is a likelihood that
the price of Solana will also go up bearing in mind the efficiency
of the network and the month’s growth of 30%. Featured image from
DALL-E, chart from TradingView
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