A recent analysis by Ryan Watkins mentions that Solana Outperforms Ethereum, co-founder of Syncracy Capital, highlights Solana’s growing momentum in several key metrics that Ethereum once dominated. However, Watkins notes that running Solana nodes is more expensive amid this revelation.
Solana Outperforms Ethereum In Key Metrics
In a post on X, Watkins noted that Solana has surpassed Ethereum regarding decentralized exchange (DEX) and non-fungible token (NFT) volumes, active addresses, transaction count, and stablecoin transfers.
Change happens fast. Solana now rivals or surpasses Ethereum across:
– DEX Volumes
– NFT Volumes
– Active Addresses
– Transaction Count
– Stablecoin Transfers“But Solana isn’t decentralized 😤”
Reality: Solana has ~40% the amount of nodes as Ethereum, they’re only ~5x more… pic.twitter.com/ZBuLiTcXmf
— Ryan Watkins (@RyanWatkins_) December 19, 2023
This rapid shift in Solana’s metrics is when the network has been the center of attention among developers and traders. Over the past few trading months, SOL prices have been on a tear, racing past immediate resistance levels and registering new 2023 highs.
The spike in SOL prices also seems to have rejuvenated on-chain activities, looking at the number of transaction counts and, for instance, the total value locked (TVL). While SOL has more than 3X from September 2023 lows, the network’s decentralized finance (DeFi) TVL, based on DeFiLlama data, is at over $1 billion, more than 3X from July 2023 levels at around $270 million.
The preference for Solana lies in its architecture and scalability, which allows deployed protocols to transact and launch smart contracts cheaply. Central to this is how Solana is structured and their reliance on independent nodes rewarded for their engagement, allowing for decentralization and security.
Onchain Market
Copper KYC deposite wallet address minted 32,760,000 $USDC via Circle last night
When they finished minting, they transferred all of this $USDC to Crypto.com
Besides, this is their largest minted volume in the past month
The Other News
Arbitrum network was clogged and stopped creating blocks, zkSync also stopped working for 45 minutes, Scroll transaction fees sometimes increased to over $40 and Avax was no exception when fees increased > $10 today all due to trend inscription. So is Inscription really a virus as Bitcoin Core Dev argues? Only Dencun upgrade can save Layer2 from this situation in the future.
- $HNT – Solana’s offices (foundation/labs/ecosystem) in NYC are all connected to bandwidth using Helium mobile
→ DePIN has been applied to life, some lowcaps: $SHDW $ZCN $ALEPH $HONEY
- Solana Smartphone comes with 30M $BONK , and you can mine $SHDW and I bet there will be more interesting things than that, but Solana Phone is sold out because the BONK airdrop was too profitable to buy the device!
- Venom Foundation will no longer operate in the Abu Dhabi Global Market (ADGM) starting from December 14
+) The dissolution process has been initiated under Section 40 of the ADGM Foundation Regulations 2017
+) Venom Foundation is still operating, just no longer involved with ADGM
- Nethermind is testing the use of options and futures to hedge risks against fluctuations in Ethereum gas prices
Nethermind explored the potential use of financial instruments like options and futures to hedge against Ethereum gas price volatility.
Options and futures could provide a way to buy or sell assets at a predetermined price in the future.
— EigenLayer (@eigenlayer) December 15, 2023
- Eigenlayer pitch that AltLayer is developing MACH, a fast finality layer for Ethereum rollups, solving the problem of slow processing on Ethereum.
AltLayer is developing MACH, a fast finality layer for Ethereum rollups, addressing the issue of slow finality on Ethereum.
MACH facilitates faster interoperability solutions and can eventually pass information back to Ethereum, maintaining the benefits of Ethereum's security.
— EigenLayer (@eigenlayer) December 15, 2023
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