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News - Solana is beginning to overtake Ethereum
Solana moves closer to Ethereum's throne. NFTs, DEX volume, transactions: The big competitor is getting closer.
Solana is still in the fast lane. Not only has the price skyrocketed in recent months, but so has the activity on the network. It now surpasses that of Ethereum in many areas. Ryan Watkins, founder of Syncracy Capital, reports this on Twitter.
Change happens fast. Solana now rivals or surpasses Ethereum across:
— Ryan Watkins (@RyanWatkins_) December 19, 2023
- 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
More volume in NFTs and on decentralized exchanges (DEX), more active addresses and transactions: Ethereum is now overtaken in these statistics. However, Ethereum still has a clear lead in one key area: decentralization. Solana has only a fraction of Ethereum's nodes. The largest smart contract network has more than a million nodes. Solana has only about 2,300.
Solana is considered one of the big winners of 2023 and made a brilliant comeback. Many analysts predict explosive growth for 2024. The stock price is listed at 69 euros with a market capitalization of about 29 billion USD. This puts Solana in 7th place among the top cryptocurrencies, just behind Ripple.
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