• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
Solana vs Ethereum

Summer Inside Crypto Winter: Solana Steals The Lead From Ethereum

Best Owie by Best Owie
1 year ago
in Ethereum, Solana
0

Solana has been gradually creeping up behind Ethereum even before the crypto winter began. The network had grown in popularity among non-fungible token (NFT) and decentralized finance (DeFi) users who had been fleeing Ethereum due to the high cost of transacting on the network. Nevertheless, Ethereum had managed to maintain its lead ahead of Solana. That is until now when the latter has barreled ahead.

Solana Transaction Volume Grows

One major area in which Ethereum has consistently dominated has been the volume of transactions being carried out on the network. Other DeFi and NFT networks have had to battle for the second position but Solana has brought the fight to the fore as the crypto winter rages on. The network has seen transaction volumes soar higher than that recorded on the Ethereum blockchain, making it the smart contract network with the most transactions.

Related Reading | Head To Head: Bitcoin Miner Revenues Surpass Ethereum But There’s More

This comes even as transaction fees on the Ethereum network have dropped to two-year lows. Despite this, the cost of transactions on Solana remains incredibly low compared to Ethereum, making it enticing for users. It also means that Solana is better for carry out small transactions given that users do not have to worry about paying more in gas fees than the amount that they are actually moving across the blockchain. 

Solana (SOL) price chart from TradingView.com

SOL declines to $33 | Source: SOLUSD on TradingView.com

Solana transaction figures came out to about 630,000 transactions for the last week. While Ethereum’s had come out lesser than 500,000, meaning that Solana transactions had surpassed that of Ethereum by more than 30% for the last 7-day period.

Winning The NFT Game

The transaction volume is not the only way that Solana is giving Ethereum a run for its money. As the NFT space continues to grow, Solana has been capturing a larger market share. This has been made possible with the NFT marketplace, Magic Eden, which has garnered popularity due to a number of successful SOL launches such as DeGods and Okay Bears collections.

Related Reading | NFT Volume Down 93% Since January, Is This The Beginning Of The End?

This has drawn more project founders to the network. Its community is growing especially given the lower gas fees required for minting on Solana. Even with the bear market and decline in NFT volume, SOL NFT transactions come out ahead of Ethereum for the previous month.

The performance price-wise of the two digital assets has not been encouraging though. In the last 7 days, SOL has lost 11% of its value while ETH has declined 7.40% in the same time period. There has been some recovery in the last 24 hours but at 2.98% and 5.15% respectively, both SOL and ETH still have a long way to go before they reach their previous all-time highs.

Featured image from Cryptoradar, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Best Owie

Best Owie

Related Posts

Ethereum ETFs SEC

SEC Dashes Hopes As It Delays These Two Ethereum ETFs Despite Unique Approach

6 hours ago
Ethereum Fees Generated

Developer: Ethereum Is Not Slow Because Of Geth Client

2 days ago
Solana Ethereum Bitcoin Bandwidth

This Analyst Thinks Solana Is Paying Exorbitantly For Higher Bandwidth

2 days ago
Ethereum and Bitcoin nodes

Ethereum Clients More Diversified Than Bitcoin, Is This Good?

3 days ago
Ethereum revenue

Ethereum Generates Over $10 Billion In Revenue In 7 Years

3 days ago
Ethereum

Ethereum Average Fees Has Hit A New 2023 Low: Data

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • 5 Cryptos to Buy to turn $1 to $25

    42 mins ago
  • Toncoin (TON) Outranks Dogecoin (DOGE), Joins Top 10; Could...

    4 hours ago
  • Crypto Analysts Speak Up: It’s The Best Time to Buy...

    4 hours ago
  • The 6 Best Cryptocurrencies To Buy Now – Top 2023...

    4 hours ago
  • Everlodge Brings Luxury Real Estate to the Masses, Stacks...

    7 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.