Solana (SOL) vs Ethereum (ETH): SOL big winner?

The upheavals in the cryptocurrency industry will never end. While Ethereum has just completed its transition to proof of stake, the blockchain sees itself ahead on another level. In fact, Solana is doing quite well in the second half of 2022 and the numbers prove it!

Transaction volume explodes on SOL

The cryptocurrency industry has seen many upheavals since the beginning of the year. After lightning-fast success, the ecosystem has declined relatively this year. Although the courses are green again, they are far from the peaks we know. However, blockchains don’t let it go and continue to stand out.

If Ethereum has been talked about for several months, this time it is Solana (SOL )’s turn to shine. In fact, daily transactions on Solana increased significantly during the second half of the year. According to the report prepared by Nansen, the blockchain analysis platform, the number of active wallets has increased by 50%. From 400,000 to 600,000.

Thus, the number of active portfolios peaks at nearly one million. Daily trades show an uptrend that exceeds 40 million. Meanwhile, Ethereum’s daily transactions hovered around one million between April and June. As a result, despite ETH’s impressive notoriety and the announcement of its transition, other blockchains still manage to stand out.

Solana vs Ethereum, a comparison that never ends

The evolution of the cryptosphere has created unprecedented competition in the industry. While Bitcoin is the supreme title holder, Ethereum still faces many rivals. Indeed, several investors believe or are convinced that Solana (SOL) will eventually take over ETH. Since the two blockchains have largely contributed to the development of NFT and DeFi.

However, although they have some similarities, they also have some characteristics that make them unique. Among other things, the consent mechanism. While Ethereum (ETH) now uses a consensus of Proof-of-Stake (PoS), Solana instead is based on an algorithm of History proof (PoH).

But that’s not all, decentralization is also a key argument opposing the two blockchains. However, despite the centralization and network outages that have occurred on SOL, the blockchain continues to attract investors.

The Solana network architecture is a big plus as it is one of the fastest blockchains so far when it comes to processing transactions. The uptrend of daily trading is proof of this. The native cryptocurrency is not left out as it is currently hovering green according to Tradingview data.

Solana (SOL) is doing well in the second half of this year. In fact, the blockchain blocks Ethereum (ETH) in place in terms of daily transactions. Despite grid outages and macroeconomic conditions, SOL maintains its position and continues to attract investors as the sector falters.

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Eddy Senga avatar
Eddy Senga

The world is changing and adaptation is the best weapon to survive in this undulating universe. As the crypto community manager at the base, I am interested in anything directly or indirectly related to the blockchain and its derivatives. To share my experience and introduce a field that fascinates me, nothing better than to write informative articles and relax at the same time.

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