Why Solana Has Outperformed Ethereum, SOL Up 36% In One Week
June 24 2022 - 5:00PM
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Solana (SOL) is the best performing asset in the crypto top 10 by
market cap. The market seems to be positively reacting to Solana
Labs’ smartphone announcement as the cryptocurrency is surging
faster than other assets in this tanking. Related Reading
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Volatility Ahead? At the time of writing, SOL’s price trades at $42
with a 12% and 36% profit in the last 24 hours and 7 days
respectively. In the meantime, the second-best performing
cryptocurrency is XRP with a 16% profit in the past week, followed
by Polkadot (DOT) with 15%, and Ethereum with 14% profits. Solana
has been recovering after experiencing massive selling pressure. In
addition to trending in tandem with the crypto market, the
cryptocurrency was impacted by negative news and a series of
network outages that prevented users from transacting on it. This
week’s bullish momentum could be related to yesterday’s
announcement, but a pseudonym analyst believes Solana is playing
the long game. In that sense, this network is posing a “large and
growing threat to Ethereum”, currently, the most used blockchain
across decentralized finances (DeFi). The analyst claims the team
behind Solana is addressing the complexities and difficulties
people have when using Ethereum. The network, its ecosystem, and
products on it, the analyst claims, require users to have a degree
of technical knowledge and allegedly have poor performance. In
addition, Ethereum is an expensive network that prices out a lot of
users from accessing its ecosystem. The analyst believes a
blockchain should be built for the everyday user and thus claims
the “Solana crowd is more in touch with reality”. This could work
out for this network in the long run and potentially attract market
share from Ethereum. The launch of its own native smartphone seems
like the tip of the iceberg. The analyst said: is this very
decentralized? no. is this ethically funded/monetized? probably
not, lol. but could your grandma use this? YES. but projects in the
ecosystem generally gravitate towards better usability, because
solana builders generally focus on usability more than eth
builders. Solana More Productive Than Ethereum? Furthermore, the
analyst claims Solana developers are “more productive” and more
“focused” than Ethereum developers. The analyst concluded: I
strongly dislike Solana. but it is healthy to put Ethereum in the
hot seat at times like these. if we feed ourselves isolated
delusions of Ethereum being uncontested while relatively failing to
serve the normal user, then Solana just might win. Related Reading
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Comparison At its peak, Ethereum DeFi protocols commanded over $100
billion in total value locked (TVL) while Solana reached over $12
billion. If the latter is capable of taking a portion of Ethereum’s
TVL, Solana could return and surpass its all-time high and see
unprecedented expansion.
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