The most successful asset in the crypto market by value is Solana (SOL). TWith the cryptocurrency market seemingly reacting positively to Solana Labs’ smartphone announcement, XRP is outperforming other assets in this declining.
SOL currently costs $42 and has a 12% profit in the last 24 hours and 7 days, respectively. In the meantime, XRP has a 16% return in the previous week, followed by Polkadot (DOT) with 15%, and Ethereum with 14%.
After suffering from a lot of selling pressure, Salina has recovered. The cryptocurrency was also dented as a result of bad news and a number of network outages, which prevented people from using it to buy and sell products.
Some people think that the bullish momentum this week might be related to an announcement yesterday, but other people think that Solana is doing things to plan for the long term. In that regard, this network is posing a “significant and developing hazard to Ethereum,” as the most popular blockchain in the field of decentralized finance (DeFi).
According to the analyst, Solana is designed to address the challenges and issues that individuals encounter when utilizing Ethereum. According to a report published by analyst firm Canalys, the platform’s ecosystem, as well as its products, necessitate that users possess technical expertise and have underwhelming performance.
Ethereum is a costly network that excludes many people from participating in its ecosystem. The Solana crowd, according to the analyst, is more in touch with reality because a blockchain should be designed for the general public.
This may pay off for this network in the future, and it might even steal market share from Ethereum. It looks like the beginning of something bigger, with the release of its own native smartphone.
Is Solana More Productive Than Ethereum?
Furthermore, according to the report, Solana developers are said to be “more productive” and “more focused.”
Ethereum DeFi protocols boasted a total value locked (TVL) of over $100 billion at their highest, whereas Solana topped out at roughly $12 billion. If the former can consume a fraction of TVL from Ethereum, Solana may return and surpass its all-time high, prompting unprecedented growth.