Numerous platforms aiming to surpass Ethereum have been performing well in various aspects of their ecosystem, and Solana (SOL) is among those that have seen significant growth. In an unexpected development, Solana has become a major player in non-fungible token (NFT) trading volume, surpassing Ethereum.
Based on the information provided by Sol Bulletin, Solana’s total NFT trading volume in a 24-hour period totaled over $25.5 million, whereas Ethereum’s NFT trading volume was pegged at $24.5 million. It is noteworthy that this milestone of bullish growth signifies the first time that Solana’s total NFT trading volume has surpassed that of Ethereum.
Ethereum and Solana are both Layer-1 blockchain protocols that have decentralized finance (DeFi) ecosystems. Although Solana has a functional DeFi ecosystem, it is not yet comparable to Ethereum’s.
According to DefiLlama, the total value locked (TVL) on Ethereum is currently $26.7 billion, which is more than half of the entire TVL of the industry. In contrast, Solana’s TVL stands at $265.57 million.
The market capitalization of Ethereum is significantly higher than Solana, with Ethereum valued at $231.17 billion compared to Solana’s market capitalization of $7.38 billion.
Ethereum is considered to be the most liquid blockchain for smart contracts, whereas Solana, although showing promise, is still quite far behind. While Ethereum has a dominant position in many aspects of the industry, Solana’s developers are committed to introducing innovative real-world uses for the protocol, which has led to the creation of the Saga Mobile Phone.
Solana and Ethereum share one key similarity, which is that they both use the proof-of-stake (PoS) consensus model. While Solana was created solely as a PoS protocol, Ethereum made a transition to this model from proof of work (PoW) through the Merge as a response to calls for greater scalability and sustainability. Nonetheless, the two protocols have diverse ecosystems, which sets them apart from each other.
