Significant expansion in several Ethereum rivals’ ecosystems is occurring, and Solana (SOL) is noticeably not being left behind. In an amazing turn of events, Solana has assumed the lead when comparing the entire trading volume of its non-fungible tokens (NFTs) to that of Ethereum.
According to the information contained in the screenshot released by Sol Bulletin, Solana’s NFT trading volume exceeded $25.5 million over the course of a 24-hour period, while Ethereum’s was estimated at $24.5 million. Notably, Solana will now surpass Ethereum in terms of overall NFT trading volume for the first time thanks to this strong growth milestone.
Comparing Solana and Ethereum ecosystems
Both Ethereum and Solana feature decentralised financial (DeFi) ecosystems and are Layer-1 blockchain technologies. Even if Solana has a prominent and robust DeFi ecosystem, it cannot compete with Ethereum.
The total value locked (TVL) on Ethereum, according to data from DefiLlama, is $26.7 billion, exceeding more than half of the TVL for the whole sector. On the other side, Solana’s TVL is estimated to be worth $265.57 million.
Another key differentiating factor between both is their respective market capitalizations, with Ethereum’s valued at $231.17 billion and Solana’s at just $7.38 billion.
While Solana is a strong competitor, Ethereum has been identified as the most liquid blockchain for smart contracts, and it is still a long way behind. While Ethereum still reigns supreme in many areas, it’s possible that Solana’s developers are more laser-focused on adding special real-world use to the system, which has resulted in the release of the Saga Mobile Phone.
Obvious similarity
The proof-of-stake (PoS) consensus model powers the pair of Solana and Ethereum, which are distinct because to the variety in their ecosystems. Solana was intended to be a proof-of-stake (PoS) protocol from the beginning, but Ethereum switched from proof-of-work (PoW) to this new architecture through the Merge as the demand for scalability and sustainability takes shape.
