![]() ![]() People now know what Bitcoin is, or have at least heard of it before. Google Trends shows the highest interest over the past year | Source: Google Trends Crypto Market Plunge Pumps Up The Volume Rising search interest at that time made perfect sense. During that time, few knew what a cryptocurrency was while today the top cryptocurrency is a household name. Furthermore, it is now apparent that NFT waves come and go.The 2021 highs around $65,000 in April ranks in second place, and the 2017 rally the took Bitcoin price to $20,000 the first time was the highest ever recorded. On the other hand, the weight of developers, diversity of dApps and NFTs is on Ethereum’s side. Time Race Between Smart Contract PlatformsĪs we noted previously, Solana doesn’t need to go through a PoS upgrade like Ethereum. Of course, more complex transactions reserved for yield farming on decentralized exchanges and lending protocols would cost even more. Meaning, Ethereum is 32,000 times more expensive to use for basic dApp transactions. In contrast, Solana has a relatively stable fee of about $0.00025 per transaction. Altogether, when we multiply 114 gwei with 21,000, we arrive at 0.002394 ETH or $8.09 per transaction. The simplest transactions cost around 21,000 gas. ![]() This unit is a one-billionth denomination of ETH: 1 ETH = 1 billion gwei. How big of a disparity are we talking about now between SOL and ETH gas fees?Įthereum’s current gas fee is 114 gwei. In May, we had reported that Binance Smart Chain (BSC) surpassed Ethereum by nearly 600% because of this reoccurring issue. “It smells of exactly what we dislike about Ethereum’s “gas”, non-determinism.”Įthereum is no stranger to losing market share to competition because of prohibitively expensive transactions. Instead, Solana opted for a congestion-driven model, instead of a non-deterministic one. In its official documentation, the Solana team has always made a point to avoid Ethereum’s wildly fluctuating high fees. You’re well on your way to being in the know. Among these, the top performer is Solanart, which has been carried on the back of the success of Degen Apes Acadamy. This record-high activity in speculative digital assets spilled over to Solana NFT dApps. However, the slump was still barely a blip on the radar considering that NFT traffic has increased 10 fold since July. Since then, it has declined by 67% from its August peak. In August alone, Ethereum’s top dApp for NFTs – OpenSea – accounted for $3.4 billion in trading volume. Solana’s key catalyst to make this happen was most likely the frenzied NFT marketplace. This is extremely impressive given the disparity between the number of dApps available – 400 vs Ethereum’s 2,840. True to the forecast, the “interest over time” metric on Google Trends shows that Solana managed to surpass Ethereum twice during the last week once on September 7 and again on September 9 (yesterday). We touched on Solana’s unique tech that combines Proof-of-History (PoH) with Proof-of-Stake (PoS), its massive transaction speed of up to 50,000 tps, and the number of dApps and nodes. Last week, we broke down Solana vs Ethereum prospects considering that the former outperformed Ethereum by over 500%. Will Solana become the new smart contract torchbearer? Or will decreased NFT activity level things out once again? SOL in a Neck-to-Neck Race with ETH on Google Trends Please consult our website policy prior to making financial decisions.Įthereum has been doing the heavy lifting for decentralized finance (DeFi) and NFT (non-fungible token) marketplaces so far. Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. ![]()
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