Solana’s On-Chain Metrics Show Remarkable Comeback
Solana (SOL), a fourth-generation blockchain, has experienced a significant resurgence in on-chain metrics. According to data from Step Data Insights, Solana’s daily active wallets have surpassed Ethereum’s. This increase in activity indicates that Solana is attracting a growing user base interested in exploring its DeFi, NFTs, and other protocols.
Solana Outperforms Ethereum in Daily Transactions
Further data from Artemis reveals that Solana also surpasses Ethereum in terms of daily transactions. While Ethereum leads in DeFi total value locked (TVL), users may prefer Solana due to its low fees and scalable environment.
Solana’s Recovery Driven by Favorable Price Action
Solana’s recent recovery can be attributed to favorable price action in Q4 2023. According to Step Data Insights, SOL has seen a rise of over 210% in the past three months, outperforming ETH’s gains of only 39% during the same period.
Increasing Investor Confidence in Solana
The recovery in Solana’s price points to increasing investor confidence. However, it remains to be seen if SOL will continue to extend its gains. The daily chart shows sideways movement from H2 November to early December 2023.
New Validator Client to Enhance Solana Network
The validator client Firedancer, developed by Jump Crypto, has been supporting SOL on testnet. Once it goes live in H1 2024, Firedancer is expected to improve Solana’s reliability and performance.
Hot Take: Solana Emerges as a Strong Competitor to Ethereum
Solana’s recent achievements in daily active wallets and transactions highlight its emergence as a strong competitor to Ethereum. With its high-performance network, low fees, and scalable environment, Solana is attracting a growing user base and gaining investor confidence. The upcoming launch of the Firedancer validator client further enhances Solana’s potential for success in the blockchain industry.
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