Solana & Cardano Gaining Traction as Investors Seek Blockchain Choices
As investors want for speedier networks and lower transaction costs, Ethereum is losing ground to cryptocurrencies like as Cardano and Solana, which are gaining traction. The Ethereum network’s users have been dealing with delayed transaction processing, as well as high transaction fees, for quite some time.
As traders shift their attention away from Ethereum and onto Cardano and Solana, Ethereum is starting to lag behind. Ethereum’s value has increased by over 830% over the course of the last year.
The gains realized have propelled the cryptocurrency asset to the second-highest position in terms of market value. However, ETH has also seen a drop in recent months, with a recent loss of around 16%.
At the time of publication, the second-ranked cryptocurrency was down 2.32 percent to $3,333,39. In addition, the trading volume of Ethereum has decreased by more than 13 percent in the past 24 hours. While this has been true, the price of Solana has risen by over 4,800 percent in the past year.
Furthermore, compared to the Ethereum network, the blockchain has lower transaction fees and processes transactions more quickly. In addition, the network handles 50,000 transactions per second at a cost of $0.00025 each transaction.
Investors avoid Ethereum because the network’s transaction speed is limited to 13 transactions per second at a more expensive price as compared to Solana, which has no such restriction. Because investors are looking at other blockchains than Ethereum, other blockchains now have a potential to gain a portion of the market.
Despite the fact that there are a plethora of blockchains, Ethereum has dominated the industry. In the crypto-community, these alternative blockchains are referred to as “Ethereum killers.”
They are Solana, Cardano, Matic, and Polygon, to name a few. Meanwhile, Solana is making strides forward in the fields of decentralized finance (DeFi) and non-fungible tokens, among other areas (NFT). The platform’s NFT ecosystem is expanding, with the number of participants rising in recent weeks.
Solana Monkey Business (SMB) recently sold an NFT for a world-record-breaking $2.1 million, setting a new milestone for the company. It was the most costly Solana-based NFT ever sold, making it the most expensive in history.
The NFT, Solana Monkey #1355, was sold for an equivalent of 13027 SOL, making it the most expensive NFT ever sold. Additionally, it has been designated as the most valuable item in the collection.
The work of art depicts a monkey dressed as a skeleton and sporting an orange jacket and a bejeweled crown, among other things. Before Solana sold its most expensive NFT, the platform sold its first Solana-based NFT for more than $1 million, which was built on the Solana platform.
$Eth gas fees are way too high lol rn (only gonna get worse), and that’s gonna stop a lot of people buying NFTs (unless you’re the wealthy), so ya boy is getting ahead of the game and buying NFTs on $Sol instead
— KSICRYPTO (@ksicrypto) September 7, 2021
The NFT in question was designated as Degen Ape #7225, and it was bought for 5,980 SOL by blockchain consulting company Moonrock Capital. According to the website HowRare.is, Degen Ape #7225 is the thirteenth rarest figure in the collection.
With scars on its face, gold teeth in its mouth, a brain in its mouth, and a halo above its head, the NFT resembles a zombie-version of an ape. Solana is preferred by a number of well-known individuals, including British YouTuber KSI. “Eth gas taxes are way too expensive hahaha rn (and only going to get worse), and that’s going to deter a lot of people from purchasing NFTs (unless you’re rich), so ya guy is getting ahead of the game and buying NFTs on Sol instead,” the YouTuber said in a tweet.