Solana surpassed Ethereum

December 19, 2023

Solana recorded a 24-hour DEX volume of $1.475 billion, compared to Ethereum's $1.164 billion.

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GM πŸ‘‹

We have some exciting news to share today.

Smoothie is evolving into a dedicated web3 product review platform.

Starting this week, we will discontinue the Smoothie Awards - our weekly web3 product competition.

We take immense pride in having cultivated a community passionate about launching outstanding products.

Our goal is to contribute to a more transparent and trustworthy Web3 ecosystem.

We believe focusing solely on being a reliable review site is a significant and vital responsibility.

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Matt & Vineet

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Is Solana the ETH killer?

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Solana has overtaken Ethereum,

recording a 24-hour DEX volume of $1.475 billion, compared to Ethereum's $1.164 billion.

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Solana's DEX volume surged by 52.75% over the week, while Ethereum's decreased by 8.60%.

This trend wasn’t isolated to Solana, as most blockchain DEX volumes, like Avalanche, also saw substantial increases - Avalanche by 98.86%.

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Catalysts for Growth

Solana's growth is primarily driven by its low transaction fees and a series of anticipated airdrops.

These factors have contributed to its increasing popularity among DEX users.

In November 2023 saw a 19% increase in active gaming wallets, reaching 1.3 million.

This growth highlights the expanding interest and engagement in blockchain-based gaming.

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What is Solana?

Solana: a Layer 1 chain with key features:

  • Fast transactions
  • Low fees
  • Scalability
  • Decentralization

Solana synchronizes time on the blockchain, ensuring agreement among all computers in the network. Unlike Bitcoin and Ethereum.

Also referred to as Proof of History.

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Solana's Ecosystem

  • DeFi Platforms: Marinade, Jito, marginfi
  • NFT Marketplaces: Tensor, Mad Lads, Kromes
  • Mobile Integration: Solana Saga, a breakthrough in blockchain mobile technology.
  • Payment Solutions: Sol Pay & Shopify collaborations.
  • Gaming Ventures: Immersive games like Bladerite.

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Why Solana Matters

  • Solana's blend of speed, low cost, and scalability positions it as a formidable player in the blockchain space.
  • Its diversified ecosystem shows adaptability and potential for growth, especially post-2022's hurdles.
  • As blockchain technology evolves, Solana's unique approach to synchronization and transaction processing sets a new benchmark for future developments.

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Pave Bank: $5.2M

Banking should be global and available 24/7, multi-asset, and customisable, while remaining secure. We empower businesses with limitless banking

pavebank.com/en

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Andalusia Labs: $48M

Moonshot lab building the new internet.

andalusia-labs.com

Sources

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