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Ethereum vs Solana: Which Blockchain Will Dominate in 2024?
- Solana outperformed Ethereum in active addresses and trading volume.
- Despite Solana’s growth, Ethereum’s network activity and security position it as superior.
Both reflect the broader market trend Ethereum [ETH] AND Solana [SOL] has shown positive trading activity, with ETH recording a 1.4% increase and SOL showing a 4.64% increase over the past 24 hours.
However, analyzing their performance more deeply, an interesting fact emerged: Solana surpassed Ethereum in activity parameters, boasting a greater number of active addresses and trading volume.
Solana active addresses rose above 1 million, while Ethereum remained stagnant, highlighting a notable disparity between the two networks.
Further confirming this sentiment, analysis of Santiment data conducted by AMBCrypto revealed that SOL also outperformed ETH in social dominance.
Source: Santimento
With such key metrics suggesting Solana’s potential to overtake Ethereum, a fundamental question emerges: Which blockchain will emerge victorious in 2024 and beyond?
Ethereum vs Solana: the debate
Sharing their insights, Ethereum researcher Justin Drake and Solana co-founder Anatoly Yakovenko engaged in an Ethereum vs. Solana debate on “Bankless” podcasts.
Shedding light on what is good about Solana, Drake noted,
“I think what Solana is doing for Ethereum is providing healthy competition. It’s a sort of accelerationism and not only for good execution but also for contrarianism.”
In response, Yakovenko, while praising ETH’s decision to prioritize security over scalability, said:
“People think Ethereum is moving slowly, but if you look at the size of the network, its value… I would be terrified of any change to Solana if it was at that value.”
He went further and added:
“Ethereum is at a point that I think all other L1s should be envious of and try to get there as quickly as possible. All of this, in my opinion, puts it in a class even higher than Bitcoin.”
This highlights that Ethereum is still the winner in the L1 space due to most network effects, liquidity, maturity and security, making it predestined to overtake Bitcoin and become number one.
However, on the other hand, Drake justified that Solana could become “the internet of value,” justifying its $100 billion valuation.
He also added that SOL’s developers are more focused on creating user-focused products rather than infrastructure, which contributes to its success.
SOL a competitor to ETH?
In addition to the melee, Raoul PalCEO of Real Vision and Global Macro Investor, drawing parallels to ETH’s 2020 bull run, highlighted Solana’s emergence as a strong competitor to Ethereum.
It’s better said when he said:
“If you go back to 2020, Ethereum started to bottom and then outperform from the summer onwards. It really started to pick up towards the end of 2020, and then in 2021 it went ballistic, you know, went into full banana mode. I think we’ll see something similar.”