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- In a groundbreaking development, Solana (SOL) has outperformed Ethereum (ETH) in terms of profitability for the first time ever.
- This milestone has positively affected Solana’s market value, marking a significant achievement in its ongoing rise.
- Recent data reveals that Solana’s daily economic value has reached $2.25 million, surpassing Ethereum’s $1.98 million.
Discover how Solana has outperformed Ethereum in terms of profitability, marking a significant milestone in the cryptocurrency world. Learn about the factors contributing to this shift and what it means for investors.
What Does the Data Show?
On-chain analyst Dan Smith recently posted data spanning from February 14 to May 12, 2024, showing a comparison of economic value generated by both Solana and Ethereum. The values, based on transaction fees and miner extractable value (MEV), highlighted a notable shift in blockchain profitability. Ethereum’s economic value had initially risen to approximately $40 million by late February. However, it experienced a significant decline in the following months, stabilizing between $10 million and $15 million in April, and eventually falling to below $2 million by May 12. In contrast, Solana, which started with an economic value of around $1 million, saw a consistent rise throughout March, driven by the meme coin phenomenon.
How Did Solana Achieve This Profitability?
By the end of the observed period, Solana’s economic value had climbed to about $2.25 million, surpassing Ethereum. Toghrul Maharramov from Scroll ZKP noted that Ethereum’s MEV remained relatively steady, but the implementation of EIP-4844 reduced transaction fees, which impacted Ethereum’s economic value. Despite Solana’s milestone, the broader use of Ethereum as a burn mechanism in various layer-2 networks was not factored into this analysis.
Key Insights for Investors
Solana’s economic value rise indicates its growing transaction efficiency. The impact of EIP-4844 on Ethereum’s fees suggests a need for strategic fee management. Monitoring meme coin trends can offer predictive insights for investment opportunities. Understanding the role of layer-2 networks is crucial for comprehensive profitability analysis.
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Conclusion
Following the recent market movements, attention has shifted to Solana’s price. Investors were encouraged by an upward trend in SOL’s value, which surged by 6.81% in the past 24 hours, pushing the price above $150. This increase is significant considering it was trading at $141.42 the previous day. Consequently, Solana’s market cap has exceeded $69 billion, with a 24-hour trading volume surpassing $3 billion, reflecting a 14% increase.
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