Solana steals spotlight from Ethereum, leads way in DAOs, NFTs


Share:
  • Ethereum-killer Solana witnessed a massive spike in NFT transactions over the past week. 
  • Magic Eden, the NFT marketplace on Solana, contributed to the increased transaction volume on the altcoin’s network. 
  • Solana price broke into a rally, posting 10% gains overnight. 

In a monthly community update, developers at Solana revealed that investment focused DAO, Athens DAO, considers Solana ideal for governance and cheap transactions. Relative to Ethereum, transaction costs on Solana are low, and this has contributed to high NFT transactions on the altcoin’s network. 

Solana beats Ethereum in NFT transaction volume

Magic Eden, the latest NFT marketplace on Solana, is considered a competitor to peer-to-peer marketplace OpenSea.Magic Eden contributed to high transaction volume on the altcoin’s blockchain due to its fast-growing status. 

Over the past week, the transaction count on Magic Eden hit 360,734. Based on data from DappRadar, the total transaction volume on Magic Eden has surpassed $1.6 billion. Despite the recent drop in the trade volume of DeFi and NFTs, in response to the crypto bear market the total NFT transaction count on Solana beat Ethereum. Over the past seven days, total transactions on Ethereum came up to a little under 500,000, while Solana noted almost 630,000 transactions. The activity on the Solana network was 32.6% higher than Ethereum, though the total value locked on the altcoin remains much lower. 

There is a decline in NFT transactions on both the Ethereum and Solana networks compared to numbers observed in May 2022. However, the Ethereum-killer exceeded the transaction count of Ethereum since the launch of Magic Eden. 

Solana is ideal for DAOs?

At the Hacker House event organized by Grape, a decentralized social-networking protocol, developers noted that Solana is ideal for DAOs. Dean Pappas, a core contributor to Grape, said, “To experiment in governance and think about all these new ideas, these wacky things, you need very cheap transactions, they need to happen fast, and you need a very good user experience.”

Solana price explodes, posts double-digit gains overnight

Crypto analysts at More Crypto Online believe Solana price is primed for a rally. Once the Solana price crosses $42.80, it would target the $48.41 level. Analysts have predicted a massive breakout in Solana once the altcoin crosses the two bullish targets. 

SOL-USD price chart

SOL-USD price chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Two key dates over the SEC request to freeze Binance assets

Two key dates over the SEC request to freeze Binance assets

Crypto exchange Binance must respond to the US Securities Exchange Commission’s (SEC) order to freeze assets tied to its subsidiary Binance.US by June 12, ahead of a court hearing about the case on June 13, according to the D.C. district court schedule.

More Cryptocurrencies News

Ethereum price declines as Coinbase ETH liquidity staking platform sees mass withdrawals

Ethereum price declines as Coinbase ETH liquidity staking platform sees mass withdrawals

The US Securities and Exchange Commission’s (SEC) crackdown on Coinbase led to  mass withdrawals of Coinbase wrapped staked Ether (cbETH) since Tuesday, acting as a bearish catalyst for the asset’s price.

More Ethereum News

Dogecoin Price Prediction: History suggests a potential 30% rally in DOGE

Dogecoin Price Prediction: History suggests a potential 30% rally in DOGE

Dogecoin (DOGE) price has been trading within a fixed range over the last six months, taking seasonal leaps as volatility increased. With this accumulation pattern, the king of meme coins could be en route to complete the next bounce cycle.

More Dogecoin News

Axie Infinity price recovery delayed despite investor deposits hitting a five-month high

Axie Infinity price recovery delayed despite investor deposits hitting a five-month high

Axie Infinity price, following the broader market cues, is trending downwards for the moment as the bearishness in the market has grown considerably. Incited with the regulatory crackdown by the SEC, the investors have resorted to offloading their holdings for now.

More Axie Infinity News

Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend. 

Read full analysis

BTC

ETH

XRP