- Solana has outperformed Ethereum on the basis of fees paid to validators.
- The Ethereum network has seen a decline in usage as the value of ETH decreased.
The Popularity of “The Solana [SOL] The network helped to attract many users. This led to an increase in the activity of the network.
Pay for Gas
The fees that validators receive on the Solana Network have increased due to an increase in the number of users.
Ethereum [ETH] The smart contract space has been dominated by Ethereum for many years. Solana’s popularity could erode Ethereum’s share of the market, particularly if fees stay competitive.
Ethereum loses its position as the blockchain of choice for users and developers.
As if that weren’t bad enough, the state of Ethereum is also in a state of crisis. In the last few months, the number daily active Ethereum addresses has decreased significantly.
Token Terminal states that in the past thirty days, there has been a 2.9% drop in daily users.
The average revenue generated during the period also decreased by an impressive 81.6%.
NFT transactions on Ethereum have also dropped significantly over the past few months.
NFTs are popular in other chains, such as Bitcoin [BTC] You can also find out more about the following: Solana [SOL] May be taking a large chunk of Ethereum’s network.
ETH also failed to do well when it came to price. Price has been falling since April 8th, with multiple lows and highs that are lower, which is a sign of a negative trend.
CMF (Chaikin money Flow) fell to -0.21 in this time period. The money flow into ETH has declined dramatically in recent days.
The RSI, or relative strength index for Ethereum declined as well during this period. This suggests that momentum at the moment of writing was in favor of the bears.
You can read more about it here Ethereum’s [ETH] Price Prediction 2024-25
Addresses are growing
ETH’s velocity had also fallen, indicating a reduction in the frequency of trading. Contrary to that, the network of ETH grew in size.
It was evident that there were new addresses showing interest in ETH.
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Source: ambcrypto.com