Solana Races Ahead, Leaving Ethereum Far Behind in Smart Contracts


The CoinGecko platform released a report where Solana has emerged as the most popular blockchain platform for smart contracts. It wasn’t just a win as Solana obliterated all competitors leaving them hopelessly far behind in this issue, for instance, Ethereum, which used to be unchallenged leader before.


A whopping 39% of investor interest is directed towards Solana. The platform’s dominance is evident, and this surge in demand has propelled Solana’s price back to its 2021 levels. The ecosystem’s growth is driven by the launch of countless memecoins, NFTs, and a thriving DeFi sector. The secret to Solana's success? Speed and affordability. It’s no surprise that Solana has become the go-to choice for smart contracts, especially in DeFi, where high speed is non-negotiable.


Trailing behind in second place is the Base platform, capturing 16.8% of investor interest. The platform has shown explosive growth over the past year. Its popularity increased fivefold . It is explained by low transaction costs, fast speeds, Coinbase backing also matters much as well as the anticipation of potential airdrops.


Ethereum, once the dominant player, now holds only 10.8% of market interest. It has taken the third place. While Ethereum’s contributions to DeFi cannot be overlooked, the emergence of faster and cheaper alternatives like Base, Polygon, and Arbitrum has eaten away at its user base. Today, users are opting for more efficient platforms that offer better speed and lower costs.


Taking into account it all, it is not surprising that interest in a Solana ETF is growing. I believe it could get approved as soon as next year.


#Solana #Ethereum #SmartContracts #DeFi #CryptoMarket

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