Comparison of Solana and Ethereum: Analyzing Key Metrics in 2023-2024
Solana (SOL) has come a long way in closing the gap between its market capitalization and Ethereum’s ether (ETH) over the past two years. What was once a 97% discount has now narrowed to just 70%. But why is this happening? Well, Solana is making big moves in terms of on-chain activity and network usage, giving Ethereum a run for its money.
Let’s break it down with some key data points:
1. Network Fees:
In the second quarter, Solana generated $151 million in fees, accounting for 27% of Ethereum’s fees. Fast forward to the last 90 days, and that ratio has increased to 49%.
2. DEX Volumes:
Solana saw $108 billion in decentralized exchange trading volume in Q2, representing 36% of Ethereum’s DEX volumes. In the last 90 days, Solana has reached $153 billion, capturing 57% of Ethereum’s DEX volumes.
3. Stablecoin Volumes:
In Q2, Solana processed $4.7 trillion in stablecoin volume, nearly double that of Ethereum. However, more recently, this number has dropped to $963 billion, accounting for 30% of Ethereum’s stablecoin volumes.
4. Total Value Locked (TVL):
Solana’s TVL has seen a significant increase, reaching $8.2 billion, which is now 12% of Ethereum’s TVL.
Based on this data, it seems like SOL is being fairly priced relative to ETH. But investors should also consider other factors, like the unique features of each network and potential upcoming catalysts as we move into 2025.
In conclusion, Solana is making a name for itself in the crypto world, and it’s definitely a project to keep an eye on as it continues to grow and evolve.
