'Ethereum-Killer' Solana Takes Lead of Global NFT Market

Solana trails Ethereum in many key metrics, but has recently surpassed Ethereum in NFT trading volume.

Many Ethereum developers are seeing dramatic growth in key areas of their ecosystem, and Solana (SOL) is no exception. Remarkably, Solana took the middle position when it comes to the total trading volume of its non-fungible token (NFT) compared to that of Ethereum.

According to the data attached to the screenshot shared by Sol Bulletin, Solana NFT trading volume reached $25.5 million over 24 hours, while Ethereum has stood at $24.5 million.

Notably, this bullish growth rate is the first time that Solana will overtake Ethereum in terms of total NFT trading volume.

🚨 BREAKING NEWS: @solana JUST FLIPPED @ethereum IN 24 HOUR SALES VOLUME FOR THE 1ST TIME IN HISTORY. pic.twitter.com/MDB6UwZyfK
— Sol Bulletin 📌 (@SolBulletin) June 30, 2023

Comparison Of Solana And Ethereum Ecosystem

As a Layer 1 blockchain protocol, the duo Ethereum and Solana both have a decentralized financial (DeFi) ecosystem. Although Solana has a nice working DeFi ecosystem, it is not a match for Ethereum.

Data from DefiLlama puts the locked-in value (TVL) in Ethereum at $26.7 billion, a figure that is more than half of the industry's entire TVL. Solana's TVL, on the other hand, is $265.57 million.

Their respective market capitalizations are also a big different metric, with Ethereum standing at $231.17 billion while Solana has just $7.38 billion.

Ethereum is set to be a liquid blockchain for smart contracts, and while Solana is a worthy competitor, it is still miles away. Although Ethereum dominates in many ways, the creators of Solana argue that they are focused on introducing the world's unique tools and protocols, which led to the launch of Saga Mobile.

The Similarities Are Clear

Due to the diversity of their ecosystems that make them different, the duo of Solana and Ethereum are supported by Proof-of-Stake (PoS) consensus agreements. Solana was designed as a PoS protocol from the beginning, but Ethereum has changed in this new model from proof of work (PoW) to a connection as the call for scalability and support is taking place.