Solana surpassed Ethereum

Solana recorded a 24-hour DEX volume of $1.475 billion, compared to Ethereum's $1.164 billion.

Vineet Karhail
December 19, 2023

GM 👋

We have some exciting news to share today.

Smoothie is evolving into a dedicated web3 product review platform.

Starting this week, we will discontinue the Smoothie Awards - our weekly web3 product competition.

We take immense pride in having cultivated a community passionate about launching outstanding products.

Our goal is to contribute to a more transparent and trustworthy Web3 ecosystem.

We believe focusing solely on being a reliable review site is a significant and vital responsibility.

PS: Pay forward by sharing this newsletter with at least 1 friend. 🤝

Is Solana the ETH killer?

Solana has overtaken Ethereum, recording a 24-hour DEX volume of $1.475 billion, compared to Ethereum's $1.164 billion.

Solana's DEX volume surged by 52.75% over the week, while Ethereum's decreased by 8.60%.

This trend wasn’t isolated to Solana, as most blockchain DEX volumes, like Avalanche, also saw substantial increases - Avalanche by 98.86%.

Solana's growth is primarily driven by its low transaction fees and a series of anticipated airdrops.

These factors have contributed to its increasing popularity among DEX users.

In November 2023 saw a 19% increase in active gaming wallets, reaching 1.3 million.

This growth highlights the expanding interest and engagement in blockchain-based gaming.

Solana: a Layer 1 chain with key features:

Solana synchronizes time on the blockchain, ensuring agreement among all computers in the network. Unlike Bitcoin and Ethereum.

Also referred to as Proof of History.

DeFi Platforms: Marinade, Jito, marginfi
NFT Marketplaces: Tensor, Mad Lads, Kromes
Mobile Integration: Solana Saga, a breakthrough in blockchain mobile technology.
Payment Solutions: Sol Pay & Shopify collaborations.
Gaming Ventures: Immersive games like Bladerite.

Solana's blend of speed, low cost, and scalability positions it as a formidable player in the blockchain space.
Its diversified ecosystem shows adaptability and potential for growth, especially post-2022's hurdles.
As blockchain technology evolves, Solana's unique approach to synchronization and transaction processing sets a new benchmark for future developments.