Solana Shines Bright: Surpasses Ethereum in Daily Users as Recovery Soars

"Solana Bounces Back: User Base Surges Amidst Turbulent Times for Cryptocurrency"

Solana, the digital asset, has witnessed a surge in its user base following a challenging period. The cryptocurrency experienced a substantial decline in its price, plummeting from its peak of $250 to under $10 between November 2021 and January 2022. This sharp drop was primarily attributed to the broader bear market and the high-profile bankruptcy of cryptocurrency exchange FTX.

Despite these obstacles, Solana has demonstrated signs of a robust recovery. In the past four weeks, its price has skyrocketed by 145%, and the total value locked (TVL) in its DeFi protocols has witnessed a 62% increase, as reported by DeFi Llama. Several factors have contributed to this rebound, including the “firedancer” upgrade to the Solana network and diminished concerns about the potential sale of SOL by FTX’s estate.

Furthermore, Solana’s non-fungible token (NFT) market has experienced a significant uptick. Crypto Slam reported a 35% increase in NFT sales volume over the last month. This surge in NFT activity further bolsters Solana’s recent success.

While Solana’s recent metrics are impressive, Ethereum continues to maintain a larger overall user base, especially when considering its Layer 2 networks. Token Terminal data indicates that Ethereum has over 800,000 users across these networks, which are responsible for driving 80% of activity within its ecosystem, according to L2beat.

It is important to note that this article was generated with the support of AI and reviewed by an editor. For more information, please refer to our terms and conditions.

Martin Reid

Martin Reid

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