According to the data shared by Sol Bulletin, Solana’s NFT trading volume has reached $25.5 million in the last 24 hours while Ethereum’s is at $24.5 million. This exponential growth marks the first time that Solana has beaten 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
Comparing the Solana and Ethereum Ecosystems
As Layer-1 blockchain protocols, both Ethereum and Solana have decentralized finance (DeFi). But it is by no means comparable to Ethereum.
According to DefiLlama, the total value (TVL) on Ethereum is $26.7 billion. That’s more than half of the industry’s total TVL, while Solana’s TVL is just $265.57 million.
Their market capitalization is vastly different, with Ethereum at $231.17 billion and Solana at $7.38 billion.
Ethereum is still the most liquid blockchain for smart contracts, and although Solana is a capable contender, it is still the most liquid blockchain for smart contracts. But while Ethereum dominates in many areas, Solana’s developers are focused on introducing unique real-world utility to the protocol. Which led to the launch of the Saga Mobile Phone.
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