Solana is experiencing significant growth in this cycle, generating at least 4 times as much web traffic as the number 2 contender, Ethereum (12.7%). What makes Solana so popular among the people?
Surprising price surge
Unexpectedly, the cryptocurrency approached its 2021 all-time high again and is currently valued just below $200. This is particularly remarkable considering that its price was recently at $15. The reason for this is likely the increasing popularity of meme coins. However, it remains to be seen whether Solana will surpass its major competitor Ethereum, given the significant difference in market cap, which is nearly 350 billion.
A different approach
However, meme coins are not the only reason for Solana's growth. In the past month alone, the total capital in DeFi applications on the Solana network has increased by nearly 80%! This highlights the differences between Ethereum and Solana even more; while Ethereum prioritizes decentralization, Solana focuses on speed and cheap transactions. This comes at the expense of some decentralization, but perhaps in this case, it is less important than we might think.
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