Solana (SOL), the top performing crypto asset by market capital, is #10. The market seems to be positively reacting to Solana Labs’ smartphone announcement as the cryptocurrency is surging faster than other assets in this tanking.
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At the time of writing, SOL’s price trades at $42 with a 12% and 36% profit in the last 24 hours and 7 days respectively. XRP, which has a 16% gain in the last week, is second, closely followed by Polkadot(DOT) at 15% and Ethereum at 14%.
Solana has started to recover from the massive selling pressure. The cryptocurrency trend mirrored the market. However, it was also affected by negative news and network outages which prevented its users from transacting.
This week’s bullish momentum could be related to yesterday’s announcement, but a pseudonym analyst believesSolana has a long-term view. In that sense, this network is posing a “large and growing threat to Ethereum”, currently, the most used blockchain across decentralized finances (DeFi).
According to the analyst, Solana’s team is working on addressing all the difficulties and complexities people face when using Ethereum. Analyst claims that the network and its products, as well as their ecosystem and other features, requires users to be proficient in technical skills and have low performance.
Furthermore, Ethereum can be expensive and prohibits many people from using its network. The analyst believes a blockchain should be built for the everyday user and thus claims the “Solana crowd is more in touch with reality”.
This might work in its favor over the long-term and could potentially help it to gain market share from Ethereum. This is only the tip of an iceberg. Analyst:
Is this really decentralized? no. Is this ethically-funded/monetized No, it’s not. However, could this be useful for your grandma? YES. However, projects within the ecosystem tend to be more usable because solana builders are generally more focused on usability than eth builders.
Solana is more productive than Ethereum
Furthermore, the analyst claims Solana developers are “more productive” and more “focused” than Ethereum developers. The analyst came to this conclusion:
Solana is a terrible person. But it’s healthy to place Ethereum in the hot seat when times are like this. Solana may win if we believe in isolated falsehoods about Ethereum’s uncontested status, while failing to deliver the usual user experience.
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The peak of Ethereum DeFi protocols reached more than $12 billion and over $100 billion respectively in total value locked. If the latter is capable of taking a portion of Ethereum’s TVL, Solana could return and surpass its all-time high and see unprecedented expansion.
