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How is Solana (SOL) defined?
Solana was created to address several of Ethereum's flaws. Scalability and transaction throughput is the network's primary objectives. As such, it is considered a fast blockchain. It eliminates bottlenecks and centralization via the deployment of an innovative multi-layered consensus framework. One of Solana's primary features is that it automates blockchain transaction sorting. This is how the protocol works. Its open-source means third parties can utilise its infrastructure.
How Ethereum (ETH) works?
Ethereum is a pioneer in crypto. Ethereum, a second-generation cryptocurrency, changed the game. Ethereum is the first blockchain with smart contracts. Smart contracts have improved the utility of blockchains. Without smart contracts, the blockchain industry fails.
Ethereum is the global decentralized application and financial infrastructure. It is the second-largest Proof of Work network. Many people confuse Ethereum with Ether (ETH), the utility token that powers network transactions and smart contracts. It uses Ethereum's blockchain technology to perform these EVM actions.
*Photo credit to the source
Solana’s Speedy Transfers and Cost
Solana's creators have made bold claims about transaction speeds. In comparison, Ethereum currently processes 30 transactions per second, while VISA claims to support 24,000 transactions per second but only processes around 1700. The network's average transaction cost is $0.00025, which is obviously appealing to developers looking for a platform to build their products. Thus, Solana has several advantages over Ethereum.
Ethereum’s DeFi Ecosystem Stable and Well Developed
But Ethereum has a considerably more established and extensive DeFi ecosystem. Additionally, because of the protocol's antiquity, it has undergone several splits and revisions while staying decentralized. Solana is a newcomer to the scene, promising speedier transaction speeds at a lesser cost.
Compared to Solana's lightning-fast transaction speeds and low transaction costs, Ethereum's network is much more stable and decentralized.
Ethereum's trading volume, or the number of buyers and sellers, is far higher than that of the competition. It's possible to attract more buyers and sellers if you mint NFTs in an Ethereum-based marketplace like OpenSea.
CryptoSlam data shows that in the preceding 30 days, Ethereum sold for approximately $1.8 billion through Solana-based platforms, compared to $120 million at Ethereum.
*Photo credit to the source: CryptoSlam
Using data from CryptoSlam, Ethereum's NFT collections are the most popular on the market. Examples include CryptoPunks, the Mutant Ape Yacht Club (MAYC), and the Bored Ape Yacht Club (BAYC).
In Q42021, the average selling price of NFTs in Ethereum was above $3,000, compared to Solana's $1,000, according to additional statistics.
More prefer Solana or Ethereum?
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