Solana Achieves Record Monthly Application Revenue, Competes with Ethereum

The Solana blockchain network is advancing rapidly, with a recent valuation estimated at 33% of Ethereum's worth according to Syncracy Capital. This growth reflects improvements in architecture, transaction speed, and development simplicity, contributing to increased on-chain activity and user engagement following the FTX collapse.

Advancement Of App Earnings And Other Metrics

Solana has achieved a new record by surpassing Ethereum in monthly application revenue, driven by finance and commerce applications. Retailers favor Solana for its mobile usability and low transaction costs, with apps like Pumpdotfun generating over $348 million annually.

As of October 26, around 42 million SOL are locked, marking a two-year high for Solana’s Total Value Locked (TVL). In contrast, Ethereum’s TVL remains relatively stable, particularly in decentralized finance (DeFi) and decentralized physical infrastructure networks (DePIN), which are experiencing increased usage. This growth indicates rising confidence in Solana's ecosystem.

The Future Of Solana And The Expanding Ecosystem

Solana's ecosystem is gaining traction, competing with Ethereum in previously uncontested niches. The network targets both retail merchants and innovative DePIN protocols that incentivize users to support real-world infrastructure.

The upcoming Firedancer upgrade is expected to enhance Solana's scalability, maintaining a narrow valuation gap with Ethereum and solidifying its position as a strong competitor.

SOL Price Forecast

By December 14, 2024, Solana's price is projected to increase by 12%, reaching $242, according to CoinCodex. With the Fear & Greed Index indicating 'Extreme Greed' and positive consumer behavior, acquiring Solana may be advantageous, especially considering the network's efficiency and a recent 30% growth.

Featured image from DALL-E, chart from TradingView