Solana has outperformed Ethereum in several key metrics over the past months. Syncracy's study shows that the blockchain is demonstrating signs of market dominance.
Syncracy Report: Solana Outpaces Ethereum
The Syncracy report notes that Solana's Real Economic Value, including transaction fees and MEV tips, stands at 111% compared to Ethereum. Total application volumes, stablecoin volumes, TVL, DEX volumes, and active addresses are 109%, 98%, 13%, 124%, and 234% respectively against Ethereum.
Memecoins' Role in Solana's Success
The Syncracy report highlights that a significant portion of growth is linked to the memecoin frenzy facilitated by Solana's launcher Pump.fun. Dune Analytics data shows that Pump.fun has accumulated over $390 million in revenue since its inception last year.
Solana's Future: Firedancer Upgrade
The upcoming Firedancer upgrade is aimed at enhancing network scalability and stability. Syncracy suggests this could trigger more growth by 2025. Solana is also updating its hashing system through proposal SIMD-215 to improve account verification and tracing.
Solana's growth is driven by both technological advancements like Firedancer and economic activity associated with memecoins, consolidating its market position.
