{"id":571005,"date":"2024-01-23T23:00:02","date_gmt":"2024-01-23T23:00:02","guid":{"rendered":"https:\/\/uniquehot.com\/?p=571005"},"modified":"2024-01-23T15:12:02","modified_gmt":"2024-01-23T15:12:02","slug":"solana-dominates-ethereum-bitcoin-nft-activity","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-dominates-ethereum-bitcoin-nft-activity\/","title":{"rendered":"Solana Dominates Ethereum, Bitcoin In NFT, Activity: What&#8217;s Next For SOL?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">According to on-chain data from SolanaFloor, Solana is dominating other blockchains, including Ethereum and Polygon, across various non-fungible token (NFT) activity metrics in the third week of January.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Solana Dominates Ethereum, Bitcoin In NFT Activity<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In a post\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/SolanaFloor\/status\/33325888\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shared<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on X on January 23, Solana maintained its NFT dominance among competing blockchains, mainly Ethereum and other high throughput alternatives. Thus far, the blockchain has the highest numbers in unique wallets, transactions, unique buyers, and first-time wallets over the past week.\u00a0<\/span><\/p>\n<figure id=\"attachment_571009\" aria-describedby=\"caption-attachment-571009\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-571009\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/GEcllb2aMAA9q-.jpg?resize=1024%2C1113\" alt=\"Solana unique wallets | Source: SolanaFloor via X\" width=\"1024\" height=\"1113\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/GEcllb2aMAA9q-.jpg?w=1080 1080w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/GEcllb2aMAA9q-.jpg?w=423 423w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/GEcllb2aMAA9q-.jpg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/GEcllb2aMAA9q-.jpg?w=791 791w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/GEcllb2aMAA9q-.jpg?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-571009\" class=\"wp-caption-text\">Solana unique wallets | Source: SolanaFloor via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">To illustrate, Solana had over 106,000 unique wallets by the third week of January 2024. This is more than twice those created in Ethereum. Meanwhile, there were over 22,000 first-time wallets on Solana, roughly 3X those in Ethereum and 2X in Bitcoin. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At the same time, more than 2.8 million transactions were posted on Solana. This figure is over 20X those in Ethereum during the same time frame.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-drops-sub-39000-key-reasons\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Drops Sub $39,000 \u2013 3 Key Reasons<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Extrapolating from this data suggests that the blockchain is increasingly popular among NFT projects, collectors, and traders. Several factors could be contributing to Solana&#8217;s NFT success.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The platform is known for its high throughput and low transaction fees. Considering how minters and active traders are sensitive to trading fees, Solana is emerging as a layer-1 option for projects wishing to enjoy the security of the mainnet while also benefiting from low transaction fees. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Legacy chains, including <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/jp-morgan-spot-ethereum-etfs\/\" target=\"_blank\" rel=\"noopener \">Ethereum<\/a>, continue to struggle with on-chain scalability. Minting on the mainnet often translates to high fees, which can decrease profitability, especially for active traders and collectors.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Beyond scalability advantages, Solana&#8217;s ecosystem is rapidly expanding. Despite the catastrophic drop of SOL prices at the end of 2022, the spectacular revival in 2023 activated on-chain activity with meme coins blooming and NFT projects opting to launch on Solana. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The ongoing recovery of SOL and the increasing number of projects opting to deploy on the mainnet could further drive on-chain activities, including NFT minting and trading, to new levels in 2024.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Developers At Work, Will SOL Reclaim $125?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">As the network draws users, its developers are also working to make the platform more robust and decentralized. In 2024, Solana developers plan to activate Firedancer, a validator client developed by Jump Capital. This client will help further decentralize Solana&#8217;s infrastructure, improve performance, and substantially improve reliability, eliminating network hitches that plagued the blockchain in 2022 and early 2023.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/ISbhpIpO\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/ISbhpIpO\/\" alt=\"Solana price trending downward on the daily chart | Source: SOLUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Solana price trending downward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/ISbhpIpO\/\" target=\"_blank\" rel=\"noopener nofollow\">SOLUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">SOL is cooling off, trading at around $80 when writing. The coin is down 34% from December 2023 peaks and below the dynamic 20-day moving average, pointing to bears. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-ecosystem-soars-shibarium-hits-crucial-milestone\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Ecosystem Soars: Shibarium Hits Crucial Milestone<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Key support remains at around $70. If there is demand at this price point, SOL may recover and retest $125 in the sessions ahead.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to on-chain data from SolanaFloor, Solana is dominating other blockchains, including Ethereum and Polygon, across various non-fungible token (NFT) activity metrics in the third week of January. Solana Dominates Ethereum, Bitcoin In NFT Activity In a post\u00a0shared\u00a0on X on January 23, Solana maintained its NFT dominance among competing blockchains, mainly Ethereum and other high throughput alternatives. Thus far, the blockchain has the highest numbers in unique wallets, transactions, unique buyers, and first-time wallets over the past week.\u00a0 To illustrate, Solana had over 106,000 unique wallets by the third week of January 2024. This is more than twice those created in Ethereum. Meanwhile, there were over 22,000 first-time wallets on Solana, roughly 3X those in Ethereum and 2X in Bitcoin. At the same time, more than 2.8 million transactions were posted on Solana. This figure is over 20X those in Ethereum during the same time frame.\u00a0 Related Reading: Bitcoin Price Drops Sub $39,000 \u2013 3 Key Reasons Extrapolating from this data suggests that the blockchain is increasingly popular among NFT projects, collectors, and traders. Several factors could be contributing to Solana&#8217;s NFT success.\u00a0 The platform is known for its high throughput and low transaction fees. Considering how minters and active traders are sensitive to trading fees, Solana is emerging as a layer-1 option for projects wishing to enjoy the security of the mainnet while also benefiting from low transaction fees. Legacy chains, including Ethereum, continue to struggle with on-chain scalability. Minting on the mainnet often translates to high fees, which can decrease profitability, especially for active traders and collectors. Beyond scalability advantages, Solana&#8217;s ecosystem is rapidly expanding. Despite the catastrophic drop of SOL prices at the end of 2022, the spectacular revival in 2023 activated on-chain activity with meme coins blooming and NFT projects opting to launch on Solana. The ongoing recovery of SOL and the increasing number of projects opting to deploy on the mainnet could further drive on-chain activities, including NFT minting and trading, to new levels in 2024. Developers At Work, Will SOL Reclaim $125? As the network draws users, its developers are also working to make the platform more robust and decentralized. In 2024, Solana developers plan to activate Firedancer, a validator client developed by Jump Capital. This client will help further decentralize Solana&#8217;s infrastructure, improve performance, and substantially improve reliability, eliminating network hitches that plagued the blockchain in 2022 and early 2023. SOL is cooling off, trading at around $80 when writing. The coin is down 34% from December 2023 peaks and below the dynamic 20-day moving average, pointing to bears. Related Reading: Shiba Inu Ecosystem Soars: Shibarium Hits Crucial Milestone Key support remains at around $70. If there is demand at this price point, SOL may recover and retest $125 in the sessions ahead. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":571007,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[91286,679,78790,84519,89764,83584,12837,83626,86989,85361,83627],"class_list":["post-571005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-bitcoin-nfts","tag-bitcoin-price","tag-btcusdt","tag-ethereum-nfts","tag-firedancer","tag-polygon","tag-sol","tag-solana","tag-solana-nfts","tag-solana-price","tag-solusdt"],"acf":[],"yoast_head":"\n<title>Solana Dominates Ethereum, Bitcoin In NFT, Activity: What&#039;s Next For SOL?<\/title>\n<meta name=\"description\" content=\"Solana is dominating Ethereum, Polygon, Bitcoin, and other top altcoins across various NFT metrics. 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