A popular crypto analyst says Solana (SOL) is showing promise as it leads Ethereum (ETH) in one critical on-chain metric.
In a new strategy session, the host of InvestAnswers tells his 443,000 YouTube subscribers that he’s got his eye on data from blockchain analytics firm Nansen showing Solana with exponentially more transactions per day than Ethereum.
“Ethereum versus Solana daily transactions and for Solana they are non-vote transactions. They are actual transaction transactions. The staggering numbers here, just to put it into perspective: Ethereum did… 1.1 million transactions a day. That includes all of the other kind of related chains.
Solana is up at nearly 36 million transactions or 31 times the amount, so I just thought that was interesting to look at. So in terms of chains and how they are used, Solana, per Nansen, not me, is 31 times more used than Ethereum which is staggering.”
On the flip side, the analyst notes that Ethereum still dominates total value locked (TVL), taking the lion’s share of all TVL in the crypto ecosystem.
The TVL of a blockchain represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
“In terms of total value locked (TVL), you can still see that EVM, which is Ethereum Virtual Machine compatible chains still dominate TVL…
That is basically 80% of the crypto economy’s TVL lives on EVM chains, which is big.
TVL itself has actually fallen off a cliff quite a bit since the downturn. But it’s creeping back up fast, and there’s no doubt in my mind it’ll be back up at $140 billion or $160 billion towards $200 billion in no time. Because everybody is just brushing this winter off real fast.”