The world of cryptocurrencies has come across another pullback, as the planet nears the weekend. Wherefore the market cap of the business has taken leave of 2.8% gains. Over the previous day, with current numbers hovering around $1.90 T. The digital assets have caught wind of the turbulence in the business, which has led BTC to lose out on its $40k price tag.
Successively, the star altcoin Ethereum is presently trading at $2,729 with negative gains of 5.9%. With Ethereum’s growing accumulations in deposit contracts of ETH 2.0. And the transition to PoS being far from the vicinity, folks are now recalling words from Morgan Stanley around Solana. Folks are now keen on the on-chain metrics of Solana. Conversely, Solana’s hacker house voyage finds newer halts amidst rising interests.
Will Solana Emerge As An Alternative To Ethereum Despite Its Limitations?
As aforesaid, sections of folks amidst the lows are now considering Solana over Ethereum. As the timeline for the transition to PoS remains far from sight. Moreover, the growing count of stakes in deposit contracts of ETH 2.0 has been persuading investors to consider viable options.
Successively, the report from Morgan Stanley around Ethereum, that sheds light on Solana’s strengths. Such as faster and cheaper transactions of smart contracts, amongst others has garnered the interest of not one but many. While the network is prone to congestions and market-wide limitations. It does tend to triumph the setbacks of Ethereum.
On the other hand, Solana continues to climb up at numerous fronts such as initiatives by the makers and on utilitarian grounds. The Solana Hacker House, which is on a voyage of the world, will now be taking halts at Florianopolis (March 14th-18th). New York City (March 14th-18th), The Bahamas (April 23rd-29th), whilst Hong Kong’s event remains postponed to a later date. Moscow (February 22nd-27th), and Prague (March 1st-5th)
In contrast, Wise Barbecue Truck, a food truck in Los Angeles accepts Solana pay. Which has come as a surprise for the Solana community. On the other hand, Solana has been welcoming newer projects to the ecosystem that cater to vivid sectors. The latest entrants are CyberConnect which serves Web 3.0, Glow wallet Wallet, Samurai Army NFT, and Mecha fight club from Metaverse.
Where Are Solana’s Onchain Analytics Heading?
SOL price at the time of press is changing hands at $90.71 with losses of 4.15%. While the volume of trades around the clock is at $1,266,620,138, the market cap is presently hovering around $29.02 B. The market cap dominance has been facing the heat off-late, which has taken a notable plunge since the start of the month.
According to sources, the transaction count of the digital asset at the time of writing is 58,578,743,948. The hourly TPS and success rate has risen from the lows of January 22nd. Where the TPS stood around 679.05 with a success rate of 72.40%. Presently, the TPS is at 2612.48 with the success rate at 85.0%.
Conversely, the daily transfers and volumes have been taking a dip. As of 18th February, the transfers are scripted at 9.44 M, while the volumes are at 171.18k. The dip has arrived following a peak on the 16th of February. Where the daily transfers spiked to 21.76 M and the volumes to 363.64k.
Coming to the strengths of the network that has been NFTs off-late, the protocol is home to numerous projects. Such as Metaplex, Solanart, Sol Sea, Magic Eden, amongst others. Which are giving rivals a run for the money. Magic Eden dominates the market accounting for ~85-92% of transactions over the past 2-months. The transaction count of Magic Eden for the past 7D is over 1.2 M.
Summing up, Solana could possibly emerge as a viable investment option seeking investments that otherwise would have moved into Ethereum. The network’s robust fundamentals have been fueling its run, which will only improve in the near future.
As the congestion in the network is resolved. That said, the on-chain metrics have been catching the wind of the market trends off-late. Which would need optimistic updates for a leg-up.