From all indications, Solana looks to be showcasing a growing dominance in the blockchain space.
As its recent growth and various achievements suggest, Solana may be putting up its best performance yet. That is, since its inception as a blockchain network. Keeping up its momentum after last week’s report, the platform has reported yet another set of notable feats, both in the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems.
According to data from DefiLlama, Solana’s monthly decentralized exchange (DEX) trading volume has crossed $100 billion. However, the interesting part of this feat is that it is its first time recording that much volume within a month.
From all indications, it appears that Solana may now be showcasing a growing dominance in the blockchain space. That is, as more users continue to flock to the network to satisfy their various business interests – whatever that may be.
Bridging Activity Surges on Solana as Network Dominates Other Chains
The past week was particularly noteworthy for Solana. Those seven days saw over $300 million bridged from other blockchains.
Of this amount, Ethereum contributed the lion’s share, losing more than $250 million worth of assets to Solana. Taking that into context, one might observe that users may be beginning to show a preference for Solana’s high-speed and low-cost infrastructure. Particularly, those users who would rather do business on networks with less congestion and cheaper gas fees than Ethereum.
Market analysts have also attempted to explain the trend. They say that Solana’s focus on scalability and user-friendly features may finally be paying off. That is because it looks to have endeared it to the hearts of traders and developers alike.
Interestingly, Solana’s most recent performances are not limited to the bridging activity alone. The network is also making waves on the NFT front, leasing the market in the area of user growth.
According to data from NFTPulse, Solana saw 55,000 active users in a single week, translating to a dominance rate of 43% over all other blockchain networks.
With this performance, Solana comes forth as the preferred choice yet again, even for NFT creators and collectors.
What These Milestones Mean
For Solana, its performances in recent times signal that it is doing something right. Most especially, after considering the fact that the platform has been able to attract diverse use cases. Its monthly DEX volumes, increased cross-chain bridging, and dominance in weekly NFT user adoption suggest this at least.
However, as for Ethereum, its long-standing position in the blockchain ecosystem may now be under threat.
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