Home web3.0 Solana (SOL) Attracts More NFT Users Than Ethereum (ETH), Polygon (MATIC)

Solana (SOL) Attracts More NFT Users Than Ethereum (ETH), Polygon (MATIC)

Aug 28, 2024 pm 12:18 PM
solana SOL NFTs $190

Based on recent on-chain activity, the latest data shows that Solana is the king of NFTs, especially in terms of the number of minted items.

Solana (SOL) Attracts More NFT Users Than Ethereum (ETH), Polygon (MATIC)

Solana (SOL) has been outperforming the market lately, with SOL price up over 30% in the last month. This strong performance comes as the crypto market is cooling off, with Bitcoin (BTC) and Ethereum (ETH) prices both down around 10% over the same period.

Part of the reason for Solana's outperformance is likely due to the increasing NFT activity on the network. According to the latest data from NFT Pulse, Solana saw 8,400 active NFT users in the last day, nearly double the 4,700 users on Ethereum. This strong NFT activity is also evident in the total NFT trading volume, with Solana generating 2.1 million SOL (around $400 million) in the last day, compared to just 10,600 ETH (around $17 million) on Ethereum.

However, despite having more active NFT users and higher NFT trading volume, Ethereum still generates the most trading volume in USD terms. Over the last day, nearly $4.7 million in trading volume has been generated on the first smart contracts platform, over 2X more on Solana at around $2.1 million. Over $7.3 billion worth of NFTs in the last year have been traded on Ethereum, more than 3X on Solana at just $2 billion.

The shift in user count, favoring Solana, is primarily due to the network's low transaction fees and high scalability. Although Ethereum fees might be higher, gas prices have been on a downward trend over the months.

Dropping fees could be partly due to efforts done by Ethereum developers to enhance user experience. Early this year, the smart contracts platform activated Dencun, a hard fork that made layer-2 transactions cheaper. The cheaper it is to deploy smart contracts and mint NFTs, the more users there are. Over the last week, Base, one of the largest Ethereum layer-2s by total value locked (TVL), drew over 14,500 users.

As Solana chain activity ramps up, traders watch whether bulls will push higher, breaking above $190. A break above this level could see SOL soar to 2024 highs of $210.

The above is the detailed content of Solana (SOL) Attracts More NFT Users Than Ethereum (ETH), Polygon (MATIC). For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undress AI Tool

Undress AI Tool

Undress images for free

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Hot Topics

PHP Tutorial
1510
276
Rollblock (RBLK) vs Solana (SOL): Which Will Dominate the Future of Crypto Gambling? Rollblock (RBLK) vs Solana (SOL): Which Will Dominate the Future of Crypto Gambling? Nov 09, 2024 pm 09:18 PM

Rollblock is presenting a strong argument to surpass even Solana in terms of ROI in 2025. With unprecedented levels of openness and reliability, this newcomer to the crypto gambling scene is shaking things up.

Various ETF issuers compete to apply for Solana ETF! But why is BlackRock still absent? Various ETF issuers compete to apply for Solana ETF! But why is BlackRock still absent? Mar 03, 2025 pm 06:33 PM

Many ETF issuers are scrambling to apply for SolanaETF, but BlackRock is still holding back? This article will interpret this phenomenon. SolanaETF application boom The Securities and Exchange Commission (SEC) has accepted SolanaETF applications submitted by several institutions, including Bitwise, 21Shares, VanEck, CanaryCapital and Grayscale. Bloomberg predicts that the probability of Solana spot ETF being approved by the end of the year is as high as 70%, which is closely related to the Trump administration's friendly attitude towards cryptocurrencies. The establishment of Franklin's "Franklin SolanaTrust" also implies its potential application for SolanaETF. However, Sol

IntelMarkets (INTL) Presale: A Lucrative Investment Opportunity Positioned to Dominate the Cryptocurrency Space IntelMarkets (INTL) Presale: A Lucrative Investment Opportunity Positioned to Dominate the Cryptocurrency Space Nov 15, 2024 am 04:00 AM

Since the beginning of IntelMarkets' (INTL) presale, investors have been excited about the company. The coin is positioned to dominate the cryptocurrency space based on its success to date.

How to Find the Next Peanut the Squirrel (PNUT) Solana Memecoin That Could Rally to Astronomical Heights How to Find the Next Peanut the Squirrel (PNUT) Solana Memecoin That Could Rally to Astronomical Heights Nov 15, 2024 pm 03:34 PM

Solana memecoins continue to make waves in the crypto space with the newest memecoin that has taken the crypto space by storm, Peanut the Squirrel (PNUT) token

Crypto Influencer Cobie Burns 60% of the Supply of a Solana (SOL) Meme Coin Issued via Pump.fun Crypto Influencer Cobie Burns 60% of the Supply of a Solana (SOL) Meme Coin Issued via Pump.fun Nov 09, 2024 am 04:14 AM

Jordan Fish, known more popularly as Cobie, burned 60% of the supply of a Solana (SOL) meme coin issued via Pump.fun on Friday, Nov. 8

Have you applied for SOL's ETF? Learn about the application process of SOLANA ETF in one article Have you applied for SOL's ETF? Learn about the application process of SOLANA ETF in one article Mar 03, 2025 pm 09:00 PM

Solana (SOL) ETF application: In-depth analysis and future prospects In the near future, there is a surge in crypto ETF applications, which is closely related to the SEC's increasingly friendly attitude towards cryptocurrencies and its clear approval rules. As a mainstream cryptocurrency, Solana (SOL)'s ETF application progress has attracted much attention. This article will conduct in-depth discussion on the current status, impact and future prospects of SOLETF applications. Current status of SOLETF application. Several institutions have submitted SOL spot ETF applications, among which Grayscale is particularly eye-catching. It plans to convert Solana Trust Fund into spot ETF, which will further expand its influence in the digital asset market. If approved, the ETF will be listed on the New York Stock Exchange under the code

Why did Solana go bankrupt? Is the reason why PI coins are listed on Binance? Why did Solana go bankrupt? Is the reason why PI coins are listed on Binance? Mar 03, 2025 pm 09:54 PM

Solana's recent price decline may be related to the potential Binance listing speculation of PiCoin (PI). Binance's poll showed that 86% of participants supported the listing of PI coins, which could attract a large amount of capital to flow into PI, causing some Solana investors to turn to PI. Solana's price plummeted: Will PI coins replace SOL and become the first choice for investors? Solana (SOL) prices have fallen sharply recently, falling 16% last week and 37% last month. Loss of key support levels has heightened investor concerns. While the overall crypto market downturn is partly responsible, the panic selling of traders has exacerbated the decline. Solana network activity has dropped significantly, with transaction volume plummeting from $1.99 billion in November 2024

Will the Solana ETF be approved in 2025? SOL ETF debuts at DTCC Will the Solana ETF be approved in 2025? SOL ETF debuts at DTCC Mar 04, 2025 am 09:06 AM

SolanaETF: Will it be approved this year? What impact will it have on the market? After Bitcoin and Ethereum spot ETFs were approved, the market's attention turned to the next potential ETF target: Solana. Several companies have submitted SolanaETF applications, triggering heated discussions in the market about the possibility that SOL spot ETF will be approved this year. Latest progress of SolanaETF Recently, VolatilityShares' two Solana futures ETFs have been included in the US Securities Centralized Custody and Settlement Company (DTCC) list, indicating that the SolanaETF ecosystem has entered a critical stage and has also increased the expectation of SOL spot ETF approval. DTCC plays a central role in global financial markets, and its list means these