In one of his most recent posts, Chris Burniske shared surprising data and highlighted the fact that Solana has done as many NFT transactions as Ethereum to date.
Back in 2021, Solana became one of the most popular networks in crypto industry thanks to its cheap transactions and the popularity of networks in space.
Ethereum’s fees, on the other hand, have reached confusing levels: users have no choice but to pay up to $150 per activity on the network, making Ethereum practically “out of reach” for the majority of users.
The same trend became relevant for the DeFi industry. At the start of the bull run, the majority of decentralized applications were running on Ethereum.
But when the bull market peaked in November, the volume of decentralized solutions tilted towards alternative networks like Solana or Layer 2.
Unfortunately, the downturn of both DeFi and NFT industries triggered a massive outflow of both the Solana and Ethereum networks. While Ethereum is holding up successfully in the bear market thanks to numerous updates and improvements, Solana has lost most of its value and may need more than retail investor support to bounce back in the near future.
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