Ethereum blockchain still looks more attractive despite Solana’s growing popularity
In the recent development, the Solana network is gearing up to establish itself as a layer-1 competitor after making a gradual recovery from the collapse of the FTX exchange and outages on its network. Coinbase reported the fundamental value proposition of the Solana protocol persists from the technical perspective.
Further, it is reported that the smart contract network is ready to compete with Ethereum, Avalanche, Cardano, and other layer-1 blockchains.
But here is a catch
Although Solana claims to build on some of the most competitive smart contract functionality–Ethereum. However, this claim is a little bit misconstructed or premature, as it indicates the current situation of smart-contract blockchains competing for the top spot.
Solana professes its blazing speed, the blockchain speed is evaluated as transactions per second (TPS). In comparison, Solana process nearly 2,000 TPS, while Ethereum produces just 12 to 15 TPS.
Looking at the speed, Solana is a clear winner but it’s not a complete picture. Other measures like a proven track record, network reliability, and long-term potential are all should be considered while picking up the network. That is why Ethereum is a favorite among investors.
An important metric to determine the dominance of blockchain dominance is Total Value Locked (TVL). Ethereum sums up almost 60% of the entire market and boasts a TVL of almost $29 billion. On the other hand, Solana does not exist in the top 10 and holds just 0.5% of the market with $256 million in TVL.
What to expect from Ethereum price?
After depreciating more than 67% from its all-time high, the Ethereum price managed to gain 35% since the beginning of the year.
The price faces storing barricades near $1,720, horizontal resistance zone. A consolidation in the price is expected in the short term.
