Solana challenges Ethereum with 60 million daily transactions

Solana is taking on Ethereum by handling an impressive 60 million transactions daily, compared to Ethereum&#039;s 1.2 million. Are we approaching the decline of Ethereum&#039;s supremacy over altcoins? Join us to uncover the reality.

Solana is putting pressure on Ethereum by processing an incredible 60 million transactions every day.

In sharp contrast, Ethereum handles only 1.2 million transactions per day. This huge difference highlights Solana's superior network efficiency and performance, making it an appealing choice for users and developers alike.

Turning to the financial side, the amount of value locked in Ethereum has seen a steep decline. It peaked at a staggering $107 billion in November 2021 but has since dropped to $64.5 billion. This fall indicates challenges and shifts in the market that affect investor confidence and usage rates.

On the other hand, Solana has experienced a remarkable recovery in its total value locked. After plummeting to just $210 million in early 2023, Solana has bounced back, reaching a new high of $12 billion. This resurgence demonstrates strong interest and investment in the Solana platform.

also see : what is solana? pros and cons - a simple explanation-with example

In response to these competitive pressures, Vitalik Buterin, the founder of Ethereum, has announced plans to make significant changes to the leadership structure of the Ethereum Foundation.

This move aims to address the challenges posed by competitors like Solana. However, it has faced criticism from some community members who feel that it undermines the foundational principle of decentralization that Ethereum was built upon.

This debate underscores the ongoing struggle within the blockchain community to balance innovation and community values.

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