Solana (SOL) is the best performing asset in the top 10 crypto. The market seems to have responded positively with Solana Labs smartphone announcement as the cryptocurrency is rising faster than other assets.
SOL surpasses ETH
At the time of writing, SOL is priced at $ 42 with 12% and 36% gains in the 24 hours and 7 days respectively. Meanwhile, the second best performing cryptocurrency is Ripples XRP with a 16% gain over the past week. This is followed by Polkadot (DOT) with 15% and Ethereum with 14% profit.
Solana bounced back after massive sales pressure. Not only was the cryptocurrency able to evolve in a green phase with the crypto market – it was also impacted by negative news and a series of network outages that prevented users from making transactions.
Solana gets a smartphone
This week’s bullish momentum may be related to the recent announcement of Solana’s smartphone. But pseudonymous analysts believe Solana is playing the “long game.” In this sense, the network is a “major and growing threat to Ethereum” – currently the most widely used blockchain in decentralized finance (DeFi).
The analyst claims that the team behind Solana addresses the complexities and difficulties that people face while using Ethereum. The network, its ecosystem and the products based on it, according to the analyst, require a certain level of technical knowledge from the users. In addition, they are said to have poor performance.
Ethereum is also an expensive network that excludes many users from accessing its ecosystem. The analyst believes that blockchain should be built for everyday users. He thus claims that “Solana’s crowd is more in touch with reality”.
This could pay for a SOL network in the long run, and could gain market share from Ethereum. It just seems like it’s just launching its own native smartphone. The analyst on this:
“Is that very decentralized? no. is this ethically funded / funded? probably not lol. but could your grandmother use this? YES. but projects in the ecosystem tend to have better usability because light builders focus more on usability than fin builders.
Is Solana more productive than Ethereum?
In addition, the analyst claims that Solana developers are “more productive” and “more focused” than Ethereum developers. Analyst’s conclusion:
“If we find the deception that Ethereum’s unchallenged and relatively small for ordinary users, Solana could win.”
At its peak, Ethereum DeFi protocols had a combined value of over $ 100 billion, and Solana reached over $ 12 billion. If the latter is able to take over part of TVL Ethereum, Solana could bounce back and go above record levels and see unprecedented expansion.
Text credit: Newsbtc
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