Solana vs Ethereum: better buy between ETH and SOL?

Solana vs Ethereum: better buy between ETH and SOL?
фото показано с : invezz.com

2024-2-10 19:52

Solana (SOL) and Ethereum (ETH) are two of the most popular blockchains in the industry. Ethereum’s ETH is the second-biggest cryptocurrency in the world with a market cap of over $300 billion while Solana is the fifth with a valuation of  $46 billion. This article will look at the better buy between the two. 

The case for Ethereum

Most analysts believe that Ethereum is a better crypto to buy because of its market share in many industries in the crypto industry like NFTs, DeFi, metaverse, and gaming. For example, in DeFi, its dApps like AAVE, Maker, Compound, and Lido are the most dominant. It has over $37 billion in Total Value Locked (TVL) and $69 billion in stablecoins.

Ethereum also houses the biggest NFTs like the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club. Over the years, Ethereum NFTs worth over $50 billion have been traded. Additionally, most developers use its ERC standard to launch tokens.

Most importantly, Ethereum is known for its security and network stability. Unlike Solana, it rarely has significant outages. Also, it is a highly liquid asset that is provided by most crypto exchanges. It could also gain a spot ETF listing in the coming months since Blackrock and Grayscale have filed their applications.

The case for Solana

Other analysts believe that Solana is a better investment than Ethereum. First, they cite the performance of the SOL token. Data shows that Solana has jumped by more than 12,000% in the past five years while Ethereum has risen by almost 2,000% in the same period. The same situation has happened in the past 12 months when the two have jumped by 420% and 80%, respectively.

Solana vs Ethereum

Second, Solana’s ecosystem is growing at a faster pace than Ethereum. A good example of this is in the DEX industry, where Ethereum has long dominated. Recently, however, several Solana DEXes have moved to the top ten in terms of volume. They include Orca, Jupiter, and Raydium. 

Third, Solana is dominating the DePIN industry where developers like Hivemapper and Helium are taking market share in their respective industries. These developers cite Solana’s speed and lower transaction costs compared to Ethereum. Further, Solana meme coins like Bonk are doing better than Ethereum ones like Shiba Inu.

Lastly, and most importantly, data compiled by Staking Rewards shows that Solana has higher yields than Ethereum. For example, $10,000 investing in SOL today would have $607 in earnings in 12 months. A similar amount in Ethereum would bring in $340.

Therefore, in my opinion, I believe that Solana is a better investment because of its strong momentum and growing market share in key industries.

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