“Solana is the biggest slap in the face for Ethereum maximalists”
As the competition between the top blockchains by market value continues, Solana has been seen to have a big lead over its competitors.
In the midst of the development and execution activities of Layer-1 blockchains, Ethereum’s performance below expectations has drawn attention. The scalability and validator issues of the Ethereum blockchain have shifted investor attention to Solana.
According to crypto analyst Ignas, Solana’s superior performance has accelerated Ethereum’s blood loss. While the ETH price has been on a downward trend for seven months, its biggest rival SOL has been on a bull run.
Ignas stated that Solana is a “slap in the face” to Ether maximalists. Ethereum ($ETH ), the second-largest crypto asset by market value, is stuck in a new monthly downtrend. The $ETH price has fallen by more than 36 percent in the last seven months, falling to $2,600. Analysts warned investors that the decline could deepen.
Crypto analyst Ignas noted the following in his post on X;
“In general, Ethereum could not win the layer-1 wars. The revenues from all layer-2s are not yet clear.” The analyst stated that layer-1s, which can be suitable for different use cases, have growth potential and that this competition will benefit the crypto industry.
Layer-1 wars include blockchains such as Ethereum, Solana, Avalanche and Fantom. Crypto commentators evaluate the competition in terms of scalability, security and user experience.
The analyst attributed another reason for Ethereum's blood loss to the fragmentation of transactions in the ecosystem by layer-2s. Ethereum scaling projects Arbitrum, Optimism and Starknet divide Ethereum's transactions. On the other hand, the Solana blockchain focuses only on $SOL .
Ignas noted the following on the subject;
“As more layer-2s are launched, liquidity and UX fragmentation problems get worse. With each layer-2, Solana’s monolithic approach becomes more attractive.”
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