In cryptocurrencies, competition between different networks stands out as a major factor determining the future of the market.
• Solana and Ethereum are considered the most prominent names in this field.
➤ Where the discussion revolves around their capabilities and innovations.
Solana features fast transaction processing and low fees, making it an attractive option for many investors and developers.
➤ On the other hand, Ethereum is one of the most established and popular networks, thanks to its vast ecosystem and diverse applications.
➤ With the growing interest in Solana, especially after recent innovations such as liquid storage tokens, the question arises:
➤ Can Solana Overtake Ethereum in 2024?
➤ In this article, we will discuss the factors affecting this competition.
Yesterday I explained to you 10 flaws that the Solana network carries.
➤ What the future may hold for both Solana and Ethereum networks.
➤ Solana vs Ethereum: Can Solana Overtake Ethereum in 2024?
➫ Solana is one of the most prominent competitors to Ethereum, as it is characterized by its high transaction processing speed and low fees.
➫ As the Solana ecosystem expands and liquidity increases thanks to innovations like Binance’s BNSOL liquid staking tokens, some have begun to wonder if Solana could overtake Ethereum in the near future, especially given the Memecoin revolution that has contributed significantly to the Solana blockchain’s rise in popularity.
➜ In July 2024, Solana was trading at $181, down 6% in 24 hours.
➜ But the analyst believes that if Solana manages to break the resistance level at $200, it may witness a significant rise in its price.
➜ According to technical analysis, Solana could see a significant rise if it continues in the upward trend.
➜ At the time of writing this article, Solana's market cap is $63 billion.
If Solana's upward trend continues, it is expected to continue into Q3 2024.
➤ Meme Coins Boost Solana Gains
➜ One of the factors that has contributed to Solana’s recent gains is the popularity of meme coin trading.
And platforms like
➜ Pump Fun
➜ Moonshot
➜ The Solana blockchain-based cryptocurrency has been very active lately, helping to push the meme coin market valuation to over $50 billion.
• Solana's staking rewards have also attracted the attention of many investors, with reports that the value of staking has reached more than $32 million, with a return rate of around 7%.
• In contrast, staking rewards on Ethereum are only 3.3%, indicating that Solana offers better incentives for staking than Ethereum.
➫ Innovation in storage:
BNSOL from Binance
One of the major innovations that contributes to Solana’s popularity is the launch of BNSOL on Binance.
➜ I explained how to participate in it in a previous post.
- Now I will explain to you more about what BNSOL is.
It is a liquid staking token that allows Solana users to earn staking rewards while maintaining their liquidity.
➜ BNSOL holders can use it to trade, lend, or provide liquidity across various Binance products and even in external DeFi applications.
➤ BNSOL offers several key advantages:
❶. Unprecedented liquidity:
You can trade or lend BNSOL while still earning staking rewards.
❷ Flexible returns:
The value of BNSOL increases over time as staking rewards accumulate.
❸. Safety and trust:
Binance is a platform known worldwide for its reliability and security.
➜ Benefits of using BNSOL to store on Binance:-
➫ Liquidity release:
Unlike traditional staking on the Solana network which requires freezing assets, BNSOL allows you to use your assets to trade, lend, and provide liquidity, while still earning staking rewards.
➫ Cumulative returns:
With each passage of time on the Solana network, the value of BNSOL increases compared to SOL, reflecting the accumulation of rewards.
➫ Refund flexibility:
You can redeem BNSOL to SOL at any time based on the current conversion ratio, with a waiting period of up to 4 days.
➜ Here we come to the end of the article. We hope that you found it useful and enjoyable.
Have you tried storing BNSOL on Binance?
Share your experience in the comments.
