Solana, which is sometimes compared to Apple's macOS, has rapidly increased its market share and attracted many developers. Thanks to this, trading volume on decentralized exchanges (DEX) increased by 60%.
Solana quickly gained popularity among developers and increased its market share, becoming a serious competitor to Ethereum. Its monolithic architecture is focused on optimizing blockchain components. Experts draw parallels between Solana and Apple's macOS, highlighting the latter's innovation and growth.
Currently, the Solana ecosystem is the preferred platform for launching new tokens, especially meme coins. The "Blockchain Letter" from Pantera Capital executives Franklin Bee, Cosmo Jiang and Eric Wallach notes Solana's significant market share growth, challenging the dominance of Ethereum, which holds 70-80% of the developer market.
Pantera executives compare Solana's growth to Apple's breakthrough in the Microsoft-dominated desktop market. Solana's integrated architecture optimizes blockchain components, similar to Apple's seamless integration of hardware and software into macOS. This approach provides a better user experience, faster innovation, and increased security.
The strengths of Solana's architecture make it an attractive alternative to blockchains such as Ethereum and Cosmos. Its high-performance network supports content distribution, decentralized infrastructure networks (DePINs) and centralized limit order books (CLOBs). This efficiency allows for the creation of capital-intensive financial markets such as Phoenix and MarginFi.
The March 2024 study also compares Solana to Apple, highlighting its emphasis on using hardware to improve Web3. Solana's network performance and community engagement set it apart from its competitors. Strategic partnerships and ongoing technical improvements further highlight Solana's leadership in blockchain and financial system integration.
Pantera's letter also noted significant growth in Solana's user base and transaction fees. Solana has become the top choice for retail meme coin users and traders, surpassing Ethereum's dominance in NFTs. From 2020 to 2023, Solana's number of unique active addresses increased by 1,342%, from 14,000 to 202,000. By 2024, this number reached 1.34 million, indicating a significant increase in activity.
The growing dominance of the Solana Phantom wallet in iOS app rankings reflects its growing retail user base. The influx of retail users is driven by the boom in meme coin trading on Solana DEXs (decentralized exchanges). Since 2021, Solana's share of DEX trading volume has increased by more than 24%, capturing more than 60% of the volume gain in May 2024 alone. This momentum highlights Solana's high-performance architecture and rapid market share growth.
Overall, the growing Solana user activity and DEX transaction volumes have brought tangible benefits to SOL holders. Its innovative architecture, strategic growth, and growing adoption among retail users make Solana a strong contender in the blockchain industry. As Solana expands its ecosystem and attracts new users, its role in the blockchain sector will continue to grow.
You can also subscribe to the blog. Here we will publish new articles, videos and other materials that will help you earn money.
