Ethereum Maintains Market Dominance Despite Solana’s Energy Efficiency By


 ​Ethereum Maintains Market Dominance Despite Solana’s Energy Efficiency By

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EditorVenkatesh JartarkarCryptocurrency

Published Oct 19, 2023 01:04PM ET

In the ongoing debate between Solana and Ethereum, recent data points to a shift in investor preference despite Ethereum’s dominance in the total value locked (TVL) in the cryptocurrency space. As of Thursday, Ethereum’s TVL stands at 53% of the total crypto space, while Solana’s accounts for less than 1%, according to a comparison by Ichigo.

Despite this significant gap, Solana has attracted positive inflows of $59 million year-to-date, while Ethereum reported negative flows of $111 million. This shift might be indicative of an evolving investor preference in the crypto market.

Solana’s developer activity has also been noteworthy, with 542 code commits reported. However, Ethereum maintains a robust developer community with significant activity, reporting 1.28K code commits.

The comparison also highlighted differences in energy efficiency and carbon emissions between the two blockchain platforms. Solana is more energy-efficient, consuming 658 joules per transaction compared to Ethereum’s 144,000 joules. Despite this, Solana reported higher carbon emissions (10,651.2 tonnes CO2) than Ethereum (870 tonnes CO2), emphasizing the complexity of evaluating environmental impact in the crypto space.

Apart from energy considerations, the debate also discussed modularity versus monolithic technology stacks. Solana has demonstrated excellence in both energy efficiency and scalability, yet Ethereum dominates in terms of supported protocols and daily active users. With 324.21k daily active users, Ethereum maintains a market cap of $188.59 billion against Solana’s $9.93 billion and its 81.49k daily active users.

Despite potential scalability issues, Ethereum’s resilience due to its robust developer community and EVM activity continues to solidify its position within the crypto space.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Ethereum Maintains Market Dominance Despite Solana’s Energy Efficiency

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