According to DappRadar, Solana (SOL) may pass Ethereum (ETH) as the primary blockchain for non-fungible tokens (NFTs).
New reportDappRadar has discovered that Solana is working well in the NFT space, despite the recent widespread slump in the crypto market.
SOL’s trading volume increased amid the decline seen on other blockchains, including the major altcoin Ethereum.
DappRadar has also discovered that fellow smart contract platform Avalanche (AVAX) is also a “clear winner.”
“Solana and Avalanche have emerged as clear winners with a 21% and 15% increase in trading volume (despite the withdrawal of cryptocurrencies).
Existing blockchains such as Ethereum, Binance Smart Chain (BSC) and Polygon (MATIC) suffered significant losses of 41%, 22% and 59%. Although absolute, Flow and Ronin reached their lowest points, with 71% and 84% pullbacks. “
According to DappRadar, Solana also outperforms other blockchains in terms of sales.
“Despite the depreciation of many tokens, trading activity continued on many blockchains. Once again a clear winner, Solana almost doubled sales to 98%, but with Ethereum. BSC was about the same as 2% and -4%, respectively. The same was not true for the remaining blockchains that suffered losses of up to 75%. ”
According to the report, Solana has emerged as a threat to steal Ethereum due to its low gas prices and low barriers to entry.
“Ethereum has historically been NFT’s main blockchain, but due to its relatively low gas prices and low barriers to entry, Solana has grown as a viable alternative to new NFT projects.
Magic Eden, the leading market for Solana-based NFTs, has seen a record influx of traders with the launch of many successful Solana-based collections such as Okay Bears. Solana Marketplace DApp boasts a 0% listing fee and a transaction fee of only 2%. Magic Eden accounted for 10% of all NFT transactions this quarter. “
Solana changed hands at $ 36.98 at the time of writing, up 3.3% on the day.
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