Solana (SOL)
Solana has been in a lot of trouble for the past month. This has largely had to do with the crash of FTX. FTX and Almeda both owned a lot of Solana.
Nevertheless, interesting developments continue to pass in review. For example, today, December 12, an Ethereum Virtual Machine (EVM) will be launched on the Solana network called Neon. In addition, the founder of Solana announced a new second layer solution called Firedancer at the Solana Breakpoint event. This should virtually eliminate the chance of a network failure. Finally, a Solana smartphone is being worked on that will be released in early 2023.
Ethereum (ETH)
The long-awaited merge, of course, took place in September. As a result, Ethereum has officially moved from a proof-of-work consensus mechanism to a proof-of-stake mechanism. In addition, a new phase was added to the Ethereum roadmap called the Scourge. The aim of the Scourge is to ensure reliable and neutral transactions.
Metrics
In this section, we will cover different metrics to compare the 3 altcoins Cardano (ADA), Solana (SOL), and Ethereum (ETH). The metrics we cover are further explained below and consist of 1) number of wallets on the network, 2) active wallets and 3) total transactions.
1. Number of wallets on the network
The number of wallets on a network is a good indicator of the network’s adoption. As the number of wallets continues to grow, this is an indication of growth. Stagnant growth is a bad sign for a network as competition is fierce in the blockchain industry.
Cardano (ADA)
The Cardano network currently has over 3.7 million wallets on the network. The number of wallets on the network is growing by more than 100,000 wallets per month, although the growth is relatively impressive, the total number of wallets is relatively small compared to other coins (see Solana and Ethereum).
Solana (SOL)
The figure below shows the total number of wallets on the Solana network. Solana is growing fast in terms of the total number of wallets, the network currently has more than 15 million wallets. It is striking that the network only needed 2 years for this.