Ethereum (ETH) is still the largest altcoin at the time of writing. There are numerous uses for this blockchain, including mining non-fungible tokens (NFTs). But in December, NFTs on Ethereum were less popular. Solana (SOL) has replaced Ethereum.
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Solana is bigger than Ethereum when it comes to NFTs
Decrypt claims, based on on-chain data from CryptoSlam, that traders on Solana held approximately $366.5 million worth of NFTs in December bought and sold. During the same period, Ethereum accounted for $353.2 million in NFT transactions.TransactionsSo Solana was just a little bigger. It is the first time this has happened since Solana's existence.
Still, The Block shows slightly different data. In December, Solana reportedly processed around $313 million in NFT transactions, while Ethereum processed $348 million. According to this data, Ethereum was slightly larger.
At the same time, Solana is not the first blockchain to achieve this. Bitcoin (BTC) also did this last November. Since the beginning of last year, it has been possible to put NFTs on the Bitcoin blockchain. This quickly developed into a huge hype, which has not gone away since then, despite the enormous controversy. In fact, Bitcoin NFTs have accounted for the majority of all NFTs since December.
Solana is growing quickly again
So Solana still has a long way to go if it wants to become the primary NFT blockchain, but the network seems to have the wind at its back. Late last year, the largest NFT projects on Solana decided to move to Ethereum, but now the network is being flooded with new tokens.
The rest of the network has also grown quickly. The number of transactions at the end of last year was close to the number at the end of 2022. The native token is also doing very well. Over the past year, Solana price has increased by almost 1200%, making it one of the best performing cryptocurrencies in 2023.
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