Metric analysis

Solana (SOL) Leads Ethereum (ETH) in On-Chain Metric, Says Popular Crypto Analyst

A popular crypto analyst says Solana (SOL) holds promise as it leads Ethereum (ETH) in a critical on-chain metric.

In a new strategy session, the InvestAnswers host tells his 443,000 YouTube subscribers that he has his eye on data from blockchain analytics firm Nansen showing Solana with exponentially more transactions per day than Ethereum.

“Ethereum versus Solana’s daily transactions and for Solana, these are non-voting transactions. These are true transactional transactions. The staggering numbers here, just to put it in perspective: Ethereum has done… 1.1 million transactions per This includes all other related string types.

Solana reached almost 36 million transactions, which is 31 times the amount, so I just thought it was interesting to watch. So in terms of chains and usage, Solana, according to Nansen, not me, is 31 times more used than Ethereum, which is staggering.

On the other hand, the analyst notes that Ethereum still dominates the total value locked (TVL), taking the lion’s share of all TVL in the crypto ecosystem.

The TVL of a blockchain represents the total capital held in its smart contracts. TVL is calculated by multiplying the amount of collateral locked in the network by the current value of the assets.

“In terms of total value locked (TVL), you can still see that EVM chains, which are compatible with the Ethereum virtual machine, still dominate TVL…

It’s essentially 80% of the TVL in the crypto economy that lives on EVM channels, which is significant.

TVL itself has actually fallen off a bit of a cliff since the downturn. But it’s going up quickly, and there’s no doubt in my mind that it’s going to go up to $140 billion or $160 billion to $200 billion in no time. Because everyone erases this winter very quickly.

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Featured Image: Shutterstock/Sergey Nivens/WhiteBarbie