Ethereum or Solana: Predicting the Dominant Blockchain in 2024

• Wow, did you hear? Solana has been outperforming Ethereum in active addresses and trading volume lately!
• But wait, hold up! Even though Solana is making waves, Ethereum’s network activity and security still position it as the top dog.

Let’s dive into the details: Both Ethereum [ETH] and Solana [SOL] have been on an upward trading trajectory, with ETH up by 1.4% and SOL showing a significant 4.64% surge in the last 24 hours.  

What’s intriguing is that Solana has actually surpassed Ethereum in key activity metrics, boasting a higher number of active addresses and trading volume. Impressive, right?

Solana’s active addresses have skyrocketed past 1 million, while Ethereum’s have stayed put, showcasing a clear difference between the two networks.

Backing up this difference, AMBCrypto’s analysis of Santiment data also shows that SOL has taken the lead over ETH in social dominance.

Source: Santiment

With Solana making big moves, the million-dollar question surfaces: Which blockchain will reign supreme in 2024 and beyond?

Ethereum vs Solana: Let’s talk about it

Joining the conversation, Ethereum Researcher Justin Drake and Solana Co-Founder Anatoly Yakovenko recently debated Ethereum versus Solana on the ‘Bankless’ podcast.

Highlighting the strengths of Solana, Drake remarked,

“I believe Solana is a great competitor for Ethereum, pushing the boundaries and forcing innovation. It’s a healthy challenge for Ethereum’s team to stay ahead.”

In response, Yakovenko praised ETH’s focus on security over scalability, saying,

“Ethereum has laid a solid foundation with its security measures, a path others envy. It’s a beacon in the space, worth admiring.”

He then continued,

“Ethereum has set the standard that others strive to reach. It’s a force to be reckoned with, potentially even surpassing Bitcoin in the future.

So, Ethereum still holds the crown in the L1 realm, thanks to its extensive network effects, liquidity, maturity, and of course, security. The race to the top continues!

On the flip side, Drake argued that Solana could pave the way as the ‘internet of value’, justifying its hefty $100 billion valuation.

He also noted that SOL’s developers are focusing more on user-driven products than infrastructure, a strategy that seems to be paying off.

Is SOL ready to challenge ETH?

In the mix, Raoul Pal, CEO of Real Vision and Global Macro Investor, drew comparisons to ETH’s 2020 surge and highlighted Solana’s emergence as a serious competitor to Ethereum.

Pal aptly summed it up when he said,

“Look back at 2020, Ethereum’s rise was gradual, then explosive. I see a similar path for Solana, gaining momentum and potentially outshining its competitors.”