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According to the latest reports, Solana, the famous Ethereum-killer, recorded increased NFT transactions last week. The latest NFT market, Magic Eden, launched on Solana, contributed to Solana’s increased transaction volume.
In a meeting, Solana developers noted that Athens DAO believes Solana is suitable for governance. Also, the network transaction cost is cheaper compared to that of Ethereum.
This low transaction cost has helped attract more NFT users to the network. This is because the cost of minting NFTs has increased since the crypto decline began.
Since the launch of Magic Eden, the NFT marketplace has been competing with the OpenSea marketplace. Magic Eden led to an increased volume of transactions on Solana because of its rising status.
Solana Surpasses Ethereum’s Transaction Volume For NFTs
Last week, the number of transactions on Magic Eden was about 360,734. According to DappRadar, the transaction on Magic Eden has crossed over $1.6 billion.
Besides, the decline in the crypto market has affected the trading volume of NFTs and DeFi. However, Solana’s trading volume currently exceeds that of Ethereum.
Additionally, the total amount of transactions on ETH totaled about 500,000 last week. Solana’s total transaction volume was about 630,000 which is higher than Ethereum.
As a result, the Solana network’s activity was about 32% higher than ETH. Meanwhile, the total value locked (TVL) of Ethereum is higher than that of Solana.
Meanwhile, there has been a drop in NFT trading on Solana and Ethereum networks. The numbers recorded in May were higher than that in June.
However, the transaction volume of Solana surpassed that of Ethereum. This has been the case since the NFT marketplace Magic Eden launched on Solana’s network.
Is Solana Suitable For DAOs?
Recently, a decentralized social-networking platform, Grape, organized an event for developers. According to the developers, they believe that Solana is compatible with DAOs.
An important contributor at Grape, Dean Pappas, noted that:
“To conduct experiments in DAOs and implement new ideas, you need cheap transactions. Also, these transactions have to be fast while offering great user experience.”
In other news, crypto analysts are optimistic the price of Solana is ready to increase. Once the price of Solana crosses the $42.80 mark, it would climb to $48.41.
According to analysts, Solana will record a huge breakout if it crosses these two targets. Currently, the altcoin is trading at $34.03, down by 2.28% in the past 24 hours.
The Solana is gaining traction and living up to its nickname. Unlike Ethereum, which uses the PoW mechanism, Solana employs the PoS mechanism. However, it is uncertain if Ethereum will rise back.
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