A popular cryptocurrency analyst is highlighting why he believes Solana (SOL) is still the top Ethereum (ETH) contender.
Anonymous Host on InvestAnswers inform His 436,000 YouTube subscribers have said SOL is his Ethereum hedge because his “first day thesis” sees Solana as the only potential “ETH killer”.
He says SOL is less than 1/12th of ETH’s market cap, but “it’s doing a lot”.
The analyst also discusses the potential advantages of Solana over Ethereum.
“The strength of Solana, and the reason I still like it, is that it has the most diverse DApps. [decentralized applications] of all chains. adopted exponentially. It’s fast, cheap, and scalable. Despite the power outage…
It also has Rust, the most preferred development language that drives the most development activity on any chain. 65,000 [transactions per second]. No layer 2 required and SOL DApps have more daily active users than Ethereum DApps.
Analysts point out that Solana’s outage is a potential problem. According to Solana Labs, Solana suffered a network outage at the end of April when the project’s mainnet beta cluster “stopped producing blocks as a result of delayed consensus”.
The outage came after Solana dealt with network and performance issues that were already disclosed in December and January. blackout last September.
The InvestAnswers host also notes that Solana has higher inflation than Ethereum.
He said Ethereum’s advantages include larger size, faster launch date, and higher adoption rate. He also adds that Ethereum has the most validators, is more decentralized and has less regulatory risk.
Solana’s underlying asset, SOL, is trading at $65.51 at the time of writing. The seventh-largest crypto asset by market cap has fallen more than 14% in the last 24 hours.
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