- Solana has surpassed Ethereum in terms of fees paid to validators.
- As the price of ETH has fallen, its usage on the Ethereum network has decreased.
Popularity of Solana [SOL] The network helped attract a large number of users, and therefore an increase in activity on the network was observed.
Gasoline is charged
Due to increased activity on the network, fees paid to validators on the Solana network have increased.
Ethereum [ETH] has long been a dominant player in the smart contract platform space. Solana’s rise in popularity could chip away at Ethereum’s market share, especially if fees remain competitive with Ethereum.
This weakens Ethereum’s position as the go-to blockchain for developers and users.
Source: Artemis
The state of the Ethereum network is also dire. Over the last month, the number of daily active addresses on the Ethereum network has decreased significantly.
According to Token Terminal, the number of daily active users on the network has decreased by 2.9% over the past 30 days.
Furthermore, the average revenue generated by the network during this period also decreased significantly by 81.6%.
Source: Token Terminal
NFT transactions on the Ethereum network also fell significantly last month.
The popularity of NFTs on alternative chains such as Bitcoin [BTC] and solana [SOL] It could be acquiring a significant portion of the Ethereum network.
Source: Santiment
ETH also did not fare well in terms of price. Since April 8, its price has fallen significantly and has experienced multiple lows and highs, indicating a bearish trend.
Accordingly, Ethereum’s CMF (Chaikin Money Flow) significantly decreased to -0.21 during this period. This means that funds flowing into ETH have decreased significantly over the past few days.
Ethereum’s RSI (relative strength index) has also declined during this period, suggesting that momentum was in the bearish favor at the time of writing.
Source: Trading View
read ethereum [ETH] Price prediction for 2024-2025
new addresses added
In addition to that, the speed of ETH has also decreased, indicating a decrease in trading frequency. In contrast, ETH’s overall network growth has grown significantly.
This means that new addresses continued to show interest in ETH tokens.
Source: Santiment
