In an intriguing development within the cryptocurrency world, Solana, a well-known layer 1 blockchain, has taken the lead in on-chain financial activity. This was evident as Solana’s total transaction fees soared by almost 400%. As a result, Solana outpaced BNB Chain and Tron in terms of transactional fees accumulated. Nevertheless, Ethereum continues to dominate the fee market, with approximately $606 million in fees collected.
At the same time, Ethereum and Solana in the first layer of blockchains reached new peaks this year. Similarly, Fantom and NEAR, both part of the first layer, made impressive progress with their cryptographic projects.
Layer 1 Blockchains Flourish
Based on the data from ‘The Block Pro’s’ on-chain metrics, there was a positive finish to March for Ethereum, Solana, Fantom, and NEAR in the realm of layer 1 blockchains.
Regarding the current market situation, Ethereum and Solana reached new peak prices this year, with Ethereum at about $4,094 and Solana at around $210. This development has boosted investor confidence. Moreover, Solana’s Total Value Locked (TVL) surged by nearly 91%, making it the second largest TVL growth after Ethereum, which experienced an approximate monthly increase of $3.8 billion.
In the interim, Fantom, NEAR, and Solana experienced substantial growth in market capitalization. Specifically, their market caps rose by around 115% for Fantom, 88% for NEAR, and 62% for Solana during the past month. The primary causes of this growth are believed to be NEAR’s announcement of its data availability layer and Fantom’s upcoming Sonic network upgrade. For Solana, however, there are several reasons contributing to its market cap increase.
Significantly, the Fantom Sonic network modification focuses on boosting transaction speeds up to 2,000 transactions per second (TPS) and strengthening decentralized finance (DeFi) capabilities. In contrast, NEAR unveiled an affordable and secure data availability solution for Ethereum developers and rollups with their recent announcement for the data availability layer.
In simple terms, the collective performance of Solana and Ethereum, as leading layer 1 blockchains, presents an encouraging picture for the market. These platforms have been making significant strides with their cryptographic projects. Meanwhile, the prices of their native tokens, including ETH, SOL, NEAR, and FTM, have shown a trend of consolidation in the market.
ETH, SOL, NEAR, & FTM Prices Slip
In spite of the significant advancements previously outlined, there is apprehension in the wider market as the upcoming Bitcoin halving approaches. This uncertainty is reflected in the cryptocurrency sector, which is experiencing a dramatic shift in market conditions and erratic price fluctuations.
In the last 24 hours, Ethereum’s price decreased by 1.66%, now sitting at $3,454. Solana is trading at $167.04 after a 3.02% decrease. NEAR token experienced a 5.50% drop and is currently priced at $6.56. Lastly, Fantom (FTM) token has fallen 6% to reach $0.8688.
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2024-04-12 17:23