Solana Skyrockets in Transaction Fees, Ethereum Maintains Market Dominance

In the realm of blockchain networks, Solana has taken a significant leap forward, surpassing BNB Chain and Tron in total transaction fees. However, Ethereum remains the top fee generator, with other Layer 1 blockchains like NEAR and Fantom experiencing notable growth as well, reflecting an overall surge in cryptocurrency adoption and activity.

Solana Surges Ahead in Transaction Fees, Ethereum Remains Market Leader

In a remarkable surge, Solana, a prominent layer-1 blockchain, has witnessed a meteoric rise in total transaction fees, eclipsing both BNB Chain and Tron. This surge marks a significant milestone in Solana's growth trajectory, propelling it to the forefront of blockchain networks in terms of transactional fees.

However, despite Solana's impressive performance, Ethereum continues to hold its position as the undisputed kingpin of fee generation among blockchain networks. Ethereum's transactional fees still tower over the competition, amounting to a staggering $606 million.

Amidst the fervor surrounding layer-1 blockchains, Ethereum and Solana have emerged as the frontrunners, achieving new year-to-date highs. Concurrently, other layer-1 blockchains, such as Fantom and the NEAR blockchain, have also joined the momentum, showcasing noteworthy advancements in their respective cryptographic endeavors.

Layer-1 Blockchains Surge in March

On-chain metrics tracker 'The Block Pro' unveils a positive outlook for layer-1 blockchains such as Ethereum, Solana, Fantom, and NEAR as March drew to a close.

March witnessed Ethereum and Solana reaching new year-to-date highs, with Ethereum hitting approximately $4,094 and Solana reaching around $210. These milestones injected optimism into the market, bolstering investor sentiment.

Solana experienced remarkable growth in its total value locked (TVL), with a staggering 91% increase month-over-month (MoM). This growth was second only to Ethereum, which saw a MoM TVL surge of approximately $3.8 billion.

Market Cap Gains for Fantom, NEAR, and Solana

Fantom, NEAR, and Solana also witnessed significant gains in their market capitalization during March. Fantom saw a month-over-month increase of approximately 115%, while NEAR and Solana recorded gains of around 88% and 62%, respectively.

The market cap gains for NEAR and Fantom were attributed to specific developments within their ecosystems. NEAR announced its data availability layer, while Fantom unveiled its upcoming Sonic network upgrade. As for Solana, its gains were influenced by a multitude of factors, further contributing to its robust performance during the month.

Optimistic Future for Layer-1 Blockchains

Fantom's Sonic network upgrade aims to significantly boost transaction speeds to 2,000 transactions per second (TPS) and enhance support for decentralized finance (DeFi). On the other hand, NEAR's announcement of its data availability layer offers Ethereum developers and rollups a cost-effective and secure solution for data availability.

These developments collectively indicate a positive outlook for layer-1 blockchains like Fantom, NEAR, Solana, and Ethereum in the market. Solana and Ethereum, in particular, have made significant strides with their cryptographic ventures, positioning them favorably in the industry.

Market Stabilization for Blockchain Tokens

Amidst these advancements, the native tokens of these blockchains—ETH, SOL, NEAR, and FTM—have experienced a consolidation phase in the market. Despite the overall optimism surrounding the blockchain ecosystem, the tokens are currently undergoing a period of stabilization.

Disclaimer:

This article is solely intended to provide information and should not be construed as legal, tax, investment, financial, or any other type of advice.