Solana has become one of the major players in the crypto market. Recently, it saw its decentralized applications (DAPPS) generate a whopping 73.3% of all income brought in by crypto apps within a single day.
This is a key point that reflects the shift in competition, since then Solana It has surpassed Ethereum and Binance Smart Chain in the daily income department. The development shows that the ecosystem around Solana is getting stronger, attracting not only users but developers as well.
Solana excelled in the field of cryptography
On January 21, 2025, Solana’s decentralized applications generated the most money ever, marking a significant moment for blockchain. ethereum It has been the leader in decentralized applications for a long time, but Sol is growing rapidly and becoming a competitor to both Ethereum and Binance Smart Chain. SOL’s growing profits show that more people are interested in its system, which benefits from fast and affordable transactions.
Old age: solana The apps hit a new milestone, capturing 73.3% of all crypto app profits in a single day.
-BNB: 9.44%
– Ethereum: 6.46% pic.twitter.com/ras6z72slv– Solanafloor (solanafloor) January 22, 2025
According to market data, Solana-based applications generated nearly Ethereum entering second place over the past 24 hours. The network brought in over $8.9 million throughout the period; Bonkbot and Raydium led the battle with $2.67 million and $1.17 million, respectively.
Defillama updates indicate that their applications are made $751 million in revenue In the last quarter of 2024, Ethereum more than tripled $314 million. However, the latest Blockchain dominates the category in 2024, accumulating around $2 billion.
SOL market cap currently at $109.5 billion. Chart: TradingView.com
Using effective layer 1 technology
The SOL layer 1 design makes it stand out in the blockchain system. Its architecture can handle many transactions comfortably. This is different from Ethereum which requires multiple layers to handle multiple transactions. In contrast, for developers who want to develop and scale their applications very quickly, this provides faster transactions and lower expenses.
High-performance applications driving SOL growth
The variety of applications developed on the Solana platform has been the main driver for the company. Among the best performing applications Bunkpota meme hub effort that has gained huge popularity. Another major revenue driver for SOL is Raydium, a decentralized exchange. These apps show the diversity of the SOL ecosystem, with projects focused on entertainment as well as traditional financial solutions.
SOL price down in the last 24 hours. Source: Coingecko
Future prospects for the SOL ecosystem
Looking ahead, the market’s position on Solana has never been firmer. The more developers choose blockchain for its efficiency and scalability, the more the blockchain ecosystem is expected to expand.
Solana has proven that it can handle the increasing demands of the cryptocurrency market, and its future appears to be well set for continued growth. The question currently is whether Ethereum and other competitors will be able to maintain its leadership or whether its trend will continue to outpace it.
Featured image from Webopedia, chart from TradingView
