Solana has surpassed both BNB Chain and Tron in terms of total transaction fees, marking a significant milestone in its growth. However, Ethereum still maintains its position as the top fee generator among blockchain networks.
Additionally, other Layer 1 blockchains like NEAR and Fantom are also experiencing flourishing activity, reflecting a broader trend of growth and adoption in the cryptocurrency space.
Solana Leads Transaction Fees Surge, Ethereum on Top
In a recent development in the cryptocurrency realm, Solana, a prominent layer 1 blockchain, witnessed a remarkable surge in total transaction fees, soaring by nearly 400%. This surge propelled Solana to surpass both BNB Chain and Tron in terms of total transactional fees collected, marking a significant achievement for the platform.
Despite Solana’s impressive performance, Ethereum continues to reign supreme as the top fee generator in the blockchain space, with transactional fees amounting to around $606 million.
Amidst the fervor surrounding layer 1 blockchains, Ethereum and Solana have made significant strides, reaching 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 See Optimistic Performance in March
The insights provided by the on-chain metrics tracker ‘The Block Pro’ paint a positive picture for layer 1 blockchains such as Ethereum, Solana, Fantom, and NEAR as March came to a close.
March saw Ethereum and Solana reaching new year-to-date highs, with Ethereum hitting approximately $4,094 and Solana reaching around $210. These milestones fueled optimism in the market, instilling confidence among investors.
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, such as NEAR’s announcement of its data availability layer and Fantom’s 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.
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.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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