This summer, ether (ETH 4.82%) is arguably the most exciting cryptocurrency in the world. And with good reason – the upcoming merger has a huge impact, not only on Ethereum’s future price, but also on the future direction of the broader crypto market. The only problem is that if you don’t already have an Ethereum position in your portfolio, you missed out on this crypto’s stratospheric price advance. Over its lifetime, Ethereum is up a staggering 155,584.06%.
The good news is that there is another crypto – Solana (SOL -2.99%) – that could be just as attractive if not more attractive than Ethereum. And much of the easy money in Solana has yet to be made as this crypto is still trading around $40 right now. While Ethereum has a total market cap of nearly $200 billion, Solana has a market cap of just $14 billion.
The battle for blockchain supremacy
Just like Ethereum, Solana is a Layer 1 blockchain, meaning it is a cornerstone of everything currently being created in the blockchain world. Non-technically, this means you can build on top of Solana, just like Ethereum. Ethereum has NFTs (non-fungible tokens) and NFT marketplaces, as does Solana. Ethereum has smart contracts, and so does Solana. Ethereum has decentralized finance (DeFi) apps and exchanges, as does Solana. They have the idea: Anything Ethereum can do, Solana can do it too.
The only difference, of course, is that Solana is faster, cheaper, and more efficient than Ethereum. You see, while Ethereum is transitioning from a proof-of-work blockchain to a proof-of-stake blockchain, Solana already has a proof-of-stake blockchain.
The difference between proof-of-work and proof-of-stake might sound like a small technical difference, but it has very important implications for transaction speeds and transaction fees. This is why Ethereum went all-in on the merger. Proof-of-work requires mining, is very energy intensive, and simply does not scale for the future. On the other hand, Proof-of-Stake uses a consensus mechanism to verify transactions called “staking” and is not at all power intensive. Mining is not required. Right now, Solana is superior to Ethereum in almost every way. For this reason, mainstream media publications routinely refer to Solana as an “Ethereum killer.”
Rooting for the blockchain newbie
Quite simply, developers and users would rather use a cheaper, faster, and more efficient blockchain. If you’ve ever used Ethereum, for example, you’ve probably heard about the onerous “gas fees” that come with almost every transaction. If you buy an NFT, you may pay more gas fees than you would for the digital asset. Solana doesn’t have the same high fees for crypto gas, and that’s why Solana is gaining so many new followers in the world of NFTs.
However, with Ethereum being so established as a dominant market player, many people may not have heard of Solana. This is the perfect situation if you missed Ethereum and are now considering Solana. This means you get access to a blockchain newcomer with arguably the same prospects as the market leader, all at a discounted price. Now is the time to jump in before everyone else finds out why Solana is superior to Ethereum in so many ways.
The best blockchain for Web3
The Internet is currently still in the Web 2.0 phase. Think of it as the era of the big social media giants in Silicon Valley. But we’re about to enter a bold new phase of development known as Web3. This is the era of fully decentralized apps running on the blockchain. It will likely lead to new social experiences, new gaming and entertainment experiences, and new ways of transferring value around the world.
Obviously, the blockchain, which becomes the entry platform for Web3, will receive a huge boost in the crypto market. For now, Solana is showing it can lead and lead this new build of Web3. Most notably, Solana will soon ship the very first crypto phone. This will be a mobile device fully optimized for the world of crypto and blockchain. And Solana has completely revolutionized the world of blockchain gaming with move-to-earn game STEPN, which rewards users in crypto for physical activity.
A bright, sunny future for Solana
If you missed Ethereum, don’t worry. Finally, Solana could offer the same kind of upside when it comes to price appreciation. If Solana ever becomes the Ethereum killer everyone thinks will be, then you’ll be glad you waited for this opportunity to jump on board.