Ethereum Leads Blockchain Surge with $149.9B Volume, Outpacing Competitors Amid Layer-2 Adoption
November 19, 2024The future performance of Ether could potentially outpace the broader altcoin market, depending on the successful execution of its ambitious roadmap.
In terms of staking, Ethereum offers a more attractive annualized reward of 3.3%, although this is lower than Solana's 6.2%, which, when adjusted for inflation, results in less favorable returns for Solana investors.
Ethereum has emerged as a leader in the blockchain space, recording $149.9 billion in onchain volumes over the past month, significantly outpacing BNB Chain, which managed $26.6 billion.
In the same period, Ethereum's onchain activity surged by 37.7%, contrasting with a 6% decline in activity on BNB Chain.
Ethereum's dominance is further underscored by its impressive fee generation, bringing in $163.7 million in the last 30 days, far surpassing Solana's $133.4 million and Tron's $51 million.
Despite facing criticism for an average transaction fee of $7.50, Ethereum is seeing increased adoption of layer-2 solutions like Arbitrum, Base, and Optimism, which aim to enhance scalability.
Looking ahead, Ethereum 3.0 is set to reintroduce sharding and implement a zero-knowledge Ethereum Virtual Machine (zkEVM), although full deployment may take several years.
Despite recent challenges in maintaining prices above $3,200 from mid-September, Ethereum's onchain metrics have shown improvement relative to its competitors.
Solana's onchain volume also saw significant growth, increasing by 83% with a total value locked (TVL) of $8.3 billion, yet it still falls short of Ethereum's $59.4 billion in deposits.
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Source
Cointelegraph • Nov 19, 2024
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