With the vast adoption of crypto in Q3, Solana (SOL) has slowly but steadily become the star cryptocurrency of the year.
Solana (SOL) reached new popularity milestones as the smart contract platform hit all-time highs with the fast-moving mainstreaming of blockchain and cryptocurrencies in 2021. After a short while, Solana (SOL) managed to compete with Cardano (ADA) and Ethereum (ETH) to become the most staked cryptocurrency, which many are now labeling as the “Ethereum Killer”.
In every week that has gone by, Solana (SOL) has managed to gain significant percentage points on the market share, and given that investors were looking for more affordable options to Ethereum (ETH), DeFi services on the blockchain also increased.
Though Ethereum (ETH) still dominates the DeFi market, Solana (SOL) has grown enough to be considered a formidable competitor as far as staking is concerned.
Cardano used to have the honor of having the most staked crypto for quite some time. As staking on the network increased, Solana has now taken over that status. In terms of overall value staked on the blockchain, it has now surpassed Cardano (ADA) and Ethereum (ETH).
Due to the passive income element, staking has become increasingly popular among investors. This has pushed digital assets such as Ethereum (ETH) and Cardano (ADA) to the center of the cryptocurrency market, as these networks provided consumers with lucrative rewards.
Nonetheless, Solana (SOL) has gained the status of the most staked cryptocurrency because of the better staking rewards as compared to Ethereum (ETH) and Cardano (ADA). It reached this status having hit an overall value of staked coins of $84 billion on the 23rd of November.
Related: Solana Breaks ATH Overtaking Cardano as Top 5 Biggest Crypto
Solana’s yields are currently staking 77.37% of its entire supply at a 6.79% yearly yield. In comparison, Cardano and Ethereum have 70.5% and 6.85% of their entire supply staked at 5.71% and 5.2% of yearly yields, respectively.
As Ethereum (ETH) becomes more competitive, popularity in activities on other smart contract platforms is increasing. Although DeFi and NFT minting still see the greatest activity on the network, other coins like Solana (SOL) and Cardano (ADA) are making inroads.
Cardano’s network activity has risen far over that of Ethereum in November, indicating that Cardano (ADA) is being used more. On Solana (SOL), activities including NFT minting and DeFi services are building up, with Cardano (ADA) planning to release its first DEXes shortly.
Having uploaded 100,000 staking wallets in a span of merely two months, Cardano (ADA) has definitely incurred a surge in staking wallets. During November, Cardano’s new and active wallets surged considerably, indicating increasing popularity.
Solana (SOL), however, has garnered great acclaim from Sam Bankman-Fried the founder of FTX, who posited that Bitcoin (BTC) may very well have a possible successor.
Also read: BTC to Reach $45 trillion in 2021, Doubling the Value of Former Years