Solana has emerged as a strong competitor to Ethereum, surpassing it in transaction fees, active users, and overall economic value. Solana's Real Economic Value is 111% compared to Ethereum.
Solana has 5.8 million active users and transaction fees of $4.544 million, outpacing Ethereum. It is considered undervalued with a market capitalization of only 22% of Ethereum's. The memecoin frenzy, particularly through Pump.fun, has contributed to Solana's growth. Financial institutions like Citibank and Franklin Templeton are exploring integration with Solana. Stablecoins on Solana, such as EUR CoinVertible and USDS, enhance its utility.
Solana's upcoming Firedancer upgrade will enhance scalability and stability. The SIMD-215 proposal will optimize account verification and tracing. Solana's ability to innovate and adapt positions it to challenge Ethereum's dominance.