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Ethereum faces skepticism as its price lags behind competitors like Solana and XRP, which have seen significant gains. However, this perceived underperformance may stem from the relative size and liquidity of these smaller assets rather than a decline in Ethereum's overall activity and market relevance. The shifting dynamics in the crypto market suggest that older coins are losing significance, while Ethereum remains a key player.
In 2024, Solana's top protocols by fees showcased a significant surge driven by memecoins. Raydium led with $648 million, followed closely by Jito at $633 million, while PUMP.FUN and Photon generated $308 million and $248 million, respectively. Other notable platforms included BLOXROUTE, Trojan, and Marinade, each contributing to the vibrant ecosystem.
Sanctum, a Solana startup, has introduced creator coins—liquid staking tokens that allow creators to earn yield while fans gain loyalty points for holding them. This initiative targets crypto-native creators, aiming to foster closer connections with their supporters and mitigate risks associated with volatile memecoins.
Ethereum developers are set to increase the gas limit to 36 million as part of the Pectra upgrade, with testing on the Mekong testnet showing stability at this level. However, challenges remain due to the consensus layer's constraints, and a broader community push is needed to signal support for the change. The upgrade, targeting a Q1 2025 release, includes significant proposals like EIP-7840 for better blob management and EIP-2537 for fairer gas pricing on cryptographic operations.
Solana emerged as the leading ecosystem for new developers in 2024, attracting a significant share of talent, particularly from India, where 27% of its developers are based. Despite Ethereum's dominance in new code production, Solana's growth highlights a shift in global developer distribution, with Asia now leading. Meanwhile, Bitcoin maintains a steady developer base, with a notable focus on layer-2 solutions and NFTs.
Katharine Ross
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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