According to CoinGecko Research, the Solana network has emerged as the leading blockchain ecosystem of the year [2024] thus far.
The layer 1 blockchain currently captures 49.3% of the global crypto investor interest in chain-specific narratives, as indicated in the report published on March 20 2024.
“Solana ecosystem’s dominant mindshare has been fueled by Solana’s continued rally back to 2021 highs, alongside the strong performance of key ecosystem project tokens such as Pyth and native memecoins such as DogWifHat,” the report added.
Solana experienced a significant surge on March 18 2024, surpassing the $200 mark for the first time in two years and reaching its highest price level since 2021. This surge was propelled by a notable increase in network trading volume. Notably, SOL’s price has surged by over 700% over the past 12 months.
On March 15 2024, Solana (SOL) achieved a significant milestone as it surged by 11%, pushing its market capitalization to an unprecedented all-time high of $82.5 billion. This surge occurred despite the broader market downturn, which witnessed a 4% contraction.
A significant portion of Solana’s recent activity has occurred on decentralized exchanges (DEXs) such as Jupiter and Raydium. Traders have been actively accumulating memecoins like Bonk and Slerf within these platforms. Notably, Solana-based DEXs have been steadily gaining market share from Ethereum DEXs like Uniswap for nearly four months.
Over the past week, there has been a remarkable surge in Solana’s on-chain volumes, accompanied by a notable increase in network fees collected, reaching ATH levels. Data from DefiLlama reveals a consistent uptrend in daily transaction fees on Solana since the start of March 2024. On March 18 2024, the total transaction fees paid on Solana reached a record-breaking $5.08 million, according to some trackers.
Solana Daily Volume and Daily Volumes have reached ATH recentlyThe network, which had the second largest number of active developers in 2023 after Ethereum, even surpassed Ethereum in terms of 24-hr trading volume on March 20 2024, even though Ethereum was back on top a day later.
REPORT | #Solana Had the Second Largest Ecosystem of Total Monthly Active Developers in 2023 After Ethereum
Over half of the developers entering the ecosystem possess a minimum of three years of experience, contributing to a more seasoned level of input in the development of… pic.twitter.com/OrQB00jP0o
— BitKE (@BitcoinKE) March 23, 2024
For the Ethereum ecosystem, it has captured 12.7% of investor interest, ranking it as the second most popular blockchain ecosystem in 2024, said CoinGecko Research.
“This is likely because Ethereum is already well-established as an ecosystem and familiar to investors, such that it is no longer considered a new, trending crypto narrative. At the same time, attention towards the Ethereum ecosystem is increasingly dispersed across the layer 2 ecosystems building on top of it,” said CoinGecko.
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In total, all of the Ethereum layer 2s account for 11.9% of investor interest in blockchain ecosystems YTD.
The Arbitrum ecosystem and Base ecosystem have emerged as the most popular among Ethereum layer 2s, capturing 3.3% and 3.2% of investor interest in chain-specific narratives respectively YTD. The Arbitrum ecosystem’s mindshare is likely contributed by Arbitrum being the largest layer 2 in terms of total value locked (TVL), while the popularity of Base ecosystem has been driven by its affiliation with crypto exchange Coinbase and native meme coin activity.
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