flipside

    Try Quests to earn SOLTry Quests to earn SOL
    mag
    discord@magweb3analyst
    @magweb3analyst

    Blockchain Activity Insights: Solana vs. Ethereum in November, 2024

    Introduction

    This dashboard entails a comparative analysis of Solana and Ethereum's ecosystem performance for the month of November 2024. By analyzing and gaining insights into key metrics like transaction success rates, speed, NFT sales activity, and wallet participation, it highlights the strengths and differences between these two leading blockchain platforms.

    Insights

    • Solana processed over 62x more transactions than Ethereum in November, showcasing a massive scalability potential. Even on its lowest volume day, Solana outperformed Ethereum’s peak day by nearly 48x."

    • Solana’s average transaction speed (0.5 seconds) is significantly faster than Ethereum’s (12.1 seconds), making it a more efficient option for real-time use cases.

    • Solana’s average transaction fee of 0.0004 SOL is far lower than Ethereum’s 0.002 ETH, showcasing its cost-efficiency for high-volume activity.

    • Ethereum had a significantly higher success rate (98.47%) compared to Solana (61.95%). Solana’s lower rate may indicate challenges with reliability.

    Insights

    • Ethereum led in total NFT sales volume with $290.9M, significantly surpassing Solana’s $293.2k SOL ($64.2M as at current price).

    • Solana saw 66.2k unique buyers, surpassing Ethereum’s 41.1k. This showcases Solana’s appeal to a broader audience.

    • Ethereum’s marketplace activity was dominated by Blur($151.1M ) and OpenSea($82M), reflecting strong and high-value trading. In contrast, Solana’s marketplace activity was concentrated on TensorSwap($165K) and Magic Eden v2($88.5K).

    Insights

    • Solana recorded a total of 174.3M active wallets, significantly surpassing Ethereum’s 6.7M active wallets.

    • Ethereum’s most active wallet managed 320.9K transactions, which is ignificantly lower than Solana’s top wallet activity.

    • The top Solana wallet processed a total of 36.6M transactions, demonstrating the network’s capacity to handle high activity. Even the fifth most active wallet on Solana surpassed Ethereum's most active wallet.

    Overview - Transaction Volume, Speed, Fees, and Success Rates: Solana vs. Ethereum
    This section compares the activity metrics of Solana and Ethereum for the month of November, focusing on transaction volume, speed, fees, and success rates. These metrics highlight the scale and efficiency of each blockchain and provide insights into their performance and user adoption.
    NFT Activity: Solana vs. Ethereum
    This section dives into the NFT ecosystem activity of Solana and Ethereum during November, analyzing total NFT sales volume, unique NFT buyers, and marketplace performance. By comparing these metrics, we highlight the contrasting dynamics of the two chains in the NFT space.
    Active Wallets and Top Wallet Activity: Solana vs. Ethereum
    This section highlights wallet activity on Solana and Ethereum, focusing on total active wallets for the month of November and the transaction volume of the top 5 most active wallets on each chain. By analyzing wallet-level activity, we uncover key insights into user behavior and network usage patterns for both blockchains.
    Disclaimer: Flipside AI is here to help but it can make mistakes. Always review outputs and use the upvote/downvote buttons to help us improve. This content is not financial advice.