Solana has been praised for its remarkable growth in the blockchain space, earning the nickname “Mac OS of blockchain” from several leading industry experts.
The SOL ecosystem is gradually becoming the go-to blockchain for new tokens, especially meme coins, consolidating its position in the industry.
Solana is compared to Apple's MacOS
Three Pantera Capital executives likened the Solana ecosystem to Apple’s macOS in their “Blockchain Letter.” In the letter, general partner Franklin Bee, portfolio manager Cosmo Chang, and investment analyst Eric Wallach mention blockchain oligopoly.
Pantera executives acknowledge the power seen in developer dominance (70-80%) of the Ethereum blockchain . Nonetheless, they emphasize that Solana is a strong contender, especially over the past year.
“Ethereum’s dominance appears to be giving way to a multipolar model. Solana has gained significant market share over the past year. This shift is reminiscent of Microsoft's dominance in the early desktop computer market until Apple broke through with its vertically integrated approach.Solana is now a major contender for the future of blockchain development,” experts say.
Read more: 6 Best Platforms to Buy Solana (SOL) in 2024
Executives liken Solana to Apple. The monolithic architecture seen in the product roadmap focuses on optimizing blockchain components. According to Be, Jang, and Wallach, this is the same way Apple vertically integrated the hardware and software stack in macOS. Notable advantages of this approach include a smooth user experience (UX), faster innovation, and enhanced security.
Additionally, the Solana blockchain has “architectural advantages” over competitors such as Ethereum and Cosmos . These principles make the SOL Network suitable for use cases such as content distribution, decentralized physical infrastructure networks (DePIN), and central limit order windows (CLOB). Solana's high-performance blockchain also enables the creation of capital-efficient financial markets such as CLOB-based Phoenix and lending protocol MarginFi .
A study published in March called Solana the “ Apple of cryptocurrencies, ” noting its innovations focused on leveraging hardware to enhance Web 3.0 experiences. Network performance and commitment to community and ecosystem development set Solana apart. Technology advancements and strategic partnerships also reflect Solana's leadership in connecting blockchain and financial systems.
SOL records strong fundamental growth
The letter also demonstrates fundamental growth in the Solana blockchain, including user growth and accelerating transaction fees. These developments have established Solana as a primary destination for retail users and Memcoin traders, displacing Ethereum’s dominance of NFTs in previous cycles.
The chain's unique active addresses have grown significantly between 2020 and 2023, growing by 1,342% from 14,000 to 202,000. It has now reached 1.34 million, showing significant growth in user activity.
Read More: Solana (SOL) Price Prediction 2024/2025/2030
The report cites the intensity of demand for block space on Solana, which has seen priority fees rise on the network. Additionally, new tokens are being created on top of the SOL chain, surpassing those seen on the BNB , Ethereum, and Polygon blockchains.
“By May 2024, Solana represented the highest percentage of all new tokens appearing on decentralized exchanges, accounting for 85% of all new tokens, up from 50% a year ago. This increase in Solana-based tokens reflects the strength in retail usage driven by Memcoin activity,” the report explains.
The dominance of Solana’s main wallet, Phantom, in the iOS App Store rankings also reflects the growth of retail users on the SOL chain. Management attributes this influx of retail users to the boom in Memcoin trading on the Solana decentralized exchange (DEX) .
Read more: 11 Solana meme coins to watch in June 2024
What's noteworthy is that Solana's DEX volume share has surged more than 24% since 2021, showing impressive growth to account for more than 60% of incremental DEX volume in May 2024 alone.
This signals significant momentum in Solana's DEX ecosystem and demonstrates the contribution of its high-performance architecture that has enabled rapid growth in market share. The report concludes that the surge in user activity and DEX trading volume has translated into real economic value for SOL holders .
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