Here’s How Solana Outperformed Ethereum In The Bear Market

Nidhish Shanker
July 18, 2022
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Solana Co-founder Compares with Ethereum as Sol Dex Volume Hits $50Bln

Data from CoinMarketCap shows that Solana’s L1 smart contract platform outperformed both Ethereum and BNB Chain in terms of the number of daily active users. 

CoinMarketCap compared the number of daily active addresses on each smart contract platform since November 2021. 

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Solana Beats Ethereum, BNB Chain 

According to the data, Solana managed to increase its daily active users by 20% in the bear market. However, Ethereum and BNB Chain experienced a significant decrease during the same period.

Ethereum’s daily active users fell by 27.2% while BNB Chain’s fell by a massive 68.8%. CoinMarketCap points to Solana’s increase might be due to the expansion of its DeFi and NFT ecosystem. During this time, it integrated with OpenSea and adopted Phantom Wallet. 

Solana has also outperformed Ethereum and BNB Chain in the number of new daily addresses. BNB chain experienced a decline of 17.9% and Ethereum declined by a significant 51.8%. Solana however increased its new active address by 58.6%. Solana’s smart contract platform is known for its scalability and affordability. 

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BNB Dominates In Other Areas

CoinMarketCap data reveals that BNB Chain outperformed both Ethereum and Solana in terms of change from all-time high(ATH) values. BNB Chain declined from its ATH value of $ 654.32 to $225.86, experiencing a decline of 65.5%. BNB is currently trading at $261.13.

On the other hand, ETH experienced a downfall of 77.1%, and Solana experienced a massive downfall of 87%. ETH has currently experienced a massive rally and is trading at $1,482. Solana has also experienced an increase of 20% in the last 7 days to trade at 42.11.

BNB also outperformed other tokens during the bear market of 2018.

Ethereum also suffered the most decline of any platform in daily network fees. Ethereum’s daily gas fees fell from an all-time high of $8.74 M on November 8th, 2021 to $709K. Ethereum’s gas fees declined by about 90% in the bear market. 

Solana’s daily network fees went down by 89% and BNB Chain’s went down by 88%.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society's biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.