Here’s How Solana Outperformed Ethereum In The Bear Market
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.
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.
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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