Solana Emerges as Primary Competitor to Ethereum

Many investors are on the lookout for the next big thing, whether it's a startup, stocks, bonds, commodities, or cryptocurrencies. Hence, the fascination with discovering the "next Ethereum" or even an "Ethereum killer" seems natural. Ethereum's smart contracts set industry standards nearly a decade ago, sparking dozens, if not hundreds, and even thousands of competitor networks. Currently, Solana is widely considered the primary competitor to Ethereum. Market capitalization comparisons show that, so far, nothing has come close to surpassing Ethereum. In fact, over the past three years, BNB Chain (BNB) and Cardano (ADA) have been the closest. In April 2021 and at the end of 2022, BNB's market cap was about 33% of Ethereum's. During the last bull market, ADA's market cap reached as high as 25% of Ethereum's. Solana (SOL) set a new record last month, reaching 19% relative to Ethereum. Since Christmas, Solana's market cap ratio has dropped by a quarter and now stands at approximately 14%. With its rapid market cap growth, Solana is swiftly emerging as the primary competitor to Ethereum.