During the summer of cryptocurrencies (2020-2021) known as the “Summer of DeFi”, layer 1 alternative protocols experienced a huge increase. Now there is speculation that another version of DeFi Summer is taking shape, albeit ceered on Solana (SOL) instead of Ethereum (ETH).
Ethereum’s ongoing problems, such as the high fees of this network, are considered a reason why users do not welcome this network. Meanwhile, Solana has iroduced itself as a user-friendly platform.
The advaages of Solana network over Ethereum include the Phaom wallet, one of the Solana network wallets, with a user-friendly ierface that has grown rapidly from 40,000 to 3 million users. The goal of this wallet is to reach 10 million users.
Another advaage of Solana is its price. This digital currency is currely trading at $57. Owning 1 Solana is achievable for most people, while owning 1 Ethereum is not possible for many users.
This removes a huge psychological price barrier for a new user. Focusing on affordability, high speed and user-friendliness, Solana achieved a total locked-in value (TVL) of $9.9 billion in the summer of DeFi.
Aicipated airdrops in Solana projects provide a new inceive for users.
Meanwhile, most Ethereum DApps have done their airdrops in the past. With the overall improveme in market conditions, market bulls may allocate more capital to Solana, which could lead to an increase in the price of this currency. .
Solana is poised to lead the summer of DeFi, but it’s importa to note that these factors alone will not make Ethereum obsolete.
We have to wait and see if these developmes will coinue or not. If these improvemes coinue, we will have a really exciting experience in the summer of the new Defa.
