Will Solana lead Summer Defaye?

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 centered 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 introduced itself as a user-friendly platform.

The advantages of Solana network over Ethereum include the Phantom wallet, one of the Solana network wallets, with a user-friendly interface that has grown rapidly from 40,000 to 3 million users. The goal of this wallet is to reach 10 million users.

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Another advantage of Solana is its price. This digital currency is currently 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.

Anticipated airdrops in Solana projects provide a new incentive for users.

Meanwhile, most Ethereum DApps have done their airdrops in the past. With the overall improvement 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 important to note that these factors alone will not make Ethereum obsolete.

We have to wait and see if these developments will continue or not. If these improvements continue, we will have a really exciting experience in the summer of the new Defa.