In a recent attention-nabbing event witnessed within the cryptocurrency sector, Solana, a renowned layer 1 blockchain, emerged as the leading platform in terms of on-chain financial activity as its total transaction fees rocketed nearly 400%. This chronicle aided Solana in surpassing BNB Chain & Tron in total transactional fees collected. However, Ethereum remains at the top of the fee generator list, with transactional fees collected around $606 million.

Meanwhile, layer 1 blockchains Ethereum and Solana embarked upon additional strides, scaling new year-to-date highs recently. Concurrently, Fantom and the NEAR blockchain followed the layer 1 frenzy, additionally showcasing significant advancements concerning their respective cryptographic ventures.

Layer 1 Blockchains Flourish

According to the insights revealed by the on-chain metrics tracker ‘The Block Pro,’ March concluded on an optimistic note for Ethereum, Soalana, Fantom, and NEAR, layer 1 blockchains.

Concerning this, Ethereum & Solana scaled new year-to-date highs of approximately $4,094 and $210, respectively, fueling market optimism among investors. Simultaneously, Solana’s total value locked (TVL) grew around 91%, second only to Ethereum, which saw a MoM TVL increase of approx. $3.8 billion.

Meanwhile, Fantom, NEAR, and Solana noted significant gains in market cap, with MoM increases of approximately 115%, 88%, and 62%, respectively. These gains are primarily attributed to NEAR’s announcement of its data availability layer and Fantom’s upcoming Sonic network upgrade, whereas Solana’s gains are attributed to a plethora of reasons.

Notably, the Fantom Sonic network upgrade aims to substantially enhance transaction speeds to 2,000 transactions per second (TPS) and improve decentralized finance (DeFi) support. Whereas, NEAR’s data availability layer announcement is a cost-effective and secure data availability solution for Ethereum developers and rollups.

This collectively paints an optimistic outlook for the abovementioned layer 1 blockchains in the market, with Solana and Ethereum, in particular, making considerable advancements with their cryptographic ventures. In the interim, the native tokens of these blockchains, ETH, SOL, NEAR, & FTM, conversely mirrored a consolidation phase in the market.

Also Read: EtherFi Commits $500M Restaked ETH In RedStone Oracles

ETH, SOL, NEAR, & FTM Prices Slip

Despite the noteworthy developments mentioned above, the broader market braces itself as the upcoming BTC halving nears. Aligning with this sentiment, cryptocurrencies appear to be witnessing quite a turbulent shift in market dynamics, accompanied by highly volatile price movements.

Ethereum’s price fell 1.66% in the past 24 hours and currently rests at $3,454. Solana trades at $167.04, with a 3.02% drop in the past 24 hours. NEAR token jotted a 5.50% drop in the past 24 hours and currently stands at $6.56. Lastly, Fantom (FTM) token fell 6% over the past day, currently at $0.8688.

Also Read: Messari CEO Eager To Join SEC Investor Advisor Committee, A Pro-Crypto Move?

The post Solana Overtakes BNB Chain & Tron As Total Transaction Fees Spikes 400% appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am