Blog

In a latest attention-nabbing occasion witnessed throughout the cryptocurrency sector, Solana, a famend layer 1 blockchain, emerged because the main platform by way of on-chain monetary exercise as its complete transaction charges rocketed practically 400%. This chronicle aided Solana in surpassing BNB Chain & Tron in complete transactional charges collected. However, Ethereum stays on the high of the payment generator listing, with transactional charges collected round $606 million.

Meanwhile, layer 1 blockchains Ethereum and Solana embarked upon extra strides, scaling new year-to-date highs not too long ago. Concurrently, Fantom and the NEAR blockchain adopted the layer 1 frenzy, moreover showcasing important developments regarding 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 notice for Ethereum, Soalana, Fantom, and NEAR, layer 1 blockchains.

Concerning this, Ethereum & Solana scaled new year-to-date highs of roughly $4,094 and $210, respectively, fueling market optimism amongst buyers. Simultaneously, Solana’s complete worth locked (TVL) grew round 91%, second solely to Ethereum, which noticed a MoM TVL enhance of approx. $3.8 billion.

Meanwhile, Fantom, NEAR, and Solana famous important beneficial properties in market cap, with MoM will increase of roughly 115%, 88%, and 62%, respectively. These beneficial properties are primarily attributed to NEAR’s announcement of its information availability layer and Fantom’s upcoming Sonic community improve, whereas Solana’s gains are attributed to a plethora of causes.

Notably, the Fantom Sonic community improve goals to considerably improve transaction speeds to 2,000 transactions per second (TPS) and enhance decentralized finance (DeFi) assist. Whereas, NEAR’s information availability layer announcement is a cheap and safe information availability answer for Ethereum builders and rollups.

This collectively paints an optimistic outlook for the abovementioned layer 1 blockchains available in the market, with Solana and Ethereum, specifically, making appreciable developments with their cryptographic ventures. In the interim, the native tokens of those blockchains, ETH, SOL, NEAR, & FTM, conversely mirrored a consolidation part available in the market.

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

ETH, SOL, NEAR, & FTM Prices Slip

Despite the noteworthy developments talked about above, the broader market braces itself because the upcoming BTC halving nears. Aligning with this sentiment, cryptocurrencies seem like witnessing fairly a turbulent shift in market dynamics, accompanied by extremely unstable worth actions.

Ethereum’s worth fell 1.66% prior to now 24 hours and presently rests at $3,454. Solana trades at $167.04, with a 3.02% drop prior to now 24 hours. NEAR token jotted a 5.50% drop prior to now 24 hours and presently stands at $6.56. Lastly, Fantom (FTM) token fell 6% over the previous day, presently at $0.8688.

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

✓ Share:

CoinGape contains an skilled group of native content material writers and editors working around the clock to cowl information globally and current information as a truth moderately than an opinion. CoinGape writers and reporters contributed to this text.

The introduced content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.