Is Solana Becoming The Preferred Choice For Ethereum Developers? SOL’s Uptrend Suggests A Shift

Since
trading
firms
like
FTX
collapsed
in
November
2022,
the
Solana
blockchain
has
seen
significant
gains
and
regained
investor
confidence,
with
Ethereum
developers
increasingly
migrating
to
it. 

According
to
a
recent
analysis
by
Jack
Inabinet,
Senior
Analyst
at
Bankless,
with
significant
growth
in
key
metrics
and
SOL’s
year-to-date
increase
of
770%,
Solana
has
solidified
its
position
as
a
top-tier
blockchain.
Native
teams
within
the
Solana
ecosystem
played
a
key
role
in
its
resurgence,
but
now
non-native
protocols
are
also
seizing
the
opportunity. 

Developers
Deliver
On
Hype

Solana’s
comeback,
from
a
low
of
$8
in
December
2022
to
an
annual
high
of
$210
in
March,
is
one
of
the
most
notable

uptrends
of
this
bull
cycle.
However,
the
ecosystem’s
growth
extends
beyond
its
native
token
holders.

Related
Reading

According

to
Inabinet,
developers
have
delivered
on
the
hype,
starting
with
the
PYTH
airdrop,
the
Pyth
network’s
native
token.
This
incentivized
users
from
different
ecosystems
to
explore
SOL
by
assigning
tokens
to
addresses
interacting
with
Pyth
oracles
across
multiple
networks. 

Additionally,
Solana-native


liquid
staking
protocol

Jito
Labs
conducted
its
airdrop,
catalyzing
“mass
adoption”
through
points-based
incentive
systems.

While
Solana-native
protocols
laid
the
foundation
for
the
platform’s
mainstream
adoption,
Ethereum
developers
are
increasingly
migrating
to
SOL.
Inabinet
highlights
that
recognizing
the
significant
on-chain
activity
within
Solana,
projects
are
eager
to
capitalize
on
the
opportunity. 

Ethereum
Developers
Flock
To
Solana

For
example,
the
decentralized
compute-sharing
network
Render
migrated
its
token
to
the
Solana
Program
Library
(SPL)
standard,
and
MetaMask
introduced
Solana
compatibility
by
introducing
“Snaps.” 

In
addition,
according
to
Inabinet,
Aave,
Ethereum’s
first
lending
destination,
has
approved
the
deployment
of
a
minimally
viable
version
of
its
V3
isolated
money
market
through
Neon


Ethereum
Virtual
Machine

(EVM),
a
compatible
Ethereum
development
environment
built
on
top
of
Solana. 

Proposals
for
independent
deployments,
such
as
the
EVM-based
perpetual
trading
platform
GMX,
further
demonstrate
the
growing
interest
in
SOL.

However,
the
analyst
noted
that
Ethereum
and
Solana
have
different
approaches
to
scaling,
with
Ethereum
opting
for
network
fragmentation
and
Solana
favoring
a
unified
state. 

Related
Reading

Given
these
approaches,
Inabinet
suggests
that
Solana’s
alternative
vision
of
blockchain
offers
attractive
features,
attracting
developers
seeking


scalability

and
concentration
of
use. 

Nonetheless,
the
analyst
cautions
that
developers
must
take
a
diversified
approach
to
maximize
success
and
secure
market
share.
Inabinet
concluded: 

The
crypto
industry
must
hurdle
a
massive
chasm
of
uncertainty
to
progress
from
infancy
into
an
end-state
where
true
adoption
is
achieved,
and
trillions
upon
trillions
of
dollars
in
traditional
assets
make
their
way
on-chain.
Until
then,
application
developers
succumbing
to
blind
chain
loyalty
are
leaving
money
and
market
share
on
the
table.

As
of
press
time,


SOL

has
seen
a
5%
increase
in
the
last
24
hours,
resulting
in
a
current
trading
price
of
$171,
with
the
next
price
hurdle
at
$176. 

Featured
image
from
Shutterstock,
chart
from
TradingView.com