- Solana outperforms Tron in various sectors, despite having fewer active addresses.
- A booming NFT market and high activity on dApps helped the network’s rise.
Tron [TRX] has been exceeding expectations as the number of daily active users continued to surge. This caused the protocol to generate large amounts of revenue.
Check out the Weekly Fundamentals report from @tokenterminal!
✅ Token transfers fuel growth
✅ Strong adoption in emerging marketsRead more about this: https://t.co/vh8kK15L0d pic.twitter.com/qlLfdaEG9e
— TRON DAO (@trondao) May 19, 2023
Is your portfolio green? Check out the Tron Profit Calculator
However, despite these factors, Solana [SOL] outperformed Tron in various areas.
Tron cannot catch up
Artemis’ data showcased that the daily active addresses on the Tron network were high compared to Solana at press time. However, the latter still outperformed Tron in terms of daily transactions by a huge margin.
Source: Artemis
This indicated that even though Tron had a large user base, Solana’s users were more engaged with the network. One reason for the same would be the popularity of Solana NFTs. Popular Solana NFT collections, such as Solana Monkey Business and DeGods, have been doing relatively over the last week.
According to SolanaFloor’s data, the number of owners holding the Solana Monkey Business collection has grown materially over the last few days. Coupled with that, the floor price of this NFT collection also grew significantly in the same period.
Source: SolanaFloor
Until press time, no Tron NFT collection could garner the same level of interest as Solana Blue Chip NFT collections.
The dApp angle
Another factor that has aided Solana in retaining such a loyal and engaged user base is because of the dApps on its protocol. One of its dApps, called Raydium, has seen a massive uptick in the number of users on its protocol. Over the last month, the unique active addresses on the protocol surged by a whopping 163.5%.
Realistic or not, here’s Solana’s market cap in BTC’s terms
Subsequently, the number of transactions being made on the network also grew.
Source: Dapp Radar
Stakers were optimistic about the state of the network as well. Staking Reward’s data indicated that the number of stakers increased by 4.81% in the last month, standing at 621,060 at press time.
Source: Staking Rewards
