In November, the total amount of locked value (TVL) in the decentralized financial ecosystem built on the Solana blockchain ($ SOL) rose. While Ethereum’s transaction fees hit a new all-time high this month. This indicates that investors have switched to Solana due to lower transaction fees.
According to CryptoCompare’s latest asset report, decentralized financial activity on the Solana blockchain continued to grow in the past month, but at a slower pace compared to October. IT volume grew by 15.8% compared to October and amounted to $ 14.4 billion.
The report said fees spent on the Ethereum network continued to rise in November, hitting another monthly all-time high of $ 1.82 billion, up 34.6% from October.
As reported by CryptoCompare, the average transaction fee rose to an all-time high of $ 48.33, well above Solana’s transaction fee, which averages less than one cent. More than 77% of Solana $ SOL tokens are hosted on the cryptocurrency network and generate income for their owners, so much so that the cost of placing on the network has exceeded $ 84 billion, according to Staking Rewards.
Online stacking rewards have made Solana the top choice for investors looking to earn interest on their crypto assets. Betting allows users to earn interest on their cryptocurrency while helping keep the underlying network secure.
According to CryptoCompare, on-chain stacking is possible in cryptocurrencies using the Proof-of-Stake (PoS) consensus mechanism. PoS networks are often more energy efficient than PoW networks and support some degree of decentralization.
Solana itself is a high-performance blockchain founded by former engineers from Qualcomm, Intel and Dropbox that uses a Proof-of-Stake (dPoS) delegated consensus algorithm. The network uses a unique method of sequencing transactions, which significantly increases its speed and throughput.
CryptoCompare’s previous digital asset management report showed that solana-based investment products, along with Litecoin-based products, outperform Bitcoin-based alternatives.
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