In comparison, Solana-specific investment funds witnessed $1.6 million in inflows in the week ending June 29, helped by the buzz regarding the potential approval of their spot ETFs in the United States. Meanwhile, on a year-to-date timeframe, these SOL funds have attracted $41 million so far.
That is despite the potential launch of Spot Ethereum ETFs launch in July after the U.S. Securities and Exchange Commission’s (SEC) nod to its filings in May. However, the launch has been delayed beyond the initially predicted date of July 2, which Bloomberg ETF analyst Eric Balchunas had predicted earlier.
Solana is Beating Ethereum on Key Network Metrics
The stark contrast in net fund flows between Solana and Ethereum highlights their differing performances as layer-1 blockchains. For instance, Solana is outperforming Ethereum so far in 2024 in terms of the total-value-locked (TVL) growth.
For the unversed: A TVL is a key metric indicating the amount of assets being staked or used in the blockchain’s decentralized finance (DeFi) ecosystem.
As of July 2, the Solana blockchain network’s TVL, calculated in its native token SOL, had risen 121% year-to-date. In comparison, the Ethereum blockchain network’s TVL was up 31.58% in the same period.
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