In 2020, the cryptocurrency Solana (SOL) surpassed Ethereum for the first time in 24-hour decentralized exchange (DEX) volume, according to DeFiLlama data. This development was closely followed by crypto whales and enthusiasts. The Solana community celebrates this turning point with the rapid sell-out of Saga Mobiles and the record-breaking performance of the meme coin named Bonk.
Solana’s Proof-of-Stake (PoS) blockchain was founded in 2018 by Solana Labs by Anatoly Yakovenko and Raj Gokal. Several factors contributed to SOL’s success, one of which could be the high sales of Solana Mobile.
At the same time, it is thought that the dog-themed meme coin based on Solana, Bonk, might have benefited SOL with significant changes. Last week, Bonk experienced large trading volumes, contributing positively to the atmosphere in the Solana ecosystem.
Circle CEO Jeremy Allaire also made a statement. According to the CEO, the day when Solana surpassed Ethereum and Saga Mobiles sold out was described as a “big day” for Solana. Raj Gokal from Solana responded to this significant point as “An incredible milestone. We are just getting started in six years!”
While Anatoly Yakovenko agrees with the view that Solana has outperformed Ethereum, he also noted that developers have made significant contributions to the success of Solana. The ecosystem continues to work on improvements with “Solana DeFi 2.0”.