Ethereum, Bitcoin users rush to Solana [SOL] as they seek… | Keyword Financial

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Ethereum, Bitcoin users rush to Solana [SOL] as they seek…

May 18, 2023

By Abiodun Oladokun

Read Solana’s [SOL] Price Prediction 2023-24

High transaction fees on Ethereum and Bitcoin have led to increased network activity on Solana.

While network activity sees growth, other ecosystem metrics experience a decline.

Solana saw an influx of new users as high transaction fees on Ethereum [ETH] and Bitcoin[BTC] drove new demand to the Layer 1 (L1) network, data from The Block showed.

On the Ethereum network, the meme coin craze led by the unprecedented rally in the price, trading volume, and market capitalization of frog-themed Pepe (PEPE) situated a spike in transaction fees on the chain.

According to data from Messari, average transaction fees rallied to a high of $27.61 on 9 May, its highest level since May 2022.

As for the Bitcoin network, the introduction of Ordinals and BRC-20 tokens led to a significant increase in network activity and fees on the chain.

Data from Messari further showed that the average transaction fees on the chain went as high as $30 on 8 May, its highest since April 2021.

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TRON Integrates with Coinbase’s Base: What This Means for TRX Liquidity

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Photorealistic 3D render of an industrial vault at night. Dozens of small, insect-like, wheeled, and hovering robots are swarming an open steel safe, which is overflowing with gold and brass tokens. The robots are actively carrying, grappling, and moving the tokens, with some on the safe's rim and others on the floor. The scene is lit by cold fluorescent lights, highlighting the metallic robots and tokens, with motion blur conveying frantic activity.

Photorealistic 3D render of an industrial vault at night. Dozens of small, insect-like, wheeled, and hovering robots are swarming an open steel safe, which is overflowing with gold and brass tokens. The robots are actively carrying, grappling, and moving the tokens, with some on the safe's rim and others on the floor. The scene is lit by cold fluorescent lights, highlighting the metallic robots and tokens, with motion blur conveying frantic activity.

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