Altcoins
Top 4 Cryptocurrency Projects by Revenue Ranked
Cryptocurrency activity has dwindled in the past few months as more people exit the industry following the collapse of FTX and Alameda Research. The number of crypto outflows has risen while activity in decentralized finance (DeFi) and non-fungible tokens (NFT) has dipped. Here are the top networks in terms of fees in the past 30 days according to data compiled by DeFi Llama.
Ethereum
Ethereum is the biggest smart contract platform in the world. Its technology powers some of the best-known players in the blockchain industry like those in DeFi, Non-Fungible Tokens (NFT), and the metaverse. Some of its most popular platforms in its ecosystem are Bored Ape Yacht Club, Aave, Maker, and Uniswap.
Ethereum was the most profitable blockchains in the past 30 days. It generated over $72.3 million in total fees in this period. It has made over $16.5 million in the past seven days. Ths makes it bigger than most other chains combined.
Lido
Lido is a major player in the blockchain industry that became the biggest DeFi platform in the world this week. It is a liquid staking platform that makes it possible for people to earn returns for their staked tokens. Lido is available in blockchains like Solana, Ethereum, and Polkadot. It has over $5 billion in total value locked (TVL). According to DeFi Llama, Lido’s fees in the past 30 days surged to $25.1 million. It has handled $5.4 million in the past 7 days.
BNB Chain
The BNB Chain is a leading player in the blockchain industry. It was developed by Binance to help developers build quality applications. Recently, BNB Chain has come under pressure as concerns about Binance ecosystem remains. Investors are concerned that Binance will be targeted by regulators because of its role in the crypto industry. BNB Chain generated $26 million in the past 30 days.
Uniswap
Uniswap is the biggest DEX in the world. It is a platform that makes it possible for people to trade and invest in cryptocurrencies in a decentralized manner. It handles billions in transaction fees on a monthly basis. It generated over $23 million in fees in the past 30 days.
OpenSea
OpenSea is the biggest NFT exchange in the world. It is a popular platform that makes it possible for people to sell NFTs across multiple chains like Ethereum and Solana. OpenSea makes money by charging a transaction cost for all its transactions. In the past few months, these fees have dwindled as the volume of NFT volume has slumped. Still, OpenSea generated over $18 million in revenue in the past 30 days and $5 million in the past 7 days.
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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