Solana's recent success is evident in its substantial increase in active addresses, surpassing Ethereum by three times. The low-cost transactions on Solana enable new types of products, like profitable trading of smaller positions on decentralized exchanges (DEXs) without high gas costs. Additionally, Solana has become the second-largest chain by DEX volumes and has experienced a surge in NFT volumes. While Ethereum retains its leading position in the smart contract network market, Solana's fundamental growth and appeal to smaller traders and developers could continue to challenge Ethereum's dominance.
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