Solana’s ecosystem appears increasingly more attractive for crypto users as it continues to prove how the technology can bring more efficient features. According to Solana Floor, more than $90 million worth of digital asset inflows have been reported from other blockchains to Solana.
In other words, users bridged nearly $90 million in assets from several blockchains to Solana. This optimistic statistic is recorded after analyzing the inflows to Solana in the last seven days.
For blockchain newbies, a bridge is a digital way or tunnel where users can move their tokens from one blockchain to another.
From $68 million to $90 million: Huge funds move to Solana
On January 12, Solana Floor reported a massive bridging of $68 million from other blockchains to Solana, including $40 million worth of assets from Ethereum alone.
In the latest findings by Solana Floor, users have moved over $50 million from Ethereum to Solana. This signals a strong movement of capital from other chains to Solana.
Why are people moving their assets to Solana?
The answers to this question might be familiar to blockchain enthusiasts. Although Bitcoin, Ethereum, and Cardano have their blockchain platforms, Solana’s on-chain system is unique in multiple ways.
Solana has lower transaction fees when compared to Ethereum. During network congestion, Ethereum’s gas fee goes high. Meanwhile, on Solana, fees are equal to fractions of a cent.
Moreover, transactions on Solana are faster, capable of scaling to thousands of transactions per second, while Ethereum handles only around 15-30 transactions per second.
Several NFT projects like Magic Eden and Solana Monke Business and DeFi protocols are active on the Solana blockchain. This encourages users on other blockchains move their assets to Solana and use its native SOL token to participate in NFT and DeFi projects.
Adding to the latest list of crypto projects on Solana, USOR (United States Oil Reserve), a token created to tokenize the US oil reserve, is reportedly cementing its position on Solana.
RWA hits a milestone on Solana
Amid the increase in Solana inflows, the ecosystem also witnessed major growth in real-world asset tokenization (RWA). Solana has showcased nearly $1 billion in total value locked (TVL) in RWAs.
Ondo Finance, a top RWA platform, tokenized treasury bill — VanEck VBILL, Etherfuse, tokenized government bonds, and AgriDex tokenized agricultural commodity runs on the Solana blockchain.
