- Solana progressed in 2024 but faced congestion issues, learning from past challenges.
- “Firedancer” upgrade, doubled blockspace, and improved pipelines aim to enhance network performance in 2025.
- SOL’s valuation surged 33% of Ethereum’s, reflecting growing market share and investor confidence.
Solana made significant progress in 2024, but persistent congestion issues hindered its full potential. Building upon the lessons learned from the 2022 NFT mania, the network is poised for a stronger 2025.
The NFT craze of 2021 was fueled by the entry of major brands like Nike and Adidas, triggering a surge in the SOL ecosystem. During this time, the price skyrocketed from $1.8 in January to an ATH of over $250. However, the surge in NFT minting activities overwhelmed the network, bringing congestion issues. This led to frequent transaction failures, high transaction fees, and network outages.
In the future, experts anticipate key enhancements slated for the upcoming year. This includes the launch of “Firedancer,” a significant upgrade to SOL’s transaction processing capabilities. This, coupled with a doubling of blockspace and improved transaction landing pipelines, aims to alleviate congestion and improve overall network performance.
2024 was a good year for Solana but it wasn’t good enough we could’ve done much better were it not for the numerous congestion issues luckily, we’ve learned from these — just as we did from the 2022 NFT mania 2025 will be better firedancer, doubled blockspace, and better txn landing pipelines topped off with SOL ETFs heading into Breakpoint 2025 in December — and many new startup launches.
Solana Gains Ground on Ethereum
Moreover, Solana has been gradually closing in on Ethereum, capturing substantial market share and revenue in 2024. According to a new hedge fund, Syncracy Capital, report, SOL’s valuation has jumped from a fraction of Ethereum’s to 33%, indicating the network’s strides and increasing attractiveness.
Further boosting Solana’s prospects is the anticipated launch of several SOL-based exchange-traded funds (ETFs) leading into Breakpoint 2025 in December. This event, along with ongoing development and innovation within the SOL ecosystem, points towards a more robust and efficient network in the year to come.