Graphite Network: A Revolutionary Layer 1 Blockchain Redefining Trust According to a Footprint Analytics’ research report from November 2024, Layer 1 (L1) blockchains reached a valuation of $2.8 trillion, becoming the focal point of the ongoing crypto bull run. However, unlike the bull run of 2020 and 2021, when Ethereum dominated the space with over $1 million in daily fees, the spotlight in 2024 has shifted to another L1: Solana. In order to evaluate the performance of Ethereum and Solana, examining the statistics of both networks provides a clearer picture. Ethereum originally used PoW, but with the Merge in 2022, it switched to PoS to improve scalability and reduce its environmental impact. However, the network is still addressing issues like high gas fees and congestion, with an average cost of $5 per transaction.

Visit- Coingabbar