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CryptoCompare Reports Solana ($SOL) DeFi Grows While Ethereum Transaction Fees Records New Highs

According to CryptoCompare, The total value locked (TVL) on the decentralized finance ecosystem. Of course, it’s on top of the Solana ($SOL) blockchain and continues to grow in November. Meanwhile, Ethereum transaction fees are hitting a new all-time high that month of course, which indicates that investors are moving to Solana due to cheaper transaction fees.

Furthermore, CryptoCompare’s latest Asset Report notes how decentralize finance activity on the Solana blockchain is always growing. However, in Oct, it sees a slower pace. Whereby, it sees growth about 15.8% from October to $14.4 billion. Particularly, when in comparison to its 35% growth in October and 177% in September.

More so, The report from CryptoCompare shows that in November fees on the Ethereum network are always rising. Consequently, it hit another monthly all-time high of $1.82 billion, Indicating a 34.6% growth increase from October.

Additionally, the CryptoCompare report shows that the average fee per transaction hits an all-time high of $48.33. Also, CryptoGlobe reports that over 77% of Solana’s $SOL tokens are on the cryptocurrency’s network. Also, its earning their holders yield, even the network surpasses $84 billion.

Notably, The network’s staking rewards are making Solana a top choice for investors who want to get interest in their cryptocurrency holdings. Also, the Staking permits users to earn interest in their crypto through assisting to secure the underlying network.
Lastly, CryptoCompare confirms that staking on-chain is possible with cryptocurrencies using a Proof-of-Stake (PoS) consensus mechanism.

Notably, PoS networks are more energy-efficient than PoW networks, therefore it helps to maintain a certain degree of decentralization.

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