The 2024 bull run has started. This raises the question of who will be among the winners of this run. Is it Sui or Solana in this match up.
That’s one of the 2021 bull run stars, Solana. Will it be able to repeat its 2021 performance? On the other hand, we have a newer kid on the block, Sui. Its mainnet only launched in May 2023. However, its performance has been outstanding. Can Sui be the new Solana, or will Solana consolidate its position? Will it be Sui or Solana?
Let’s look at Solana first. It has been around the block and survived one bull market already. Solana started in 2018 with their idea. However, within two years, the team managed to have their mainnet go live.
Being successful during a bull run isn’t pure luck. You need to bring something to the table that people want to buy into. That’s exactly what Solana did. In 2020, you paid $50 to $100 for transaction fees on Ethereum. However, Solana offered low transaction fees. These fees were and still are only a fraction of a cent.
Furthermore,
Solana offered the newest tech available at the time. It still uses it to date. It’s a monolithic chain. This means that it orders and handles transactions one at a time. See the picture below.
Source: Visa
It also has the capability to act swiftly to new trends. For example, we see that now with its memecoins market supremacy.
At the helm, we see a strong team. The two co-founders complement each other perfectly. We have Anatoly Yakovenko, who is the tech person. He’s a skilled software engineer with an impressive background.
There’s also Raj Gokal. He has a business background. He’s well versed in business management and VCs. A great combination of skills that paid off.
But that’s not all. Both made sure that you noticed them. They appeared on panels during conferences and in podcasts. They were also engaging with users in X posts or Twitter back in those days.
The team also managed to live up to their roadmap expectations. Some milestones include Solana Pay or their mobile phone, Saga. Their biggest issue, the chain halting, was also dealt with. So, the team kept delivering.
Solana also managed to raise enough capital to get the project off the ground. Their main backer was FTX. So, this was great as long as it lasted. However, as you remember, FTX crashed and burned, leaving Solana hanging. In total, Solana managed to raise around $360 million.
Nonetheless, after bottoming at an $8 $SOL price in December 2022, Solana came back stronger as ever. It shows how resilient Solana is. For example, with their new Firedancer feature. This will make Solana more decentralized. It also allows for up to 1 million TPS.
Now it’s over to Sui in this Sui or Solana comparison. First, Sui hasn’t been in a bull run yet. However, what it has shown so far is rather impressive. In August, Sui started its wild run, as you can see on CoinGecko’s chart.
As far as tech goes, Sui has some of the newest and coolest tech under its hood. Check out our article for more info on this. Its ecosystem is also breaking out. For example, its DeFi and NFT sectors are doing good. Sui also has a focus on gaming and SoFi.
If we look at the Sui team, we find a very strong group of people. Their background is in the now defunct blockchain Diem, by Meta. That’s as good as a start as you can get.
Like the Solana team did in 2020, the Sui team is active on X. Don’t be surprised if you see them interacting with posts on X.
If we look at the Sui roadmap, it’s a packed one. However, the team keeps delivering. This year we saw, among other events,
Top-notch achievements with more to come. Moreover, if we look at Sui’s backers, we see an impressive list of tiers 1 and 2 backers. However, what is most impressive, is that Sui managed to raise $385 million during a bear market. These guys are serious!
Solana has been around much longer than Sui. For example, it has a bigger ecosystem. Solana is currently also the memecoin leader among all chains. Nonetheless, Sui also has a promising memecoin sector. What makes it interesting are the low market caps of the Sui memecoins.
On the other hand, Sui has a much more user-friendly onboarding system. For example, you can sign in with biometrics or Google to your Sui wallets. Still, Solana has the upper hand if we look at other metrics, like DAU (Daily Active Users). That’s just over 6 million on Solana, and for Sui it’s almost 800K.
But Sui also has some favorable stats over Solana. During October and November, Sui enjoyed massive inflows from Ethereum. At times outperforming Solana in various fields.
However, we want to know who will dominate. It looks like Solana will have a fantastic run. But with already such a big market cap, it’s hard to do a 10x. That’s more likely to happen to Sui. Since early August, $SUI already did a 6x. Solana did a 0.8x in the same time frame. Check these Artemis charts.
So, from a price perspective, Sui will most likely dominate. However, in almost all other metrics, Solana is likely to dominate. Which is also logical, looking at Solana’s history. Nonetheless, Sui is up-and-coming and has a potential great future ahead of itself.
So, what’s your opinion about this Sui or Solana dominance in the 2024-2025 bull run? Do you agree with me, or do you have another opinion?
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
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