It's no secret that Solana usurped huge % of the market share, currently sitting at astonishing $50Bill market capitalization. Many argue #SOL could be the real #ETH killer but I'd stay reserved regarding this particular statement given its centralized nature.
Perhaps #SOL might be an order of magnitude faster and cheaper than #ETH, which isn't hard, however it carries centralization and security issues along the way.
The same thing can be applied to #BSC. 20 validators elected by a single entity. Of course it will have cheaper and faster transaction, but at what cost? If someone decides to shut it down it's exponentially easier to do so when compared to #ETH.
"Its ability to provide high throughput, low cost and ease of use creates a blockchain optimized for consumer use cases like micropayments, DeFi, NFTs, decentralized networks (Web3) and gaming."
Going further, the market is desperately waiting to speculate on technology, so I'm not surprised why #SOL had such a success. Those who missed out on #ETH are waiting to find a similar solution to get their hands on - which is ok!
But it's worth considering that #ETH is built to serve and take care of security and decentralization, therefore its lack of trx speed and scalability isn't something to be surprised about.
To put things into perspective.
Visa processes an average of 1,700 transactions per second (TPS), but the network can theoretically handle at least 24,000 TPS. Ethereum currently handles around 12 TPS on mainnet (more on layer twos), while Solana boasts a theoretical limit of 65,000 TPS.
I suppose the market needs both of them to supplement the flaws each one of them has.
Nothing is one-sided, nothing is universal.
The hustle is real.