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Novogratz’s Galaxy Offloads $105M in Ethereum for Solana
- Mike Novogratz's Galaxy Digital has sold around $105 million worth of Ethereum and shifted its focus to Solana amidst concerns over Ethereum's scalability and competition.
- Galaxy Digital deposited 65,600 ETH ($105.48M) to Binance and withdrew 752,240 SOL ($98.37M) from Binance in the past 2 weeks.
- Solana's decentralized exchanges have surpassed Ethereum's trading volume in the last three months, with 224 million active Solana addresses compared to Ethereum's 79 million.
- Galaxy Digital is becoming more involved in Solana's protocol governance, proposing systems like 'MESA' to address inflation control.
- The crypto industry is seeing a sentiment shift towards Solana due to its performance and scalability compared to Ethereum.
- Solana overtook Ethereum in monthly DEX volume in July 2024, emphasizing the growing competition between the two platforms.
- Ethereum is attempting to improve scalability with proposed changes to its proof-of-stake consensus mechanism by Vitalik Buterin.
- At present, Solana is trading at $146.65, up 0.52% in the last 24 hours, while Ethereum sits at $2,518, down 0.40% in the same period.
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