May 22, 2024
Etherscan's Acquisition of Solscan Aligns with SOL's Surge
Latest Cryptocurrency News

Etherscan’s Acquisition of Solscan Aligns with SOL’s Surge

Etherscan, renowned for its Ethereum blockchain explorer, has commenced the new year with strategic acquisitions in the Solana blockchain space. On January 3rd, Etherscan officially revealed its acquisition of Solscan, a prominent block explorer within the Solana ecosystem. This move, described as a “collaborative merging,” underscores Etherscan’s commitment to broadening its blockchain data services across diverse networks.

Established in 2021, Solscan has garnered over three million monthly users and boasts a community of more than 23,000 subscribers on X (formerly Twitter). The Solscan block explorer shares several features with Etherscan, including detailed address, token, and transaction data, alongside APIs, dashboards, and nonfungible tokens (NFT) metadata.

Etherscan’s post-acquisition strategy emphasizes maintaining “credibly neutral and equitable access to blockchain data,” with plans to integrate additional features across different explorers and enhance overall support. Matthew Tan, CEO and co-founder of Etherscan expressed confidence in Solscan’s proficiency, aligning well with Etherscan’s mission to make blockchain data accessible and user-friendly.

The acquisition aligns with a notable upswing in the price of Solana’s native cryptocurrency, SOL. As of the latest update, SOL is trading at $110, representing a 3.5% decrease over the past 24 hours, yet maintaining its position as the fifth-largest cryptocurrency by market capitalization at nearly $47 billion.

The surge in SOL’s market capitalization in late December led to speculation about its potential to surpass Ethereum (ETH) one day. In the same period, Solana briefly exceeded Ethereum in daily decentralized exchange (DEX) trading volumes and surpassed it in global Google searches. The article concludes by providing the latest figures and market position for SOL.

Photo by Jievani

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