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Etherscan Announces Solana’s Solscan Acquisition: What To Know

Joining The Solana Ecosystem

Etherscan announced its entry into the Solana ecosystem at the start of the year with the acquisition of Solscan. Etherscan is an Ethereum blockchain explorer. Etherscan and Solscan, a well-known explorer in the Solana ecosystem, officially confirmed their agreement on January 3, marking its finalization.

This acquisition enhances Etherscan’s blockchain data services across many networks, further solidifying the network’s commitment to strategic integration. More than three million unique users have joined Solscan since its launch in 2021, making it a top-rated platform. Furthermore, its community on X (formerly Twitter) has grown to over 23,000 members and is still going strong.

There are a lot of differences between the Solscan explorer and Etherscan. One of such differences is that Solscan can store information on nonfungible tokens (NFTs). It can also provide a wealth of information about them, such as complete addresses, token specs, transaction data, APIs, and user-friendly dashboards.

By acquiring this Solana blockchain explorer, Etherscan aims to increase its influence and solidify its position as the leading blockchain explorer. The recent move is consistent with its aim to provide users of different blockchain systems with simplified and readily available data about each blockchain.

Providing Access To Credible Blockchain Data

Following the completion of the acquisition, Etherscan released an official statement and reaffirmed its dedication to preserving “credibly neutral and equitable access to blockchain data.” Furthermore, the firm has communicated its plans to integrate additional functions across various exploration platforms to enhance its users’ support level.

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Matthew Tan, the Chief Executive Officer and co-founder of Etherscan, expressed his confidence in the skill that the Solscan team has demonstrated over the years. Tan emphasized their superiority in providing complete insights and analytics regarding blockchain technology. Moreover, he underscored the unity between Etherscan’s overarching objective and Solscan’s commitment to making blockchain data easily accessible and user-friendly.

SOL Sees Green Amid Recent Acquisition

Meanwhile, the value of SOL, the native cryptocurrency of the Solana blockchain, surged after the Etherscan acquisition announcement. On December 22, Solana surpassed Ripple’s XRP, replacing it as the fifth-ranked digital asset by market cap.

Over the past 30 days, the token’s value has surged by 55.61%, and it traded at the $100 price level last month for the first time since 2022. According to current Coinmarketcap data, the Solana token has lost 9.18% of its value in the past 24 hours and trades at $97.69.

Meanwhile, there is much speculation within the industry about the likelihood of SOL eventually replacing Ether (ETH) as the second leading digital asset and the number one altcoin. Solana received much attention from the media when its trading volume on decentralized exchanges (DEX) briefly exceeded Ethereum’s.

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Furthermore, a global Google search index at the end of December indicated that Solana scored 56, surpassing Ethereum’s 50. Solana has recorded huge milestones in the Web3, DeFi, and NFT sectors following its launch nearly five years ago.

Several projects are building on this network, and more will still be built soon. Thus, analysts predict that sol would likely trade at $107 by the end of this month unless there are unfavorable broader market conditions.

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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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