Solana Surges Past Bitcoin and Ethereum Amid Peace Agreement Hopes

The recent U.S., Iran peace agreement has sparked a rally in top tokens, but the biggest gains didn't come from Ethereum (CRYPTO: ETH) or Bitcoin (CRYPTO: BTC). Over the past week, Ethereum advanced by nearly 9% and Bitcoin rose 5.89%, as investors boosted risk exposure amid hopes for prolonged global peace.

However, Solana (CRYPTO: SOL), a much smaller asset in terms of market capitalization, has rallied 14%. The outperformance could be linked to SpaceX's blockbuster IPO, which has had a pronounced impact on financial markets. As the red-hot stock went public, its tokenized version went live on blockchains, with Solana (CRYPTO: SOL) recording the heaviest activity.

The tokenized shares were available on Solana through tokenization platforms, including Ondo Finance (CRYPTO: ONDO), xStocks, and Sunrise. SOL was also the frontrunner in the derivatives market, with open interest in SOL futures jumping nearly 16% over the week, compared to 8.50% for Bitcoin and 5.32% for Ethereum.