Solana's Daily Transactions Surpass Ethereum: Report

Zinger Key Points
  • The Nansen report says transactions on Solana blockchain in the second quarter of 2022 surpasses Ethereum by a huge margin.
  • The increase in wallets and competitive gas prices are among the reasons for Solana's popularity.

On-chain statistics for the second quarter of this year showed that despite challenges related to both macroeconomic conditions and network disruptions, Solana SOL/USD outpaced Ethereum ETH/USD in terms of users' daily transactions.

According to Nansen's State of the Quarter Report, Solana's daily transactions steadily climbed during the second quarter, reaching a total of more than 40 million daily transactions as opposed to around one million transactions per day on Ethereum between April and June.

Substantial Increase in Non-Vote Transaction Volumes

Solana's daily non-vote transactions exhibited a considerable increase in volume as compared to Ethereum, despite having higher volatility.

According to on-chain data, decentralized exchanges (DEX) such as Mango Markets and the Serum, as well as Solana-based decentralized oracle network Switchboard, were the primary decentralized applications (DApps) responsible for the rise in daily transactions.

Solana has reported between 100 million and 200 million vote transactions per day. 

More Wallets, Gas Fees Minuscule 

The increase in daily transactions is linked to the increase in the number of wallets
Solana users also spent less on gas in the second quarter of 2022 than Ethereum users did. Daily gas payments on Solana varied greatly from the beginning of the quarter to mid-May before finally resting in the $5,000 to $9,000 range.

Solana Network Gas constantly enhanced its ecology and network despite several issues and interruptions.

A series of investments made starting in mid-2022 to promote the GameFi, decentralized finance (DeFi) and non fungible token (NFT) ecosystems also seem to be responsible for Solana's meteoric rise.

Solana Ecosystem Thriving

In this quarter's issues, Solana remained steadfast in its efforts to improve the network and the ecosystem, the report stated.

"This was evident from the establishment of the Korea grant and investment fund, as well as the focus on building QUIC and a new mechanism of fee prioritization," stated Nansen.

"The upcoming events that welcome new builders to the Solana ecosystem also point towards a thriving and supportive community that is focused on building up the space and onboarding the next generation of talent," the report concluded.

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Photo: Shutterstock

Posted In: CryptocurrencyNewsMarketsDAppsDecentralized ExchangesDEX
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