Solana outperforms Ethereum in daily transactions in Q2: Nansen report

Daily transactions in the Solana blockchain consistently increased, ending with more than 40 million daily transactions compared to Ethereum’s 1 million daily transactions between April and June.

Hype does not always equate to greater adoption, as the on-chain data from the second quarter of 2022 shows Solana (SOL) surpassing Ethereum (ETH) in users’ daily transactions despite various drawbacks from both macroeconomic conditions and network outages. 

Throughout the second quarter, Solana’s daily transactions consistently increased, ending with more than 40 million daily transactions compared to Ethereum’s 1 million daily transactions between April and June, confirmed Nansen’s State of the Quarter Report.

Solana vs. Ethereum daily transaction data. Source: Nansen

Solana’s significant increase in daily transactions was observed on daily non-vote transactions when compared to Ethereum — despite sporting higher volatility. On-chain data revealed that decentralized exchanges (DEX) such as Mango Markets and Serum and Solana-based decentralized oracle network Switchboard were among the top decentralized apps (DApps) contributing to the spike in daily transactions.

Top Solana DApps by transactions. Source: Nansen

When considering vote transactions, Solana recorded a range of roughly 100 million to 200 million transactions per day, which was supported by a spike in the total number of wallets — from around 400,000 wallets to nearly 1 million toward the end of May 2022.

Daily transactions on Solana. Source: Nansen

Solana’s explosive growth can be attributed to a series of funding from mid-2022 made to support the GameFi, decentralized finance (DeFi) and nonfungible token (NFT) ecosystems.

On an end note, Mega Septiandara, a research analyst at Nansen, stated that “Whether it’s the establishment of the Korea grant and investment fund, or the numerous upcoming events that welcome new builders and users, the Solana ecosystem is thriving.”

Related: Network outages have been Solana’s ‘curse,’ says co-founder

A recent governance proposal from Oct. 2022 highlighted the possibility of Helium, an Internet of Things (IoT) blockchain network, transitioning to Solana.

As Cointelegraph reported, Helium developers recommended the shift to “improve operational efficiency and scalability.” Emphasizing the need to fix a number of technical issues to improve the network’s capabilities, the developer community stated:

“In the last several months of the network, both have been challenging for network participants with much reduced proof-of-coverage activity due to network size and blockchain/validator load, and packet delivery issues.”

If passed, Helium-based HNT, IOT and MOBILE tokens and Data Credits (DCs) would also be transferred to the Solana blockchain.

Related Posts

What is PoW Ethereum (ETHW), and how does it work?

PoW Ethereum or ETHW is a forked version of the Ethereum blockchain created by a Chinese miner after the Merge of the execution and consensus layers. Ethereum…

Grayscale Bitcoin Trust terminates material agreements with Genesis

Genesis will no longer be involved in GBTC’s main operations, but will still act as a liquidity provider. According to a recent filing with the U.S. Securities…

Bitcoin Magazine Partners With IBEX As Payment Sponsor For Bitcoin Conferences

IBEX will be the official payments sponsor for Bitcoin Amsterdam and Bitcoin 2023 enabling attendees to transact in bitcoin on and off-chain using Lightning. Bitcoin Magazine has…

VeeFriends x Macy’s x Toys“R”Us Launch Exclusive Physical Collectibles

Gary Vee’s VeeFriends has teamed up with Macy’s and Toys“R”Us to launch new limited edition collectible characters. The exclusive collection will be available on pre-sale starting today,…

Biggest Movers: MATIC Hits 3-Week High, LINK up Almost 10%

Polygon raced to a three-week high during today’s session, as bullish sentiment returned to cryptocurrency markets. Chainlink was also in the green, as the token surged for…

This Breakout Coin Is About to Jump 7,000% More Than BTC and SHIB

Prices for all types of coins, from established names to up-and-comers, have fallen in recent months, and the crypto bear trend seems set to continue through the…

Generated by Feedzy