According to the Nansen report, the daily transactions recorded in Solana for the second quarter of 2022 were 40 times that of the leading altcoin Ethereum. In addition, the total number of wallets on Solana also increased from 400,000 wallets at the end of May to nearly 1 million.
Solana surpasses leading altcoin Ethereum 40 times
cryptocoin.com As we reported, Layer-1 Blockchain platform Solana outperformed its biggest competitor Ethereum in day-to-day transactions in the second quarter of 2022. This has happened despite the huge downsides of network outages and other macro conditions in the market. During the second quarter between April and June, Solana Blockchain reported 40 million daily transactions. This was 40 times the 1 million daily transactions of the leading altcoin Ethereum during the same period.
This explosive growth in Solana’s Blockchain transactions came against the backdrop of strong funding in mid-2022. The Solana Foundation and Solana Ventures have also created a $100 million fund to advance the growth of blockchain games, decentralized finance (DeFi) projects, and Non Fungible Tokens (NFT). Research analyst Mega Septiandara writes in the Nansen Report:
Whether it’s the establishment of a Korean grant and investment fund or the numerous events that welcome new builders and users, the Solana ecosystem is thriving.
Non-voting and voting procedures
Compared to Ethereum, the significant increase in Solana’s daily transactions was mainly for non-voting transactions. According to on-chain data, decentralized exchanges (DEXs) such as Mango Markets and Serum, as well as the Solana-based decentralized oracle network Switchboard emerged as the best decentralized applications (dApps) contributing to the increase in daily transactions.
On the other hand, in voting transactions, Solana recorded a range of about 100 million to 200 million transactions per day. Also, Solana has grown from around 400,000 wallets at the end of May to about 1 million now. The increase in vote transactions was accompanied by an increase in the total number of wallets.
While Solana has managed to beat day-to-day transactions, developer activity on the network is severely lagging. In the last four months, Solana has slipped multiple spots in terms of developer activity on the platform. At the same time, Ethereum remains strong in second position after Cardano. The strong Ethereum developer event also stemmed from the preparations for the Merge event that took place last week.
New developments in Solana
Meanwhile, Solana is working with Cosmos to build the first Tier-2 scalability platform. In addition, Nitro will run as a Solana Virtual Machine (SVM) compatible Blockchain. Nitro will build the Sealevel VM (SVM), which will serve as the core development standard for Solana. Through SVM compatibility, Nitro will allow developers to easily launch their decentralized applications (dApps) on its platform.
Also, IoT Blockchain network Helium plans to migrate to Solana Blockchain. Helium developers say this move will help “improve operational efficiency and scalability.” The Helium developers community also highlights the need to fix a few technical issues and improve the capabilities of the network.
