Solana Performs Better Than Ethereum in Daily Transactions

Daily transactions in the Solana blockchain surpass Ethereum.
Solana has hit more than 40 Million daily transactions compared to Ethereum’s 1 Million daily transactions.

The on-chain data shows Solana has more users than Ethereum in daily transactions. Despite the many drawbacks Solana has had including network outages.

Solana’s market cap rose in 2021 when it was ranked among the best-performing assets, but a series of crashes that followed left it on a slippery slope. However, over the last few months, Solana has gained the spotlight which is visible in the on-chain performance of the asset.

However, it is important to note that the volatility observed in the case of Ethereum was way lower than Solana giving Ethereum more stability.

Solana vs. Ethereum daily transaction data. Source: Nansen

Over 40 Million transactions were recorded in Solana while in the case of Ethereum only a little over 1.1 million transactions were observed between April and June.

The on-chain data revealed that decentralized exchanges (DEXs) such as Mango Markets and Serum and Solana-based decentralized oracle network Switchboard were among the top decentralized apps (DApps) contributing to the rise in daily transactions. Looking at vote transactions, Solana has recorded a range of around 100 million to 200 million transactions a day, which was supported by a rise in the total number of wallets.Solana’s growth can be credited to a series of funding from 2022 made to support the decentralized finance (Defi), GameFi, and nonfungible token (NFT) ecosystems.

In Nansen’s State of the Quarter Report, research analyst Mega Septiandara writes:

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.

The daily transactions were not the only success Solana has had. In the case of NFT, it has recorded high sales and surpassed $2 Billion in all-time NFT sales. Solana continues to fight for its place among the best smart contracts-backed platforms after hitting new targets.

However, it is important to note that SOL is struggling to recover and has not been favorable to investors. The token has gone through ups and downs before returning to the same price of $31 which was recorded as the lowest this year. The Pressure from the bear market is going to make it more difficult for the coin to move forward.

A bear market; is a period where supply is greater than demand and the prices are falling.