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Nansen: Solana outperforms Ethereum in transactions in Q2

 


Big hype does not necessarily mean big adoption, as the latest on-chain data shows, because in terms of daily transactions, Solana ( SOL ) was able to clearly outperform its big brother Ethereum ( ETH ) in the second quarter despite several setbacks.


As the market research institute Nansen shows in its new quarterly report, the daily transactions on the Solana network increased steadily over the second quarter and exceeded the mark of more than 40 million transactions per day by the end of the quarter, whereas Ethereum in the period from April to June can only come up with almost 1 million daily transactions.

Despite greater volatility, Solana's lead over Ethereum is almost clear, with decentralized crypto exchanges (DEX) such as Mangeo Markets and Serum and the Oracle network Switchboard being among the decentralized apps (DApps) that are largely responsible for the jump in daily transactions are.

In the so-called vote transactions, Solana was in the region of between 100 and 200 million transactions per day, which is primarily due to a corresponding increase in total wallets. So these have grown from 400,000 addresses to almost 1 million wallets.

Solana's rapid growth is fueled by big cash injections that brought more funds into the GameFi , Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT) areas in mid-2022 .


Nansen's Mega Septiandara notes that "both the establishment of new funding programs and investment funds, as well as the many upcoming events for developers and users, provide clear evidence that the Solana ecosystem is currently thriving".


A new governance proposal for October 2022 also envisages that Helium - a promising Internet of Things (IoT) blockchain project - could soon also switch to Solana.


As Cointelegraph reported, Helium developers are recommending such a switch to “improve efficiency and scalability.” It could also solve several important technical problems that have kept the network small so far.

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