The upheavals in the crypto sector will never end. Although Ethereum has just completed the transition to proof of stake, the blockchain sees itself leading on another level. Indeed, Solana is doing well in the second half of 2022 and the numbers prove it!
Transaction volume on SOL explodes
Many upheavals have been seen in the cryptocurrency sector since the beginning of the year. After meteoric success, the ecosystem has declined relatively this year. Even if things are green again, they are far from the peaks we know. However, blockchains do not let it go and continue to stand out.
If Ethereum has been talked about for several months, this time it is the turn of Solana (SOL). In fact, daily transactions on Solana increased significantly in the second half of the year. According to the report compiled by Nansen, the blockchain analysis platform, the number of active wallets has increased by 50%. From 400,000 to 600,000.
Therefore, the number of active portfolios is almost a million. Daily trades show an increase of over 40 million. Meanwhile, daily Ethereum transactions rose by about a million between April and June. As a result, despite the impressive reputation of ETH and the announcement of the transfer, other blockchains still manage to stand out.
Solana vs Ethereum, a comparison that never ends
The evolution of the cryptosphere has created unparalleled competition in the industry. Although Bitcoin is the supreme title holder, Ethereum still faces many competitors. In fact, some investors believe or are convinced that Solana (SOL) will eventually overtake ETH. Since both blockchains have greatly contributed to the development of NFTs and DeFi.
However, while they have some similarities, they also have some characteristics that make them unique. Among other things, the consensus mechanism. Although Ethereum (ETH) now uses consensus Proof of Stake (PoS), Solana on the other hand is algorithm based Proof of History (PoH).
But that’s not all, decentralization is also a core issue that goes against both blockchains. However, despite the centralization and network outages that have occurred on SOL, blockchain continues to appeal to investors.
Solana’s network architecture is a major advantage since it is so far one of the fastest blockchains in terms of processing transactions. This is proof of the bullish trend in daily trades. Native encryption is not left out as it is currently going green according to Tradingview data.
Solana (SOL) is doing well in the second half of this year. In fact, the blockchain puts a cap on Ethereum (ETH) in terms of daily transactions. Despite network outages and macroeconomic conditions, SOL maintains its position and continues to appeal to investors as the sector declines.
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The world is changing and adaptation is the best weapon to survive in this turbulent world. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and express an area of interest to me, there is nothing better than writing articles that are informative and entertaining at the same time.