Solana surpasses Ethereum in Q2 daily transactions!

Solana surpasses Ethereum in Q2 daily transactions!

Hype doesn’t always equate to greater adoption, on-chain data for the second quarter of 2022 shows that Solana (SOL) has surpassed Ethereum (ETH) in terms of daily user transactions. And this despite the various disadvantages associated with macroeconomic conditions and network outages.

During the second quarter, Solana’s daily transactions grew steadily, ending with more than 40 million daily transactions, compared to 1 million daily transactions for Ethereum between April and June according to Nansen’s quarterly report.

Solana’s daily transaction data compared to Ethereum’s. Source: Nansen

Solana has seen a significant increase in daily transactions on non-voting daily transactions compared to Ethereum, despite higher volatility. On-chain data showed that decentralized exchanges (DEXs) such as Mango Markets and Serum and the Solana-based decentralized oracle network switchboard were among the top decentralized applications (DApps) contributing to the increase in daily transactions.

Solana’s main function is decentralized by transactions. Source: Nansen

In terms of voting transactions, Solana recorded a range of around 100-200 million transactions per day, which was supported by a spike in the total number of wallets from around 400,000 wallets to nearly a million by the end of May 2022.

Daily transactions on Solana. Source: Nansen

Solana’s explosive growth can be attributed to a series of funding rounds starting in mid-2022 to support GameFi, decentralized finance (DeFi), and non-fungible tokens (NFT) ecosystems.

Mega Septiandara, Research Analyst at Nansen concluded, “Whether it’s the establishment of the Korea Grant and Investment Fund, or the many upcoming events that welcome new builders and users, the Solana ecosystem is thriving. »

ALSO READ: Network outages were Solana’s ‘curse’, says one of its founders

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

As reported by Cointelegraph, Helium developers proposed the change to “improve operational efficiency and scalability.” Emphasizing the need to address a number of technical issues to improve network capacity, the developer community said:

“In the last few months of the network, these two factors have been problematic for network participants, with much lower proof activity due to network size and blockchain/validation load, and package delivery issues. »

If passed, HNT, IOT and MOBILE tokens based on HNT, and data credits (DC) would also be transferred to the Solana blockchain.

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