Solana outperforms Ethereum in daily transactions in Q2: Nansen report

0

[ad_1]

Hype does not always equate to greater adoption, as the on-chain data from the second quarter of 2022 shows Solana (SOL) surpassing Ethereum in users’ daily transactions despite various drawbacks from both macroeconomic conditions and network outages. 

Throughout the second quarter, Solana’s daily transactions consistently increased, ending with more than 40 million daily transactions compared to Ethereum’s 1 million daily transactions between April and June, confirmed Nansen’s State of the Quarter Report.

Solana vs. Ethereum daily transaction data. Source: Nansen

Solana’s significant increase in daily transactions was observed on daily non-vote transactions when compared to Ethereum — despite sporting higher volatility. 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 spike in daily transactions.

Top Solana DApps by transactions. Source: Nansen

When considering vote transactions, Solana recorded a range of roughly 100 million to 200 million transactions per day, which was supported by a spike in the total number of wallets — from around 400,000 wallets to nearly 1 million toward the end of May 2022.

Daily transactions on Solana. Source: Nansen

Solana’s explosive growth can be attributed to a series of funding from mid-2022 made to support the GameFi, decentralized finance (DeFi) and nonfungible token (NFT) ecosystems.

On an end note, Mega Septiandara, a research analyst at Nansen, stated that “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.”

Related: Network outages have been Solana’s ‘curse,’ says co-founder

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

As Cointelegraph reported, Helium developers recommended the shift to “improve operational efficiency and scalability.” Emphasizing the need to fix a number of technical issues to improve the network’s capabilities, the developer community stated:

“In the last several months of the network, both have been challenging for network participants with much reduced proof-of-coverage activity due to network size and blockchain/validator load, and packet delivery issues.”

If passed, Helium-based HNT, IOT and MOBILE tokens and Data Credits (DCs) would also be transferred to the Solana blockchain.

[ad_2]

Source link

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 77,508.00
ethereum
Ethereum (ETH) $ 2,412.83
tether
Tether (USDT) $ 0.999835
bnb
BNB (BNB) $ 683.34
xrp
XRP (XRP) $ 1.35
usd-coin
USDC (USDC) $ 0.999866
solana
Solana (SOL) $ 101.14
tron
TRON (TRX) $ 0.336586
hyperliquid
Hyperliquid (HYPE) $ 80.15
staked-ether
Lido Staked Ether (STETH) $ 2,265.05
figure-heloc
Figure Heloc (FIGR_HELOC) $ 1.00
zcash
Zcash (ZEC) $ 817.44
dogecoin
Dogecoin (DOGE) $ 0.081977
rain
Rain (RAIN) $ 0.016998
usds
USDS (USDS) $ 0.999807
monero
Monero (XMR) $ 503.85
leo-token
LEO Token (LEO) $ 9.59
wrapped-steth
Wrapped stETH (WSTETH) $ 2,779.67
whitebit
WhiteBIT Coin (WBT) $ 71.34
chainlink
Chainlink (LINK) $ 11.12
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,243.00
cardano
Cardano (ADA) $ 0.193032
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.998762
stellar
Stellar (XLM) $ 0.174371
wrapped-beacon-eth
Wrapped Beacon ETH (WBETH) $ 2,466.93
bitcoin-cash
Bitcoin Cash (BCH) $ 243.92
canton-network
Canton (CC) $ 0.117496
dai
Dai (DAI) $ 0.999763
wrapped-eeth
Wrapped eETH (WEETH) $ 2,465.31
usd1-wlfi
USD1 (USD1) $ 0.999485
ethena-usde
Ethena USDe (USDE) $ 0.999853
susds
sUSDS (SUSDS) $ 1.08
the-open-network
Gram (prev. Toncoin) (GRAM) $ 1.35
litecoin
Litecoin (LTC) $ 48.11
global-dollar
Global Dollar (USDG) $ 1.00
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 76,366.00
hedera-hashgraph
Hedera (HBAR) $ 0.073542
uniswap
Uniswap (UNI) $ 4.98
avalanche-2
Avalanche (AVAX) $ 7.13
weth
WETH (WETH) $ 2,268.37
shiba-inu
Shiba Inu (SHIB) $ 0.000005
sui
Sui (SUI) $ 0.712282
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
usdt0
USDT0 (USDT0) $ 0.998824
paypal-usd
PayPal USD (PYUSD) $ 0.999791
hashnote-usyc
Circle USYC (USYC) $ 1.14
crypto-com-chain
Cronos (CRO) $ 0.055892
tether-gold
Tether Gold (XAUT) $ 4,406.41
memecore
MemeCore (M) $ 1.08
near
NEAR Protocol (NEAR) $ 1.82
Shares