Solana outperforms Ethereum in daily transactions in Q2: Nansen report

image-Solana outperforms Ethereum in daily transactions in Q2: Nansen report

September 20, 2022

Between April and June, daily transactions on the Solana blockchain climbed steadily, reaching more than 40 million, compared to 1 million on the Ethereum blockchain.

As on-chain figures from the second quarter of 2022 demonstrate, despite significant constraints from both macroeconomic situations and network disruptions, Solana (SOL) has surpassed Ethereum in users’ daily transactions.

Solana’s daily transactions climbed significantly throughout the second quarter, concluding with more nearly 40 million daily transactions compared to Ethereum’s 1 million daily transactions between April and June, according to 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 made to from mid – 2022 made to support the GameFi, decentralized finance (DeFi) and Non fungible 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.

#Decentralized #Ethereum #Layer2 #Solana #Transaction #Blockchain #Metaport

Read More