The Solana network is currently greatly outperforming Ethereum. The blockchain, which launched in April 2019, has made significant progress in the DeFi, NFT, and Web3 domains. It currently has hundreds of projects running on Solana, with more in the pipeline.
Solana’s daily transactions climbed significantly during 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.
During Q2 2022, Solana users paid less for gas than Ethereum users. From the beginning of the quarter until mid-May, daily gas paid on Solana remained unpredictable, finally settling in the $5,000 – $9,000 area.
Except at the beginning of April, May 1, 2022, and mid-May, the quantity of gas paid every day on Ethereum was reasonably consistent below $20 million. The increase in gas prices in early April was linked to NFT sales on the secondary market, according to OpenSea.
When it comes to voting transactions, Solana reported a range of around 100 million to 200 million transactions every day, which was backed up by an increase in the total number of wallets — from around 400,000 to over 1 million by the end of May 2022.
Mega Septiandara, a research analyst at Nansen, stated:
“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.”
Despite the fact that it is not EVM-compatible, the Solana ecosystem contains over 400 projects ranging from DeFi to Web3 apps, games/metaverses, and NFTs. Fast transactions with cheap costs have attracted a large number of users, with some major projects such as Serum, Mango Markets, StepN, Magic Eden, and Star Atlas being created on the network.
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