Daily transactions on the Solana blockchain have grown steadily, reaching over 40 million daily transactions compared to Ethereum’s 1 million daily transactions between April and June.
The hype doesn’t always mean wider adoption, as Solana’s Q2 2022 data shows.
It outperformed Ethereum in everyday user transactions, despite a number of shortcomings related to both macroeconomic conditions and network outages.
The Nansen State of the Quarter Report confirmed that in the second quarter, Solana’s daily transactions increased steadily, reaching over 40 million daily transactions, up from Ethereum’s 1 million daily transactions between April and June.
Solana and Ethereum daily transaction data. Source: Nansen
A significant increase in Solana’s daily transactions was observed in non-voting daily transactions compared to Ethereum, despite higher volatility. On-chain data has shown that decentralized exchanges (DEXs) such as Mango Markets and Serum, as well as the Solana-based decentralized oracle network Switchboard, are among the top decentralized applications (DApps) that are fueling a surge in daily transactions.
Best Solana DApps by Action. Source: Nansen
In terms of voting transactions, Solana was registering approximately 100 million to 200 million transactions per day, as evidenced by an increase in the total number of wallets from approximately 400,000 wallets to approximately 1 million by the end of May 2022.
Daily transactions in Solana. Source: Nansen
Solana’s explosive growth can be attributed to a series of funding since mid-2022 to support the GameFi, Decentralized Finance (DeFi), and Decentralized Tokens (NFT) ecosystems.
In conclusion, “The Solana ecosystem is evolving, whether it’s the establishment of a Korean grant and investment fund, or a host of upcoming events welcoming new developers and users,” said Mega Septiandara, research analyst at Nansen.
Related: Co-founder says network outages are Solana’s ‘curse’
A recent October 2022 governance proposal highlights the possibility of migration from Helium, the Internet of Things (IoT) blockchain network, to Solana.
According to Cointelegraph, the Helium developers proposed this change to “improve operational efficiency and scalability.” Emphasizing that a number of technical issues need to be addressed in order to improve network capabilities, the developer community stated:
“The last few months of the network have been challenging for both network participants, with much lower coverage confirmation activity due to network size and blockchain/verifier overhead and packet delivery issues.”
If accepted, helium-based HNT, IOT, and MOBILE tokens, as well as data credits (DC), will also be transferred to the Solana blockchain.