Decentralized Blockchain Solana Surpassed 100 Billion Transactions

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Decentralized Blockchain Solana Surpassed 100 Billion Transactions
  • Solana surpassed 100 billion transactions.
  • Solana is at block height 137,069,392 with 3,718 TPS and has a slot time of 496ms.
  • The number of daily transactions made by Solana grew to 40 million during Q2.

Solana surpassed 100 billion transactions on September 22. At the time of writing, Solana is at a block height of 137,069,392 with 3,718 TPS and has a slot time of 496ms (1 min average).

Source: Solana

Solana started its operations two years ago and has become increasingly popular in the DeFi and NFT space. With the network providing cheaper and quicker options, Solana has become one of the competitors for Ethereum.

According to Nansen’s State of the Quarter Report, Solana’s daily transactions grew during the second quarter (Q2), reaching a total of more than 40 million daily transactions compared to around one million transactions per day on Ethereum between April and June.

Moreover, Solana’s daily non-vote transactions displayed a considerable increase in volume as compared to Ethereum, despite having higher volatility. 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 one million wallets, toward the end of May 2022.

Likewise, Solana users also spent less on gas in the Q2 of 2022 than Ethereum users. Solana Network Gas also enhanced its ecology and network despite several issues and interruptions. A series of investments made in mid-2022 to promote the GameFi, DeFi, and NFT ecosystems were also responsible for Solana’s rise.

At the time of writing, Solana was changing hands at $32.32 with a surge of 0.42% in 24 hours but had experienced a fall of 4.36% in the last seven days.

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