Hype does not always equate to greater adoption, as the on-chain data from the second quarter of 2022 shows Solana (SOL) surpassing Ethereum (ETH) 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’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 (DEX) 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.
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.
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
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