Solana outperforms Ethereum in daily transactions

Solana surpasses Ethereum in the number of processed operations between April and June

Solana (SOL), currently ranked 9th in the ranking of the largest cryptocurrency projects, surpassed Ethereum (ETH) in terms of the number of daily transactions. At the end of June 2022, as many as 40 million such daily operations were carried out within this network, compared to 1 million in the case of the blockchain of the second largest cryptocurrency, which is Ethereum.

Solana outperformed Ethereum in terms of total daily transactions

The project, which is in the TOP 10 of the largest digital currencies in terms of overall market capitalization, surpassed Ethereum in terms of the number of transactions carried out daily.

In the case of Solana, between April and June this year, there was a steady and decisive increase in operations by users of this popular blockchain. This led to the network reaching 40 million daily transactions by the end of this period, compared to only around 1 million for Ethereum.

The number of daily transactions made on the Solana and Ethereum blockchain. Source: Nansen

Several decentralized platforms created on this blockchain contributed to the rapid increase in activity on the Solana network. Among them, we can mention, for example, Mango Markets, but also Serum or Switchboard.

The increase in the number of transactions carried out on the Solana blockchain was also accompanied by the explosion in the number of SOL wallets from 400,000 to almost 1 million at the end of May 2022.

Despite the recovery in its ecosystem, the SOL cryptocurrency, like most virtual currencies, has fallen sharply since the beginning of this year. While the market valued one coin at around $ 180 in the January phase, SOL now moves from hand to hand at an average of $ 32.33.

At the current price level of this popular digital currency, it is separated from its ATH by as much as 87%.