Solana outperformed Ethereum in Q2

Enthusiasm does not always mean higher prevalence. On-chain data for the second quarter of 2022 reveals that Solana (SOL) is overtaking Ethereum (ETH) in daily transactions, despite several disadvantages stemming from both macroeconomic conditions and network outages.

According to the Quarterly Status Report published by blockchain analytics platform Nansen, Solana’s daily transaction count increased during the second quarter, reaching more than 40 million transactions per day. For comparison, Ethereum’s daily transaction count is around 1 million.

Solana outperformed Ethereum in Q2
Daily transaction data of Solana and Ethereum. Source: Nansen

However, the significant increase in Solana’s daily transaction count compared to Ethereum was observed in transactions made for purposes other than voting, despite the high volatility in the market. On-chain data shows that decentralized applications (DApps) contributing the most to the increase in daily transactions are decentralized exchanges (DEX) such as Mango Markets and Serum, and the Solana-based decentralized oracle network Switchboard.

Solana outperformed Ethereum in Q2
Leading Solana DApps by transaction count. Source: Nansen

When voting transactions are taken into account, Solana reached between 100 million and 200 million transactions per day. The total number of wallets in the network reached almost 1 million from 400 thousand wallets towards the end of last May.

Solana outperformed Ethereum in Q2
Daily transactions in Solana. Source: Nansen

The boom in growth in Solana can also be attributed to a series of financings from mid-2022 to support the GameFi, decentralized finance (DeFi) and NFT ecosystems.

“The Solana ecosystem is evolving, whether it is the issuance of a Korean grant and establishment of the investment fund, or the multitude of events that welcome new developers and users,” said Mega Septiandara, a research analyst at Nansen.

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