Solana outperforms Ethereum in daily transactions in Q2: report | The Financial Express

Solana outperforms Ethereum in daily transactions in Q2: report

Solana’s daily transactions increased significantly throughout the second quarter, reaching around 40 million daily transactions.

Solana outperforms Ethereum in daily transactions in Q2: report
Vote transactions were recorded by Solana to be between 100 million and 200 million every day.

The second quarter of 2022’s on-chain statistics shows that despite numerous limitations from both macroeconomic situations and network interruptions, Solana (SOL) is outperforming Ethereum (ETH) in terms of users’ daily transactions, proving that hype does not always translate to increased acceptance, as reported by Cointelegraph.

According to Nansen’s State of the Quarter Report, Solana’s daily transactions climbed steadily throughout the second quarter, reaching almost 40 million daily transactions as opposed to Ethereum’s 1 million daily transactions between April and June.

In spite of having more volatility, Solana’s daily non-vote transactions showed a considerable rise in volume as compared to Ethereum. On-chain statistics showed that the main decentralised apps (DApps) causing the increase in daily transactions included decentralised exchanges (DEX) like Mango Markets and the Serum and Solana-based decentralised oracle network Switchboard, Cointelegraph noted.

Vote transactions were recorded by Solana to be between 100 million and 200 million every day. This figure was corroborated by an increase in the total number of wallets from 400,000 to over 1 million by the end of May 2022.

According to on-chain statistics for the second quarter of 2022, despite numerous constraints brought on by macroeconomic conditions and network outages, Solana (SOL) is outpacing Ethereum (ETH) in terms of daily transactions by users, demonstrating that hype is not always a reliable indicator of increased acceptance.

In contrast to Ethereum’s 1 million daily transactions between April and June, Solana’s daily transactions increased significantly throughout the second quarter, reaching around 40 million daily transactions.

(With insights from Cointelegraph)

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