Solana recently celebrated its Q2 numbers as the company cements itself as one of the top blockchains in the market today.
The report indicates that Solana surpassed its rival blockchain Ethereum with flying colors.
On-chain statistics showed that the main decentralized apps (DApps) causing the increase in daily transactions included decentralized exchanges (DEXs) like Mango Markets and the Serum and Solana-based decentralized oracle network Switchboard.
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 decentralized apps (DApps) causing the increase in daily transactions included decentralized exchanges (DEXs) like Mango Markets and the Serum and Solana-based decentralized oracle network Switchboard.
A series of investments made starting in mid-2022 to promote the GameFi, decentralized finance (DeFi), and nonfungible token (NFT) ecosystems are responsible for Solana’s meteoric rise.
Solana Trending in The Market
As reported by CryptoCoinOpps earlier this week – Solana saw a significant increase in trading volume.
The surge in activity was due to Solana’s new NFT collection, y00ts.
y00ts sales generated a milestone of over 1 million weekly transactions on Solana’s blockchain. Almost tripling the average of around 300 thousand transactions per week.
The new NFT collection was able to surpass Ethereum’s household names like Bored Ape Yacht Club and Cryptopunks, becoming the most hyped NFT collection of September’s second week.
Updates Making The Blockchain More Stable
In its first years of development, Solana’s blockchain was seen as unstable.
The DeFi platform was not the best at dealing with high user activity – and critical problems like outages were not uncommon.
However, earlier this month, Solana announced a new update to its blockchain that promised to significantly enhance the platform’s capability of dealing with a vast amount of simultaneous user transactions.
Updates to its validators allowed Solana to support 14000 transactions per second. An improvement of nearly 150% more than what the blockchain could support in the past months.
Vote transactions were reported 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.