Solana – one of the industry’s top twelve blockchain networks – and it is without a doubt the one that has attracted the newest users in 2022, even during the current bad market cycle.
Aside from promising fast and cheap transactions to its customers, the network attracted a large number of developers throughout the course of the year – making it one of the most important networks for smart contracts today.
However, despite that growing popularization – Solana has fazed some difficulties regarding the stability of the blockchain.
In 2022, with the dreaded “bear market”, Solana followed other cryptocurrencies and failed to maintain its value, falling more than 70% in the previous months. Even though the blockchain continues to grow at a rapid pace.
Since the beginning of 2022, Solana has been making significant strides toward a goal that was finally reached: 100 billion dollars in transactions on the blockchain.
Now, with a new record set to be broken, the network hopes to surpass the mark of 40 million daily transactions set by Ethereum.
NFTs Lead Transactions on Solana network
The NFTs have contributed the most regarding Solana transactions. The network is the third largest blockchain of this type, trailing only behind Ethereum and BNBChain, now encompassing major market projects such as Star Atlas, one of the most acclaimed cryptographic games of all time.
Recently the y00ts NFT collection – which also belongs on Solana – has really shaken up the NFT world as one of the most hyped NFTs of the year.
Y00ts was developed by one of the most acclaimed companies, responsible for other successes like Dead Gods. That hype alone skyrocketed Solana’s daily transactions to a new record once the collection was launched.
The hype sparked a lot of interest in the y00ts collection’s minimum value rising to 11 mil SOL, which is approximately US$364,000, making it one of the most valuable collections on the market.
Solana’s Recent Outage
One of the blockchain’s biggest challenges is regarding the reliability of the blockchain when it comes to outages and malfunctions.
On the first day of October, Solana faced yet another outage, this time caused by a misconfigured node from a validator.
This most recent mishappening marked the fourth major outage Solana has faced in 2022.
However, Solana is looking to update their platform in order to get a more stable blockchain.
In September, the blockchain went through a series of network updates which considerably enhanced the network’s capabilities for concurrent transactions.
