Solana Achieves 100 Billion Transactions Milestone
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- The network’s capacity is more than 710,000 transactions per second.
- The network has processed more than 100,060,740,298 transactions.
Since launching in April 2019, Solana has made significant progress in the DeFi, NFT and Web3 sectors. Currently, Solana is working on hundreds of projects, and the number is expected to grow in the near future. Solana’s main selling point is “Low costs, forever”, as stated on the company’s website. Scaling methods are also not needed to support the network’s more than 710,000 transactions per second.
The network plans to compete directly with other blockchains, including Ethereum. According to a recent analysis published by Nansen on 9/19/2022, the daily volume of Solana transactions has surpassed Ethereum.
A new milestone has been reached when the network has exceeded 100 billion transactions. According to Solana.com, the network has processed more than 100,060,740,298 transactions since its inception. There were 2,515 transactions per second with an average cost of $0.00025.
Despite the network’s blockchain performance issues, the platform’s transactional capabilities remain unchanged.
However, the network’s impressive success has not come without challenges. In this segment, there are annoyingly frequent network outages. In August, the Solana network was attacked, as a result of which many wallets were compromised.
Nansen’s data continues to show the growing acceptance and popularity of the network thanks to its faster and cheaper transaction speeds. The increase in daily transactions may be due to the increase in wallets. In the second quarter of 2022, SOL users paid less money for gas than Ethereum users.
Despite several problems and disruptions, SOL Network has improved its ecosystem and network. The report gives users a visual picture of the growth of the Solana network.
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