Solana outperforms Ethereum in daily transactions in Q2: Nansen report

Daily transactions in the Solana blockchain have steadily increased, ending with over 40 million daily transactions, compared to 1 million daily transactions for Ethereum between April and June.

New

Hype doesn't always equate to greater adoption, as on-chain data from Q2 2022 shows Solana (SOL) overtaking Ethereum in daily user transactions despite various downsides to both macroeconomic conditions and network outages.

Throughout the second quarter, Solana's daily transactions steadily increased, ending with over 40 million daily transactions, compared to 1 million daily transactions for Ethereum between April and June, the report confirmed. Nansen quarter status.

Daily transaction data between Solana and Ethereum. Source: Nansen

Solana's significant increase in daily transactions was seen on non-voting daily transactions compared to Ethereum, despite higher volatility. On-chain data revealed that decentralized exchanges (DEXs) such as Mango Markets and Serum and decentralized oracle network Switchboard were among the top decentralized applications (DApps) contributing to the surge in daily transactions.

Top Solana DApps by transactions. Source: Nansen

When examining voting transactions, Solana saw a range of approximately 100 million to 200 million transactions per day, supported by an increase in the total number of wallets, growing from around 400,000 wallets to nearly one million by the end of May 2022.

Daily transactions on Solana. Source: Nansen

Solana's explosive growth may be a...