Solana Achieves 100 Billion Transactions Milestone

Solana Achieves 100 Billion Transactions Milestone
  • The network’s capacity is over 710k transactions per second.
  • The network has processed more than 100,060,740,298 transactions.

Since its introduction in April 2019, Solana has made substantial strides in the DeFi, NFT, and Web3 sectors. Currently, hundreds of projects are being worked on at Solana, and that number is expected to grow in the near future. Solana’s key selling point is “Low cost, forever,” as stated on the company’s website. Also, no scaling methods are required to support the network’s capacity of over 710k transactions per second.

Surpasses Ethereum

The network intends to compete for head-on with other blockchains, Ethereum included. The daily volume of Solana transactions has surpassed that of Ethereum, according to a recent analysis by Nansen published on September 19, 2022.

A new milestone has been reached as the network has surpassed 100 billion transactions. Since its inception, the network has processed more than 100,060,740,298 transactions, as reported by Solana.com. There were 2,515 transactions per second at an average cost of $0.00025.

Despite issues with blockchain performance on the network, the platform’s transactional capabilities remain unaffected. 

The network’s impressive success hasn’t come without challenges, however. In this segment are the annoyingly frequent network outages. In August, the Solana network was attacked, resulting in numerous wallets being compromised.

The data from Nansen further demonstrates the network’s growing acceptance and popularity as a result of its faster and cheaper transaction speeds. The rise in daily transactions may be attributed to the proliferation of wallets. In the second quarter of 2022, SOL users paid less money on gas than Ethereum users.

Despite a number of problems and disruptions, SOL Network has improved its ecosystem and network. The report gives users a visual of the growth of the Solana network.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.