The Merge hype didn’t help ETH trading activity: daily transactions in the Solana blockchain surpassed 40 million compared to Ethereum’s 1 million token transfers
Nansen’s State of the Quarter Report confirmed that Solana (SOL) adoption is greatly surpassing Ethereum despite the recent hype with the Merge event. Daily transactions in the Solana blockchain consistently increased during this period. The quarter ended up with more than 40 million daily transactions compared to Ethereum’s 1 million daily transactions between April and June.
Despite various drawbacks from both macroeconomic conditions and network outages, Solana’s daily transactions increased throughout the second quarter. A significant increase in daily transactions was noted on daily non-vote transactions when compared to Ethereum. Besides, on-chain data revealed that decentralized exchanges such as Mango Markets and Serum or Solana-based decentralized oracle network Switchboard were among the top DApps contributing to the spike.
Speaking of vote transactions, Solana recorded a range of roughly 100 million to 200 million transactions per day. The growth was supported by a spike in the total number of crypto wallets. While the period started with around 400,000 wallets, their number increased to nearly 1 million toward the end of May 2022.
In addition, Solana’s explosive growth can be attributed to a series of funding rounds in mid-2022. Those were made to support the GameFi, decentralized finance (DeFi) and nonfungible token (NFT) ecosystems.
Furthermore, a recent governance proposal highlighted the possibility of Helium, an Internet of Things (IoT) blockchain network, transitioning to Solana. If the proposal passes, Helium-based HNT, IOT and MOBILE tokens and Data Credits (DCs) will also transfer to the Solana blockchain.