Hype does not always equate to greater adoption, as the on-chain data from the second quarter of 2022 shows Solana (SOL) surpassing Ethereum in users’ daily transactions despite various drawbacks from both macroeconomic conditions and network outages.
Throughout the second quarter, Solana’s daily transactions consistently increased, ending with more than 40 million daily transactions compared to Ethereum’s 1 million daily transactions between April and June, confirmed Nansen’s State of the Quarter Report.
Solana’s significant increase in daily transactions was observed on daily non-vote transactions when compared to Ethereum — despite sporting higher volatility. On-chain data revealed that decentralized exchanges (DEXs) such as Mango Markets and Serum and Solana-based decentralized oracle network Switchboard were among the top decentralized apps (DApps) contributing to the spike in daily transactions.
When considering vote transactions, Solana recorded a range of roughly 100 million...
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