Ethereum (ETH) ranks first in the blockchain ranking in terms of the number of deployed decentralized applications (DApps). However, the Solana network was able to bypass ETH in terms of user activity, the Nansen team said in a report.
The researchers found that in the second quarter of 2022, the average daily number of transactions on the SOL blockchain was about 40 million, while Ethereum processed just over 1 million transactions per day from April to June.
The surge in address transaction activity on Solana was the result of a spring flare-up of volatility in the cryptosphere and an increase in trading volume on decentralized platforms ( DEXs ) such as Mango Markets and Serum. The number of blockchain wallets skyrocketed from 400,000 to almost 1 million by the end of May, analysts said. The popularity of the GameFi ecosystem, as well as the DeFi and NFT markets, has been a major factor in the explosive growth of the Solana network.
The underlying blockchain asset, the altcoin SOL , is ranked ninth in the ranking of the largest digital currencies. The coin on Tuesday, September 20, is trading at $32.87. The capitalization of SOL for the week decreased by almost 12.5% to $11.452 billion.