After gaining popularity with crypto users, the Solana network was one of the 2021 winners. The network’s lightning fast transactions were one of the draws. It also allows developers to build decentralized apps (DApps), on the network. Since 2022 began, the network had been striving to achieve an important milestone.
Solana surpasses 100 billion transactions
Solana’s transaction count had been ramping up over the last couple of months. Within two years it had become the largest blockchain in use. Solana has taken over the Decentralized Finance (DeFi), and Non-fungible Tokens (NFTs), now holding the second largest market share in the NFT space.
The network crossed the 100 million transaction threshold last week. The network, which is still in Beta testing and has seen tremendous growth, is interestingly. The network had more daily transactions than its closest competitor Ethereum, and was capable of growing above delay transaction counts.
Source: SOLUSD on TradingView.com| Source: SOLUSD on TradingView.com
Solana’s high transaction processing continues to be maintained despite the company’s massive growth. Based on data from Solana Explorer, transaction per second (TPS), for the 30 minutes ended this writing was around 3,300 TPS.
SOL NFTs Rival Ethereum
Ethereum NFTs were the predominant tokens on the market, and they still are. There have been many developments within the Solana NFT network that show that it is preparing to challenge Ethereum.
One of the most recent NFT launches on the Solana blockchain, the y00ts NFT collection, is now billed as the “most hyped” NFT launch in history. The team responsible for the Dead Gods NFT collections was highly praised. The floor price went up due to renewed interest in SOL NFTs.
Sentiment announced Monday that SOL NFT Sales had surpassed 1.65 Million. Metaplex, the Solana NFT ecosystem Metaplex also had reportedA significant increase was seen in NFTs issued on the platform since September.
It is difficult to know how much longer this trend of growth will continue, as interest in NFTs is generally down. From 30k to just 8k, there has been a drop in the number of addresses using NFTs from its peak in September.
Featured Image from The Market Periodical. Charts from TradingView.com
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