Solana’s Daily Transactions Eclipsed Ethereum’s in Q2, 2022 — Report.

Solana’s daily transaction count by the end of Q2 2022 averaged 40 million compared to Ethereum’s 1 million.

Solana’s daily transaction count towards the end of the second quarter of 2022 outperformed Ethereum by a factor of 40. According to a report by the team at Nansen, Solana averaged 40 million daily transactions compared to Ethereum’s 1 million in late June.

In addition, Solana’s daily transactions experienced impressive growth from around 500k in early April to closing the quarter at the stated 40 million per day. The chart below further provides a visual cue of Solana’s daily transactions increment compared to Ethereum’s between April and June 2022.

Growth of Solana’s daily transactions compared to Ethereum’s. Source: Nansen.ai

Decentralised Exchanges on Solana Contributed to the Bulk of the Daily Transactions

Concerning the main factor behind Solana’s daily transactions exceeding that of Ethereum, the report concluded that transactions on the decentralised exchanges of Mango Markets, Serum and Switchboard were the main contributors to the spike in transaction volume toward the end of the second quarter of 2022.

Solana’s transactions broken down by entity. Source: Nansen.ai

Solana Users Paid Less Gas Than Ethereum Users

Regarding the cost to transact on each network, Solana users paid less gas than Ethereum users. Solana users started the quarter paying an estimated $16k in gas fees per day compared to Ethereum users, who parted with an estimated $20 million in gas fees daily. Gas fees on Ethereum saw a massive uptick of more than $220 million on May 1st due to the Bored Ape Yacht Club’s Otherside NFT mint.

However, daily gas fees on Solana and Ethereum began to gradually reduce after UST’s collapse in early May, as seen in the chart below.

Q2 daily gas fees on SOL and ETH. Source: Nansen.ai

Solana (SOL) Could Soon Retest June’s Low of $25.86

In terms of price action, Solana, like all other altcoins in the crypto markets, is in bear territory due to Bitcoin losing its crucial $20k support over the weekend. At the time of writing, Solana is trading at $32 and seems destined to retest its June low of $25.86, as seen in the daily SOL/USDT chart below.

Source : Solana Medium

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