Solana clears 100 billion transactions as NFTs gain prominence
The Solana network had been one of the winners of 2021 after gaining great popularity among crypto users. Its incredibly fast transaction times had been one of the draws, as well as the ability for developers to create decentralized applications (DApps) on the network. Since the beginning of 2022, the network has been racing towards an important milestone, which it has now broken through.
Solana surpasses 100 billion transactions
Solana’s transaction numbers had increased over the past couple of months. In just 2 years, it has become one of the most widely used blockchains in space. Solana had taken decentralized finance (DeFi) and non-fungible tokens (NFTs) by storm, and now had the second largest market share of the NFT space of any blockchain.
Last week, the network reached the transaction limit of 100 billion. Interestingly, the network is still in beta testing and it has grown so much. It had been able to outgrow the number of delay transactions of its biggest competitor Ethereum after it had over 40 million daily transactions.
SOL price trending at $35 | Source: SOLUSD on TradingView.com
Solana continues to maintain its high transaction processing even with the massive growth it has experienced. At the time of writing, transactions per second (TPS) over the past 30 minutes averaged around 3,000 TPS, according to Solana Explorer data.
SOL NFT’s rival Ethereum
Ethereum NFTs had been the dominant tokens in the market, and understandably still are, even at this point. However, there have been a number of developments in the Solana NFT ecosystem that show the network is gearing up to rival Ethereum in this regard.
One of the latest NFT launches on the Solana blockchain, the y00ts NFT collection, is now considered the “most hyped” NFT launch in history. It came from the critically acclaimed team behind the Dead Gods NFT collection. That sparked renewed interest in SOL NFTs, which helped push the floor price higher.
On Monday, Sentiment reported that SOL NFT sales had passed 1.65 million. The Solana NFT ecosystem Metaplex also had reported a significant increase in the number of NFTs that are minted on the platform during the month of September.
However, it is difficult to predict how long this growth trend will last, given that interest in the NFT area is generally down. The number of new addresses using NFTs since the mid-September peak has fallen by more than 60%, from 30,000 to 8,000.
Featured image from The Market Periodical, charts from TradingView.com
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