Tuesday, July 05, 2022 3:49:37 PM
One major area in which Ethereum has consistently dominated has been the volume of transactions being carried out on the network. Other DeFi and NFT networks have had to battle for the second position but Solana has brought the fight to the fore as the crypto winter rages on. The network has seen transaction volumes soar higher than that recorded on the Ethereum blockchain, making it the smart contract network with the most transactions.
This comes even as transaction fees on the Ethereum network have dropped to two-year lows. Despite this, the cost of transactions on Solana remains incredibly low compared to Ethereum, making it enticing for users. It also means that Solana is better for carry out small transactions given that users do not have to worry about paying more in gas fees than the amount that they are actually moving across the blockchain.
Solana transaction figures came out to about 630,000 transactions for the last week. While Ethereum’s had come out lesser than 500,000, meaning that Solana transactions had surpassed that of Ethereum by more than 30% for the last 7-day period.
Winning The NFT Game
The transaction volume is not the only way that Solana is giving Ethereum a run for its money. As the NFT space continues to grow, Solana has been capturing a larger market share. This has been made possible with the NFT marketplace, Magic Eden, which has garnered popularity due to a number of successful SOL launches such as DeGods and Okay Bears collections.
This has drawn more project founders to the network. Its community is growing especially given the lower gas fees required for minting on Solana. Even with the bear market and decline in NFT volume, SOL NFT transactions come out ahead of Ethereum for the previous month.
https://bitcoinist.com/solana-steals-the-lead-from-ethereum/
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