Nansen has released Solana's 2022 second quarter performance report. The aforementioned on-chain data showed that Solana outperformed Ethereum in terms of daily user transactions, despite its various disadvantages, both from macroeconomic conditions and network outages.
Stating that the number of daily transactions of Solana has increased continuously during the second quarter of 2022, Nansen said:
“On-chain data for the second quarter of 2022 shows that Solana users are outperforming Ethereum in day-to-day transactions, despite several disadvantages stemming from both macroeconomic conditions and network outages. On-chain data shows decentralized exchanges (DEX) such as Mango Markets and Serum and Solana based decentralized oracle network Switchboard has proven to be the best DApps to contribute to the increase in day-to-day transactions."
Throughout the second quarter of 2022, transactions on the Solana network continued to rise steadily. Solana, which has a significantly higher transaction volume compared to Ethereum, has reached a daily transaction volume of 40 million. Unlike Solana, Ethereum has not been able to rise much above its daily trading volume of 1 million.
However, users had to pay less transaction fees to Solana compared to Ethereum during the second quarter. In Q2, Solana users paid an average of $8-9k in transaction fees per day. In comparison, the daily transaction fee paid by users on the Ethereum network hovered around $20 million on average. However, this transaction fee skyrocketed to $220 million in the days when products such as the popular NFT collection Otherdeed by Otherside were released.
“Whatever happens, one has to accept the fact that the Solana ecosystem is thriving,” Nansen research analyst Mega Septiandara said in the report. Also, recently, the demand for Solana NFTs has reached its highest level in history. Solana's rapid and steady growth can be attributed to a series of funding efforts from mid-2022 to support GameFi, decentralized finance (DeFi) and NFT (Non-fungible token) ecosystems.