Does Solana defeat Ethereum? Referee Nansen counts the points

Who will be the queen of smart contracts? – Launched in March 2020, blockchain Solana (SOL) quickly became popular with users. Since then, this has developpede and now offers a DeFi ecosystem complex.

A real climb on the side of Solana

On September 19, the teams of Nansenthe company specializing in blockchain analysis, published their quarterly report on Solana.

Based on data compiled by Nansen, the Solana network appears to be in good shape. Indeed, this one witnesses more than 400,000 active wallets every day since mid-April. the record of network usage was reached on May 22, with 942,000 wallets assets. Since this ATH, the number of daily wallets has continued to decrease, while remaining above 400,000.

Number of daily active accounts on Solana – Source: Nansen

Who says more users says more transactions. Indeed, the Solana network recorded a almost constant increase the number of daily transactions since the beginning of April. The network has grown from 10 to 40 million daily transactions. Of course, these numbers exclude the hundreds of millions of daily transactions that make consensus work.

the Solana network has recorded an almost constant increase in the number of daily transactions since the beginning of April.  The network has grown from 10 to 40 million daily transactions.
Solana and Ethereum daily transaction count comparison – Source: Nansen

This general increase in statistics is notably due to the development of a complex ecosystem on Solana. Truth be told, DEX Mango Markets and Serum are Solana’s most popular decentralized applications. These are followed by Switchboard, a network of decentralized oracles.

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Solana vs Ethereum: a match of titans?

Obviously, in the world of smart contract blockchains, Ethereum is the enemy to be defeated. In this context, Solana defends herself rather well facing the giant that is Ethereum. Indeed, Solana accounts for 40 million daily transactions against a timid million of transactions on Ethereum.

On the side of daily active walletsEthereum remains in the lead with an average of 700,000 wallets. Note that Ethereum does not have no decline recorded in the number of daily transactions since mid-May, unlike Solana.

Not surprisingly, Solana was on average well less expensive to use than Ethereum. Indeed, users spent between $5 and $9,000 in daily gas compared to between $2 and $20 million on Ethereum.

Solana was on average much cheaper to use than Ethereum.  Indeed, users spent between $5 and $9,000 in daily gas compared to between $2 and $20 million on Ethereum.
Gas paid daily on Solana and Ethereum – Source: Nansen

Note that Ethereum has encountered significant increases in gas consumed in periods of high demand, such as during the launch of NFT Otherdeeds.

“Gas fees soared to over $220 million on May 1, 2022, when Otherside’s Otherdeeds NFTs were launched. During the UST stallion loss event in mid-May, there was another spike in trading. Most of these transactions have been attributed to Ethereum users trading stablecoins such as USDT and USDC. »

Nansen Declaration

Nansen’s verdict: Solana promised a bright future

Generally, Solana continued to evolve during the second quarter of the year. Despite various inconveniences caused in turn by macroeconomic conditions and network failures, this continued to grow and attract more users.

Moreover, this development could be accelerated with the imminent deployment of Neon Beta on Solana’s mainnet. Indeed, Neon Beta is a solution for running Solidity code on Solana. Therefore, Solana would become EVM compatible and could attract developers from the various chains using Solidity.

For its part, the Ethereum network has successfully activated its landmark update, The Merge. Thus, since September 15, the network has been operating in Proof of Stake.

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