Solana Clears 100 Billion Transaction Count As NFTs Gain Prominence
September 27 2022 - 6:00PM
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The Solana network had been one of the winners of 2021 after
gaining widespread popularity among crypto users. Its incredibly
fast transaction times had been one of the pulls, 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 toward an important milestone, which it has now successfully
broken through. Solana Surpasses 100 Billion Transactions
Solana’s transaction count had been ramping up over the last couple
of months. In just 2 years, it has become one of the most used
blockchains in the space. Solana had taken the decentralized
finance (DeFi) and non-fungible tokens (NFTs) space by storm, now
commanding the second-largest market share of the NFT space of any
blockchain. Related Reading: Why Investing In Terra Classic (LUNC)
May Be A Bad Idea Last week, the network made it past the 100
billion transaction mark. Interestingly, the network is still in
Beta testing, and it has grown so much. It had been able to grow
above the delay transaction count of its largest competitor
Ethereum after it clocked more than 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 this writing, the transactions per second (TPS) in the last
30 minutes were averaging around 3,000 TPS, according to data from
Solana Explorer. SOL NFTs Rival Ethereum Ethereum NFTs had been the
dominant tokens in the market and, understandably, remain so, even
at this time. However, there have been numerous developments in the
Solana NFT ecosystem that shows that the network is gearing up to
rival Ethereum in this regard. One of the most recent NFT launches
on the Solana blockchain, the y00ts NFT collection, is now billed
as the “most hyped” NFT launch in history. It came from a
critically acclaimed team behind the Dead Gods NFT collection. It
sparked renewed interest in SOL NFTs, which helped to push the
floor price higher. Related Reading: Staked ETH Nears 14 Million As
Ethereum Readies For Breakout On Monday, Sentiment reported that
SOL NFT sales had crossed 1.65 million. Solana NFT ecosystem
Metaplex had also reported a significant uptick in the number of
NFTs that are being minted on the platform over the month of
September. However, it is hard to predict how long this
growth trend will last, given that interest in the NFT space, in
general, is down. The number of new addresses that are using NFTs
since its peak in mid-September is down more than 60%, from 30k to
8k. Featured image from The Market Periodical, charts from
TradingView.com Follow Best Owie on Twitter for market insights,
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