The upheavals in the crypto sector will never end. While Ethereum has just completed its transition to proof of stake, the blockchain sees itself ahead on another level. Indeed, Solana is doing quite well in the second half of 2022 and the numbers prove it!
Transaction volume explodes on SOL
The cryptocurrency sector has seen many upheavals since the beginning of the year. After a meteoric success, the ecosystem has relatively dropped during this year. Even if the courses are green again, they are far from the peaks that we know. However, blockchains do not let it go and continue to stand out.
If Ethereum was talked about for several months, this time it’s Solana’s (SOL) turn to shine. Indeed, daily transactions increased significantly on Solana during the second half of the year. According to report established by Nansen, the blockchain analysis platform, the number of active wallets increased by 50%. From 400,000 to 600,000.
Thus, the number of active portfolios peaks at nearly one million. Daily trades show an uptrend that peaks above 40 million. Meanwhile, daily Ethereum transactions hovered instead around one million between April and June. As a result, despite the impressive notoriety of ETH and the announcement of its transition, other blockchains still manage to stand out.
Solana vs Ethereum, a comparison that never ends
The evolution of the cryptosphere has created unparalleled competition in the industry. While Bitcoin is the supreme title holder, Ethereum still faces many rivals. Indeed, several investors believe or are convinced that Solana (SOL) will eventually gain the upper hand over ETH. Since the two blockchains have largely contributed to the development of NFTs and DeFi.
However, while they have some similarities, they also have some characteristics that make them unique. Among other things, the consensus mechanism. While Ethereum (ETH) now uses a consensus of Proof-of-Stake (PoS), Solana on the other hand is based on an algorithm of Proof-of-History (PoH).
But that’s not all, decentralization is also a key topic that opposes the two blockchains. However, despite the centralization and network outages that have occurred on SOL, blockchain continues to appeal to investors.
The architecture of the Solana network is a big plus since so far it is one of the fastest blockchains when it comes to processing transactions. The bullish trend in daily trades is proof of this. The native crypto is not left out since currently, it oscillates in the green according to the data from Tradingview.
Solana (SOL) is doing well in the second half of this year. Indeed, the blockchain caps Ethereum (ETH) on the post in terms of daily transactions. Despite network outages and macroeconomic conditions, SOL maintains its position and continues to appeal to investors as the sector falters.
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