Solana (SOL) outperformed Ethereum (ETH) in terms of daily transactions, with more than 40 million vs. 1 million for Ethereum. The finding is based on data collected between April and June, according to a second-quarter report from Nansen, a blockchain analytics platform.
Solana’s outperformance can be traced to a series of investment announcements to promote the GameFi, DeFi, and NFT ecosystems, beginning in mid-2022. The Solana blockchain has been getting a lot of attention, and Helium, the Internet of Things (IoT) blockchain network, might transition to the Solana network if the governance proposal gets the community nod.
However, Solana witnessed more volatility compared to Ethereum on non-vote transactions, according to the report. The main dApps which contributed to the growth in daily transactions were Mango Markets and Serum, as well as the Solana-based decentralized oracle network Switchboard.
Besides, Solana recorded between 100 million to 200 million transactions per day on vote transactions. The rapid increase in transactions is attributed to a rise in the total number of wallets from around 400,000 to nearly 1 million.
Ethereum, Solana among top staked crypto assets
Despite Solana outperforming Ethereum in daily transactions, the two share the top slots as the top staked crypto assets. Living up to the hype, Ethereum (ETH) takes the trophy for the most staked crypto assets, while Solana takes the second place with $12.7 billion. Other top cryptos that made it to the top 5 are Cardano with over $11 billion, Binance Smart Chain with over $5 billion, and Avalanche with about $4.6 billion, according to data from StakingRewards.com.
Thanks to the noteworthy performance of some of the top cryptos, the market capitalization of all staked crypto assets currently stands at around $95 billion.