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Ethereum-killer Solana Passes Major Milestone on Transaction Count

Thu, 09/22/2022 - 13:21
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Gamza Khanzadaev
Solana transaction count reaches major milestone as it is over 100 billion now
Ethereum-killer Solana Passes Major Milestone on Transaction Count
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According to Solana Explorer, a portal that tracks Solana performance, the number of transactions on the network has surpassed the 100 billion mark. The average number of transactions per second processed by a proof-of-history blockchain is currently 2.8.

Previously, Solana also surpassed Ethereum in daily transactions in the second quarter. At that time, as reported by crypto analyst portal Nansen, the number of daily transactions on the Solana network reached almost 40 million, while the Ethereum network had 5 million fewer. It is also worth noting that there has been extensive growth in the number of transactions processed by Solana throughout the past quarter.

That said, Solana is still in beta testing mode. Given the growing number of transactions and the long absence of breakdowns that have caused mockery of blockchain in the community, the likelihood of a move to the main network is definitely increasing.

The same opinion is expressed by Coinbase analysts, who report that in a series of future updates Solana could completely solve problems with spam and network outages. It is possible that these updates will be enough to take Solana from beta to mainnet.

Solana (SOL) price review

The price of Solana's native token and blockchain fuel, SOL, has experienced a series of ups and downs since early September, but globally it has remained in the wide price range of $24.5 to $47.

Source: TradingView

Given the shaky position of the crypto market, taking a position in SOL does not seem rational at the moment. At the same time, approaching the lower bound or securing above the upper bound opens a great opportunity to consider investment in SOL.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.