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Solana Successfully Competed with Ethereum Before FTX Crash: Details

Thu, 12/08/2022 - 15:36
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Gamza Khanzadaev
Solana was outperforming Ethereum in some blockchain metrics in third quarter of year
Solana Successfully Competed with Ethereum Before FTX Crash: Details
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Crypto analytics portal Nansen presented detailed data regarding Solana (SOL) performance in the third quarter of this year. This quarter was clearly more successful than the current one, given the events of November, when the price of SOL, the native token of the Solana ecosystem, fell by 60% due to its association with "zeroed-out" crypto exchange FTX.

The three-month period to October appeared to be more or less successful for Solana, especially given the bear market conditions. During that period, the number of daily blockchain transactions rarely fell below 200 million, and the number of active addresses on Solana's network ranged from 600,000 to 1.1 million.

Moreover, between July and September, the Ethereum killer was at times more dynamic than the one it was supposed to finish off. Solana, for example, showed more stable figures in its number of daily transactions, and the number of daily active addresses on it was higher than on Ethereum by hundreds of thousands.

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Solana: current state of affairs

By now, SOL is accumulating in a range of $12 to $16, at levels where it last was back in early 2021. At the same time, the number of transactions on the blockchain tends towards 122 billion and transactions per second (TPS) is at the 4,000 mark.

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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.