Solana Network Hits 100 Billion Transactions Amid Institutional Interest

Solana Network Hits 100 Billion Transactions Amid Institutional Interest

Blockchain
September 26, 2022 by Diana Ambolis
461
The number of completed transactions on the Solana ($SOL) network has surpassed 100 billion. According to Solana’s blockchain explorer data, the network has executed 100.06 billion transactions. The web is now processing an average of 2,777 transactions per second, much fewer than its advertised capability of up to 50,000 transactions per second. This occurs at
Solana Blockchain: A Guide to the NFT Platform That Surpasses Visa

The number of completed transactions on the Solana ($SOL) network has surpassed 100 billion. According to Solana’s blockchain explorer data, the network has executed 100.06 billion transactions. The web is now processing an average of 2,777 transactions per second, much fewer than its advertised capability of up to 50,000 transactions per second. This occurs at a time when institutional investors’ wagers on cryptocurrencies continue to dribble in, despite the bear market’s continued existence.

So far, Bitcoin, the most renowned cryptocurrency, has dropped almost 59% of its value in 2018, while Solana has lost nearly 82% of its value. According to Finbold’s most recent study, the whole cryptocurrency market and other risk assets showed a significant negative trend in 2018. This phenomenon has been seen in Solana as well.

Also, read Your Guide To Solana Pay, Top 3 Uses Of Solana Pay.

The overall value locked in Solana’s decentralized finance (DeFi) region has also been falling, most likely due to a series of network failures that have eroded user confidence this year. According to claims made by Anatoly Yakovenko, one of the co-founders of Solana, in an interview, the network’s “worst problem” is outages.

According to the most current Asset Report, the dominance of the five significant protocols on the network has risen throughout the same period. On August 9, its domination reached its peak level of 51.6%. According to the study, Solana is in a favorable position due to its “well-diversified array of DeFi applications encompassing lending, liquid staking, and yield services.” Despite the losses, institutional investments in SOL-exposed cryptocurrency investment products have been growing. This is seen by the $1.4 million inflows recorded last week and the $1.9 million recorded this month.

James Mullarney, the host of the viral YouTube channel “InvestAnswers,” said recently that he expects the price of SOL to reach $370, which would represent an increase of almost 1,000% from its current levels. The analyst added that he compared the price of Bitcoin to Ethereum’s future dominance, which he thought would be “at least 25 percent,” and anticipated that Ethereum would top $15,000 in the hypothetical scenario. The expert also said that he related the price of Bitcoin to Ethereum’s potential dominance. Using this assumption, he could anticipate that Solana may have between 10 and 20 percent of Ethereum’s dominance, thereby reaching his objective.