- Solana saw almost 630,000 transactions in the last seven days compared to the little under 500,000 transactions on Ethereum.
- Reports also indicate that Magic Eden, an NFT Marketplace on Solana and a competitor to OpenSea saw a high transaction volume on the asset’s network.
The trading volume of Decentralized Finance (Defi) and Non-Fungible tokens (NFT) has recently been at a low due to the effect of bears dominating the crypto market. However, the last seven days have seen Solana making a remarkable move to top Ethereum in total transactions. According to reports, Solana saw almost 630,000 transactions in the last seven days compared to the little under 500,000 transactions on Ethereum.
This is considered a huge achievement for the asset even though its Total Value Locked was much lower compared to Ethereum. In addition, activities on the Solana network were around 32 percent higher than on the Ethereum network. Regardless, both networks recorded a decline in NFT transactions compared to the figures in May. The highest volume recorded on Magic Eden, an NFT Marketplace on Solana and a competitor to OpenSea in the last two months is 380K SOL ($12.6 million) and was recorded in May. Interestingly, the daily NFT purchase has also decreased by 78 percent over the same period.
OpenSea is also experiencing a similar situation on Ethereum. It saw its daily volume of NFT transactions on Ethereum drop to $15 million on July 3 from its peak of $476 million in May. Transaction volume decreased from $2.59 billion to $696 million (April to May). As of now, OpenSea has only recorded $43 million worth of volume this month. It is likely that the market would record only $344 million in transactions by the end of this month.
Solana, the Ethereum killer?
Reports also indicate that Magic Eden saw a high transaction volume on the asset’s network. There was a 360,734 transaction count on Magic Eden in the last seven days. Just as expected, the total transaction volume on Magic Eden has surpassed $1.6 billion according to DappRadar. Solana has had incredible growth due to its cheap transaction cost and ideal for governance compared to Ethereum.
Recently, Dean Pappas, a core contributor to Grape, stated at the Hacker House event that the altcoin is perfect for DAOs.
To experiment in governance and think about all these new ideas, these wacky things, you need very cheap transactions, they need to happen fast, and you need a very good user experience.
Solana has been dubbed as the “Ethereum killer” with Matt Hougan, chief investment officer at Bitwise Asset Management, admitting that the asset is the leading Ethereum competitor.
A lot of the fastest-growing applications of crypto technology have been built on Ethereum and rely on the Ethereum blockchain to function. If you’re investing in Solana, you’re betting that its technical sophistication will help it leapfrog Ethereum.
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