Solana has cemented itself as a leading blockchain due to its high-speed capabilities and scalable infrastructure. With over 3,500 transactions per second (TPS), it consistently outperforms other major chains like Ethereum. In July 2024, Solana surpassed 40 million daily transactions, a testament to its growing adoption.
Transaction speed and volume
Solana’s capacity to handle over 40,000 transactions per second (TPS) sets it apart from other blockchains like Bitcoin and Ethereum. With average fees remaining at $0.025 per transaction, Solana’s minimal costs make it highly attractive for dApp developers and users alike.
In July 2024, Solana crossed 40 million daily transactions, reflecting its increasing activity. Its ecosystem supports 400+ DeFi applications, NFT projects, and decentralized exchanges, making it a vital hub for developers and traders.
Ecosystem and developer growth
Solana’s ecosystem has witnessed explosive growth, particularly with initiatives like the Solana Summer Camp, which attracted over 1,800 developers globally. This accelerator program significantly grew its dApp ecosystem, fostering growth across DeFi, NFT markets, and more. With notable projects like Phantom Wallet and Audius using Solana, the ecosystem has a growing number of wallets and users.
Additionally, Solana’s support for the Rust programming language has made it accessible to developers from other blockchain ecosystems. As of 2024, Solana has 2,500 active developers, second only to Ethereum.
Network health and security
Despite facing downtime challenges in 2022, Solana has consistently upgraded its infrastructure. The introduction of QUIC (a network protocol) improved transaction confirmation times and congestion management, reducing the chances of network slowdowns.
In the last 12 months, Solana has undergone several successful updates to optimize staking rewards, improve validator incentives, and boost overall security. The network’s health has been a priority, resulting in enhanced stability and better user experience.
Total value locked (TVL) and staking power
As of Q3 2024, Solana boasts a Total Value Locked (TVL) of $5,1 billion, underscoring its importance in the DeFi ecosystem. Its staking participation has also been robust, with over 2,5 million wallets staking 307 million SOL. Given the large amount staked, this not only ensures network security but also fosters confidence among users.
Solana’s staking rewards are highly competitive, with validators earning up to 7% annually. Additionally, Solana recently expanded its validator network to include 1,000+ validators worldwide.
Recent partnerships and developments
Solana’s partnerships have significantly boosted its utility. Collaborations with Visa and T-Mobile have strengthened its decentralized wireless infrastructure, enabling mobile network support on the blockchain. This partnership is seen as a potential disruptor to traditional telecoms.
Furthermore, Solana’s new bridge integration with Ethereum Layer2 solutions has made cross-chain transfers faster and cheaper, enhancing interoperability.
Conclusion
Solana’s network growth continues, solidifying its place as a leading blockchain ecosystem. Whether it’s the blazing transaction speeds, strong DeFi presence, or developer-friendly tools, Solana remains a top contender. Its competitive fees and thriving ecosystem make it an attractive option for users and developers alike.
