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Solana network completes 100 billion+ transactions

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Solana network completes 100 billion+ transactions 3

Despite network issues, the Solana blockchain network surpassed more than 100 Billion transactions since its mainnet launch.

Solana is the biggest Proof-of-stake blockchain network, which is popular in the Crypto space because of its unique Proof-of-history protocol that helps the network to process high scale crypto transactions. However Solana with maximum scalability of 50,000 TPS is a top blockchain network but still, it faces huge criticism because of the less-decentralized nature of its network.

At the time of writing this article, Solana Network completed around 100,33,727,421 transactions to this date, after the launch of the beta mainnet in 2020.

The average transactions per second by the Solana network was around 3,392 TPS per second and transaction fees was $0.00025 per transaction, which is the lowest among other crypto network fees.

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The main reason behind this milestone for Solana blockchain is because of the huge numbers of DEXs activities & NFTs trade, over other networks.
Here we can say that almost all the crypto networks failed in this race because on one side Solana network was launched in 2020 and other side Solana faced huge backlash in the crypto industry because of the multiple time outages in its blockchain network.

Cardano may compete with Solana

Today Cardano, a Proof-of-stake consensus model-based blockchain network, completed its most important upgrade “Vasil Hardfork”.
Now the developer team will integrate the Hydra protocol to introduce scalability in the Cardano blockchain, which may be 10 times more scalable than Solana’s Proof-of-history protocol.
According to Cardano founder Charles Hoskinson, Cardano will be able to process transactions to the nearby scalability of the Solana blockchain by the end of this year and further development will help the network to achieve scalability up to 1 million per second.

Read also: Coinbase successfully receives regulatory approval in Netherlands

Solana network completes 100 billion+ transactions

 

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