- SOL Price at the time of writing – $32.62
- NFTs Gain Prominence in the cryptoverse
- SOL NFT sales had crossed 1.65 million
After gaining widespread popularity among crypto users, the Solana network was one of the 2021 winners. One of the draws was its ability for developers to create decentralized applications (DApps) on the network and its extremely quick transaction times.
The network has been racing toward a significant milestone since the beginning of 2022, which it has now successfully achieved.
Solana Exceeds 100 Billion Transactions
Over the past few months, Solana’s transaction count had been rising. It has grown to be one of the most widely used blockchains in the industry in just two years.
With the second-largest market share of any blockchain in the non-fungible token (NFT) space, Solana had swept the decentralized finance (DeFi) and NFT markets.
The number of transactions on the network has surpassed 100 billion this week. It’s interesting that the network has grown so much while still in Beta testing. After recording more than 40 million transactions per day, it had been able to surpass Ethereum’s largest rival’s delay transaction count.
Despite its rapid expansion, Solana has maintained its high transaction processing rate. According to Solana Explorer data as of this writing, the transactions per second (TPS) averaged around 3,000 TPS over the previous 30 minutes.
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SOL NFTs vs. Ethereum
Ethereum NFTs were the dominant tokens on the market prior to this point, which is understandable. However, the Solana NFT ecosystem has undergone numerous changes that indicate that the network is preparing to compete with Ethereum in this regard.
The y00ts NFT collection, one of the most recent NFT launches on the Solana blockchain, is currently referred to as the “most hyped” NFT launch in history.
It was produced by the highly regarded Dead Gods NFT collection team. It rekindled interest in SOL NFTs, which contributed to an increase in the floor price.
Sentiment reported on Monday that SOL NFT sales had exceeded 1.65 million. Metaplex, the Solana NFT ecosystem, had also reported a significant increase in the number of NFTs being created on the platform during September.
However, given the general decline in interest in the NFT industry, it is difficult to estimate how long this growth trend will continue. Since its peak in mid-September, the number of new addresses using NFTs has decreased by more than 60%, from 30 000 to 8 000.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/09/28/100-billion-transaction-count-cleared-by-solana/