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Hype doesn’t always equate to greater adoption, as Solana’s Q2 2022 on-chain data shows (FLOOR) outperforming Ethereum in daily user transactions despite various drawbacks related to both macroeconomic conditions and network outages.

Throughout the second quarter, Solana’s daily transactions steadily increased, ending with over 40 million daily transactions compared to Ethereum’s 1 million daily transactions between April and June, the State of the Quarter report confirmed. from Nansen.

Daily transaction data between Solana and Ethereum. Source: Nansen

Solana’s significant increase in daily transactions was seen on non-voting daily transactions compared to Ethereum, despite higher volatility. The on-chain data revealed that decentralized exchanges (DEX) such as Mango Markets and Switchboard, a Solana-based decentralized oracle network, were among the top decentralized applications (DApps) contributing to the rise in daily trading.

Top Solana DApps by transactions. Source: Nansen

When examining voting transactions, Solana recorded a range of around 100 million to 200 million transactions per day, which was supported by an increase in the total number of wallets – from around 400,000 wallets to nearly 100,000 wallets. one million by the end of May 2022.

Daily transactions on Solana. Source: Nansen

Solana’s explosive growth can be attributed to a round of financing from mid-2022 made to support the GameFi, decentralized finance (DeFi) and non-fungible token (NFT) ecosystems.

On a final note, Mega Septiandara, research analyst at Nansen, said that “whether it’s the creation of the Korean grant and investment fund, or the many upcoming events that welcome new builders and users, the Solana ecosystem is thriving.”

Related: Network Outages Have Been Solana’s ‘Curse’, Says Co-Founder

A recent October 2022 governance proposal highlighted the possibility of Helium, an Internet of Things (IoT) blockchain network, moving to Solana.

As Cointelegraph reported, Helium developers recommended moving to “improving operational efficiency and scalability.” Highlighting the need to address a number of technical issues to improve network capabilities, the developer community said:

“Over the past few months for the network, both have been challenging for network participants with significantly reduced proof of coverage activity due to network size and blockchain/validator load, and delivery issues. packets.”

If adopted, helium-based HNT, IOT and MOBILE tokens and data credits (DC) would also be transferred to the Solana blockchain.