Solana-based transactions hit 100 billion milestone in 2 years

By September 22, 2022Ethereum
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Solana-based transactions hit 100 billion milestone in 2 years

The decentralized finance (DeFi) Solana (SOL) network continues to record progress as the blockchain attempts to compete with established platforms like Ethereum (ETH), a factor that has translated into increasing transaction activity.

Indeed, as of September 22, Solana recorded a milestone as the number of Solana-based transactions has now hit 1 billion since its launch in 2020.

The number of transactions on the blockchain at the time of publication was 100,040,913,433, with 2,767 transactions per second at an average cost of $0.00025 per transaction.

Solana total transaction. Source: Solana

Despite the fact that the network is struggling with issues connected to the performance of the blockchain, transactions on the platform seem unaffected. Notably, the transaction milestone supports Solana’s founding values of a high transaction speed and low-cost smart contract platform.

Outages are ‘a curse’ for Solana

The Solana network, regardless of the fact that it has recorded a substantial number of transactions, is confronted with a variety of issues, with network disruptions appearing as a crucial pain point. Anatoly Yakovenko, one of the co-founders of Solana, is quoted as saying that he thinks outages to be the primary ‘curse’ of the network.

“This is our biggest challenge, which is maybe the one that I like to have because of all these challenges that are coming because we have users on the chain daily,” said Yakovenko.

Since its inception in 2020, the Solana network has seen at least seven large disruptions, with the year 2022 having a total of five major occurrences. In the meanwhile, a blackout that occurred in September 2021 lasted for up to 17 hours, making it one of the longest recorded.

Furthermore, the interruptions have made it more difficult for users to use the Solana network, while the management insists that the blockchain’s integrity has not been jeopardized as a result of these issues.

Amid the milestone, the price of SOL has recorded minor gains despite market volatility, at press time, the token was trading at $32, gaining almost 0.6% in the last 24 hours.

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