Solana Surpasses Ethereum in Recent Activity Report
Transaction Volume: Solana Outpaces Ethereum
Over the past three months, Ethereum and its mainstream Layer 2 solutions (L2s) processed a total of 1.138 billion transactions, a significant figure demonstrating the ecosystem’s robust activity. However, Solana far surpassed this, generating 5.053 billion transactions during the same period—nearly five times Ethereum’s total.
This stark contrast underscores Solana’s focus on high transaction throughput, made possible by its unique Proof-of-History (PoH) consensus mechanism, which enables rapid and cost-efficient processing of transactions. In comparison, Ethereum, while transitioning to a Proof-of-Stake (PoS) model and integrating L2 solutions, still operates with relatively higher fees and slower transaction speeds.
Source: Dune
DEX Transaction Volume: Solana Leads the Way
Decentralized exchanges (DEXs) are a critical component of blockchain ecosystems, providing users with trustless platforms for trading assets. In this arena, Solana also takes the lead. Over the past three months, DEXs on Solana recorded a staggering $1974.87 billion in transaction volume, dwarfing Ethereum’s still-impressive $504.83 billion.
The difference can be attributed to Solana’s low fees and scalability, which make it an attractive option for high-frequency trading and DeFi (Decentralized Finance) applications. While Ethereum remains a dominant player in the DeFi space, its higher costs may limit accessibility for smaller traders and push some activity to more cost-effective platforms like Solana.
Active Addresses: Solana Boasts a Larger User Base
Another critical metric in assessing network adoption and activity is the number of active addresses. Ethereum and its L2s reached a total of 82.56 million active addresses over the past three months. Solana, on the other hand, reported a staggering 344 million active addresses during the same period.
This significant difference indicates Solana’s growing popularity among users and developers. Its lower entry barriers, including faster transactions and minimal fees, make it appealing to a broader audience, particularly those engaging in decentralized applications (dApps) and non-fungible tokens (NFTs).
