Solana Settles More Than 2X Transaction Volume Than Other Chains

The high-speed layer-1 (L1) blockchain, Solana, has continued to experience increased user activity in recent months. 

According to data from CryptoRank.io, Solana has settled more transactions than other blockchains during the first quarter of 2024 (Q1 2024).

Solana Settled More Transactions than Ethereum and Others 

Per CryptoRank.io, the blockchain settled 2.48 billion transactions during this period. This data shows that the chain executed more transactions than Ethereum and several other established blockchains combined.

Solana has settled more transactions than all these chains combined in Q1 2024 despite the overwhelmed networking layer. Keep perspective, nothing is growing faster than Solana and no chain has more code commits to improve scaling based on real volume and real testing.

The… pic.twitter.com/c6006orX7K

— MartyParty (@martypartymusic) April 11, 2024

In contrast, Ethereum settled 109 million transactions, Tron (446 million), Near Protocol (402 million), BNB Chain (382 million), Sei (366 million), Polygon (363 million), Injective (145 million), Sui (140 million), zkSync Era (120 million), Arbitrum (88.2 million), Avalanche (69.9 million), Osmosis (67 million), Fantom (58.2 million), and Celo (50.6 million).

The surge in Solana’s transaction volume can be attributed to several factors, including the massive influx of users and the growth of decentralized applications (DApps) on the chain.

Interestingly, this impressive performance comes despite the chain’s multiple network congestion this year. In its most recent occurrence, the network suffered congestion due to a significant spike in its user base. At the time, Austin Federa, a strategist at the Solana Foundation, stated that user demand for the network is expected to further increase.

The Solana network is, once again, being battle tested with a huge influx of traffic. Bug fixes are rolling out over the next week, and things will start to improve.

But there is no silver bullet and no "finished" – we expect demand will continue to increase, which will require…

— Austin Federa | 🇺🇸 (@Austin_Federa) April 5, 2024

Improvement in Scalability 

Several industry experts believe Solana’s scalability will improve over time as it has more code commits than other blockchains. This high number of code commits indicates that developers are working to boost the network’s ability to handle more transactions.

Solana is arguably the top-performing blockchain this year, especially after it faced a tumultuous period due to its association with the collapsed crypto exchange, FTX, and its sister company, Alameda Research.

Showing resilience, the Solana decentralized finance (DeFi) sector recently recorded a TVL of $4.4 billion, a milestone last achieved in 2022.