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Solana to touch 100 billion transaction milestone.


www.thecoinrepublic.com 10 September 2022 22:24, UTC
Reading time: ~2 m

  • Solana has rapidly developed its fame among crypto investors.
  • Currently, the transaction stands over 97.1 and will soon touch the 100 billion transaction bar.

Over the past few years, the growth of Solana has witnessed it turning into one of the biggest competition for the leading smart contract network Ethereum, as it gives quicker and pocket-friendly transaction options. The transaction count of the company has speedily multiplied in seeing this, and currently, the crypto has approached another significant breakthrough.

After just two years of working under its region, Solana has rapidly developed its fame among crypto investors. The average transactions per second of Solana is 3,000, and the total transaction count of the platform is very amazing and astonishing.

Currently, the total transaction count on the platform has crossed over 97.1 billion. The data is of at the time of writing. Also, the number stood around 96 billion a day before the report writing. With this increasing number, we can estimate that the platform will cross 100 billion bars at the end of this weekend.

To keep this in point of view, at present, the daily transaction count on the Ethereum network is slightly more than 1 million at 13 transactions per second. The update to Ethereum proof of stake will permit Ethereum to initiate 100,000 TPS. However, currently, it carries on to fall behind challengers like Solana with reference to speed and capacity.

The target of $40 bar

On the previous day, virtual assets over the crypto market witnessed some satisfactory gains. Solana gained more than 7% on this day to stretch the value over $35, but still, this point does not seem like the highest for the crypto.

Since Solana is not over its 20-day moving average, the selling pressure for a short period of time has started to relax, giving the virtual asset room to set up support at $35 and aim at the $40 bar from this point. 

The development of Solana in other references, apart from its transaction count, is also operating to strengthen up its value. Most remarkably, the development of NFT trading on the blockchain. 

In the past one week, OpenSea witnessed a total of 149,488 new traders, and at the same time, Magic Eden witnessed 101,349 new traders. The fame of collections like Okay Bears, DeGods, and currently Yoots has also aided in enhancing the fame of the blockchain and carrying the new request to the market.

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