New data shows big differences between actual transaction counts of Solana and Ethereum

Solana Network is one of the viable alternatives to Ethereum lately. Like all other blockchain networks dubbed the “Ethereum killer,” Solana claims to have a fix for it.

Any network with lower gas fees and faster transaction speeds can solve Ethereum’s main problems. But SOL went one step further confirm could theoretically do up to 710,000 transactions per second (TPS).

However, Data shows that the actual TPS is much lower. According to SolanaFM, the average number of transactions per second on Solana is 3,000.

While this is far from the theoretical TPS potential, it still outperforms Ethereum by around 10x.

Quantitatively Solana’s Current Transactions Per Second (TPS)

Data analysis reveals more information about this disparity. On Solana, transactions can be categorized into successful transactions, failed transactions, voting transactions, and non-voting transactions.

Successful transactions refer to the transaction that the validator successfully validated. This type of transaction was completed and without errors. At the time of writing, the average number of successful transactions on the Solana network is 2,500 per second.

On the other hand, the number of failed transactions is only 438 per second. Thus, the ratio of successful to unsuccessful transactions is 5:1.

Successful transaction (Day First/First/2022)

Reconciliation transactions are those that require at least one reconciliation account, ie an account owned by a validation node. Hence, such transactions are essential to secure the Solana network.

Transactions without reconciliation are transactions that do not interact with the reconciliation scheme, including transactions related to decentralized applications on Solana. These transactions currently account for an average of 759 TPS. The ratio of voting right to non-voting right transactions is 3:1.

Successful transaction (Day First/First/2022)

With up-to-date transaction data from Solana, its TPS is similar to centralized platforms like Visa. This shows the effectiveness of the proof-of-history consensus mechanism compared to more popular models and also explains why many decentralized applications and NFT projects are being launched on the network.

In recent months, Ethereum’s dominant role as the “home” of DeFi and NFT has declined significantly. This is because many projects are being launched on other blockchain networks, including Solana.

ETH and SOL Is a with coins the biggest drop in the last 24 hours

Yesterday, the crypto market endured one of its worst days in recent history as Bitcoin price fell below $40,000.

At the same time, ETH and SOL slipped more than 6% and 13%, respectively, over the same period. At press time, ETH is still trading below $2,500 while SOL is below $100 – these prices are a long way from their ATHs.

SOL 4 hour price chart | Source: Trade View

According to the data, SOL’s market cap has dropped to around $30.8 billion, while ETH is currently around $291.7 billion.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page