The Solana ecosystem has reached a milestone: It has secured the third spot in revenue generation among all blockchain protocols. In a tweet on the blockchain’s official X page, the ecosyetem was revealed to be third on the list of blockchain networks with the highest revenue outputs, following Lido and Ethereum.
Solana’s latest milestone is par for the course for the blockchain protocol, which is based on numerous key drivers. For instance, it allows its users to pay cheaper transaction fees compared to other blockchain protocols. Hence, its competitive transaction fees attract a surge of new users who are seeking cost-effective alternatives to other blockchain protocols.
Secondly, for its consensus algorithm, Solana uses the proof-of-history (PoH) mechanism which allows it to execute many transactions per second, making it faster for users. Recently, it executed over 280 billion transactions, 280x more than that of the leading cryptocurrency Bitcoin.
Solana Tops The List in Weekly NFT Blockchain User Adoption
Solana ranking the third highest revenue-generating protocol came right after the blockchain platform took the top spot in weekly NFT blockchain user adoption, surpassing the collective performance of Bitcoin, Ethereum, and all other blockchain networks.
🚨 REPORT: @solana surpasses all other chains combined, including Bitcoin and Ethereum, in weekly NFT blockchain user adoption.
– Dominance: 55%
– Weekly Users: 130K pic.twitter.com/4PWV9aJLUY— SolanaFloor | Powered by Step Finance (@SolanaFloor) May 20, 2024
The report included that Solana has about 55% dominance in the space and 130K users who visit the platform every week.
Relative to other blockchain protocols in the space, Solana uses a higher rate of arbitrage bots and NFT minting bots. Solana implementing this feature might have likely played a significant role in increasing the adoption of the NFT blockchain, drawing in a wider user base.
Solana’s technology and impressive track record has a ripple effect on its subsidiary platforms, enhancing their reputation. Our team recently covered that a Solana-based platform, Jupiter exchange aggregator, topped the list among other Decentralized Exchange recording the highest number of Unique Active Wallets across all chains.
Jupiter exchange, the most popular on the Solana network surpassed DEX like Uniswap V3 and Raydium with a record of about 196k unique active wallets.
