Since its launch in 2020, the Solana blockchain has stood out for its high technical performance and rapid adoption. With an architecture designed for scalability, the network is capable of processing thousands of transactions per second (TPS) at significantly lower costs, a key differentiator compared to competitors such as Ethereum.
Growth Indicators
Daily Transactions: In 2024, Solana achieved an impressive average of 40.7 million daily transactions, representing a 33% growth in just 30 days. This number far surpasses blockchains like Ethereum, which recorded only 7 million transactions in the same period.
Active Developers: The number of developers on the platform grew tenfold between 2020 and 2023, reaching 3,300 in the last quarter of 2023. This growth reflects the robust support offered by the Solana Foundation for new projects.
Total Value Locked (TVL): During the last quarter of 2023, Solana's TVL recorded an annual increase of 303%, highlighting its competitiveness in the DeFi space.
Growth in DEXs: Solana also leads in decentralized exchange volume, holding more than 30% of the market in 2024, compared to Ethereum's 16%, due to its higher operational efficiency.
Technological Advancements
Solana utilizes the Proof of History (PoH) consensus mechanism, which drastically reduces the time required to verify transactions. Additionally, its constant updates ensure modern development tools, enabling continuous innovation in the ecosystem.
Challenges and Future
Although Solana shows growth in the number of users and transactions, the total value processed by dApps is still lower than that of Ethereum, which holds $108 billion compared to Solana's $4 billion in 2023. This shows that, although Solana dominates in transaction volume, the value added per transaction is still limited.
With increasing support from developers and companies, Solana is well-positioned to continue expanding in areas such as decentralized finance, NFTs, and gaming. Its ability to attract new users and simplify blockchain interaction positions it as one of the most promising platforms for the coming years.
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