Solana-based dApps Soar in Usage as Network Recovers

Decentralized applications (dApps) built on the Solana network have recently witnessed a massive surge in daily transactions, with the Pyth oracle network hitting over $37 million daily transactions.

According to recent data from Sophon, a real-time data analytics platform for the Solana network, about eight Solana-based programs are processing more than 2 million transactions daily as the network recovers from multiple outages.

For the past couple of months now, the so-called high-performance blockchain has been facing reoccurring network outages, causing users to suffer forced liquidation.

The last Solana network outage, which started on Friday, Jan. 21, lasted for more than 48 hours. According to the network’s development team, the recent outage was caused by bots sending “excessive duplicate transactions”, resulting in high levels of network congestion.

A similar issue occurred earlier in September, leaving users complaining bitterly about their transactions getting stuck on the network.

These recent occurrences have led many to question Solana’s reliability as a high-performance network, with some stating that the recurring outages have somewhat diminished their trust in the Solana network.

Solana Better than Other Blockchains Despite Outages: FTX’s Bankman-Fried 

Weighing in on the outage issue, Sam Bankman-Fried, CEO of the popular cryptocurrency exchange Sam Bankman-Fried, noted on Tuesday that he still considers Solana better than other blockchains.

According to Bankman-Fried, the network is still processing more transactions than other blockchain networks combined. However, he admitted that the network still has much more to do to improve.

Solana’s Impressive Performance 

Dubbed the “Ethereum Killer,” Solana prides itself on being a high-performance blockchain, processing over Fifty thousand transactions per second (TPS) and charging the lowest fees in the market.

The network has attracted thousands of developers, DeFi projects, and more because of its high scalability and fast throughput. 

Privacy-focused browser Brave announced a partnership with Solana to boost dApp adoption, and recently the largest NFT marketplace Opensea revealed that it is considering integrating Solana.

The network is often regarded as the “Wall Street darling” considering that it has the support of some of the top VCs, including a16z, Polychain Capital, and more.

However, in a recent interview, Sandeep Nailwal, co-founder of the popular Ethereum layer-2 scaling solution, Polygon, hinted that the influence of these institutional investors helped in Solana’s meteoric rise to fame.