The decentralized finance (DeFi) Solana (SOL) network continues to make strides as the blockchain strives to compete with established platforms like Ethereum (ETH), resulting in a rise in transaction volume.
In fact, as of the 22nd of September, the number of Solana-based transactions has reached 1 billion since its introduction in 2020.
At the time of writing, there were 100,040,913,433 transactions on the blockchain, with 2,767 transactions per second and an average cost of $0.00025 for each transaction.
Despite the fact that the network is experiencing performance-related difficulties with the blockchain, platform transactions seem unaffected. Notably, the transaction milestone supports the core characteristics of Solana’s smart contract platform, which include fast transaction speed and low cost.
Despite having logged a high number of transactions, the Solana network has a number of problems, with network outages being a significant source of distress. One of the co-founders of Solana, Anatoly Yakovenko, is reported as claiming that outages are the network’s principal “curse.”
Since its beginning in 2020, the Solana network has had at least seven significant interruptions, with five occurring in 2022 alone. In the meanwhile, a blackout in September 2021 lasted up to 17 hours, making it one of the longest blackouts ever recorded.
In addition, the disruptions have made it more difficult for users to access the Solana network, despite management claims that the blockchain’s integrity has not been compromised.
Despite market instability, the price of SOL has registered tiny increases around the milestone; at press time, the token was trading at $32, up over 0.6% in the past 24 hours.