Solana Emerges as a Leading Smart Contract Platform in Terms of Daily Transactions
According to crypto analytics firm Messari, Solana (SOL), the smart contract platform, is leading the emerging ecosystem in terms of daily transactions. The analytics firm has noted that while other layer-2 protocols, such as Arbitrum (ARB), Polygon (MATIC) and Optimism (OP), are seeing less than 5 million daily transactions, Solana is processing almost 40 million transactions per day, despite offering no incentives.
Despite no incentives being offered, Solana has managed to maintain this lead, and Arbitrum is the only platform that is slightly closing the gap between its daily transaction count and that of Solana. This is an impressive feat, given that the other platforms mentioned are backed by big names in the industry, such as Ethereum, and offer incentives for transactions.
Solana has been witnessing major growth recently, with Solana Labs, the firm behind the platform, raising $314 million in a private sale in June this year. The funds are being used to improve the ecosystem and make it more accessible to developers.
At the time of writing, Solana was trading at $20.88, up over 2% in the past 24 hours.
Binance’s Smart Contract Protocol outpacing Ethereum in terms of User Onboarding
According to Messari, Binance’s BNB Chain is outpacing Ethereum in terms of new user onboarding on a month-to-month basis. This is an intriguing development as Ethereum has been the go-to smart contract platform for several years, and it indicates potential competition for the platform.
Although Ethereum has a larger user base than BNB Chain, with 226 million cumulative unique users compared to BNB Chain’s 274 million, Binance’s protocol has been onboarding new users at an average of 6% month-on-month over the last 12 months, while Ethereum’s onboarding has fallen by 5%.
This growth in user base is attributed to Binance’s extensive ecosystem of exchange services, which allows new users to interact with cryptocurrencies in a seamless manner. It is also worth noting that Binance has been aggressively promoting its platform and services, which could account for the rapid increase in users.
At press time, BNB was worth $317.20, up over 1% in the past day.
Conclusion
Solana’s and Binance’s platforms demonstrate real-world use cases for blockchain technology, and their growth shows the increasing adoption of cryptocurrencies and blockchain technology. It is expected that new use cases for blockchain technology will continue to develop, and this will attract more users, investors and developers to the industry.
It is also worth mentioning that as platforms like Solana and Binance continue to grow, the dominance of Ethereum in the smart contract space may be threatened. This could lead to a more competitive and diverse ecosystem, which is beneficial for crypto industry growth in general.
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