Solana is the best alternative to Ethereum

In recent months, the Solana network has become one of the viable alternatives toEthereum. Like all other criptocurrencies, Solana claims to have the solution.

Any network with lower gas fees and faster transaction speeds will address the main problems of Ethrerum. Solana went one step further by saying that it could theoretically perform 710,000 transactions per second TPS Available data, showing that the actual TPS is much lower. The average transaction per second on Solana is 3,000, according to SolanaFM. While this is a far cry from the theoretically possible TPS, it is still far above Ethereum, which is around 10.

More information about the disparity is provided by the analysis of the available data. Transactions on Solana can be classified as successful transactions, failed transactions, non-vote transactions and non-vote transactions.

Successful transactions refer to transactions that the validators successfully validated. These transactions have been completed and don't contain errors. The average number of successful transactions on the Solana network is 2500 per second at the time of writing.

The unsuccessful ones are only 438 per second. This means that the ratio of successful to unsuccessful transactions is 5: 1.

Voting transactions are those that require at least one voting account, i.e. The account is owned by a validator. Such transactions are essential for the security of the Solana network.

Non-vote transactions don't interact with the voting program. There are transactions involving dApps on Solana. The ratio of vote to non-vote transactions is 3:1, because these transactions currently account for an average of 759 TPS.

With current transaction data from Solana, its TPS is similar to that of centralized platforms such as Visa. This shows the efficiency of its Proof of History consensus mechanism compared to other common models. More applications and NFT projects are deploying on the network.

In the past few months, the dominance of ether has decreased significantly as the home of DeFi and NFT. More projects are launching on other blockchains networks, including Solana.

In the past 24 hours, Solana and ether were part of the biggest losers.

Yesterday, the CryptoSlate reported that the market witnessed one of its worst days in recent memory, as the value of the flagship digital asset plummeted to less than $40 k.

A closer look at the second-largest asset and Solana would show that both assets lost more than 13% of their value in the same period. As of press time,Ethereum was trading for less than $2500, while Solana is exchanging hands for $101 - these prices are a far cry from their ATHs.

According to the available data fromCryptoSlate, Solana's market cap has declined to around $31 billion, while its market cap is now around $294 billion.