Solana reached a significant milestone on September 22 when it announced that since its introduction in 2020, there have been 100 billion Solana-based transactions.
The blockchain is attempting to compete with established platforms like Ethereum (ETH), which has resulted in increased transaction activity, but the decentralized finance (DeFi) Solana (SOL) network continues to make progress.
There were 100,073,788,125 transactions on the blockchain, moving at a rate of 2,780 per second and costing, on average, $0.00025 per transaction at the time of writing.
Transactions on the platform appear unaffected, notwithstanding the network’s struggles with problems related to the performance of the blockchain. The transaction milestone is notable for supporting Solana’s founding principles of a fast and inexpensive smart contract platform.
Despite having logged a sizable number of transactions, the Solana network is still plagued by a lot of problems, with network outages standing out as a major annoyance.
The Solana network has had at least seven significant disruptions since its debut in 2020, with a total of five significant events occurring in 2022. Meanwhile, one of the longest blackouts ever recorded, which happened in September 2021, lasted up to 17 hours.
The management maintains that the integrity of the blockchain has not been compromised as a result of these issues, but the interruptions have made it harder for users to use the Solana network.