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Solana’s ‘secret’ behind overtaking Tron despite low users is…

The Solana network continued to see improvements and outperformed Tron in various areas. What was driving SOL’s growth?

Published

1 year ago

on

  • Solana outperforms Tron in various sectors, despite having fewer active addresses.
  • A booming NFT market and high activity on dApps helped the network’s rise.

Tron [TRX] has been exceeding expectations as the number of daily active users continued to surge. This caused the protocol to generate large amounts of revenue.

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However, despite these factors, Solana [SOL] outperformed Tron in various areas.

Tron cannot catch up

Artemis’ data showcased that the daily active addresses on the Tron network were high compared to Solana at press time. However, the latter still outperformed Tron in terms of daily transactions by a huge margin.

Source: Artemis

This indicated that even though Tron had a large user base, Solana’s users were more engaged with the network. One reason for the same would be the popularity of Solana NFTs. Popular Solana NFT collections, such as Solana Monkey Business and DeGods, have been doing relatively over the last week.

According to SolanaFloor’s data, the number of owners holding the Solana Monkey Business collection has grown materially over the last few days. Coupled with that, the floor price of this NFT collection also grew significantly in the same period.

Source: SolanaFloor

Until press time, no Tron NFT collection could garner the same level of interest as Solana Blue Chip NFT collections.

The dApp angle

Another factor that has aided Solana in retaining such a loyal and engaged user base is because of the dApps on its protocol. One of its dApps, called Raydium, has seen a massive uptick in the number of users on its protocol. Over the last month, the unique active addresses on the protocol surged by a whopping 163.5%.

Realistic or not, here’s Solana’s market cap in BTC’s terms

Subsequently, the number of transactions being made on the network also grew.

Source: Dapp Radar

Stakers were optimistic about the state of the network as well. Staking Reward’s data indicated that the number of stakers increased by 4.81% in the last month, standing at 621,060 at press time.

 

Source: Staking Rewards

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