The total number of transactions conducted on the Solana (SOL) ($SOL) network has surpassed the 100 Billion mark, at a time in which institutional investor bets on the digital currency keep trickling in, regardless of the ongoing bear market.
As reported by data from Solana’s blockchain tech explorer, the network has now processed a total of 100.06 Billion transactions and is at present processing an average of 2,777 transactions per second, well below the network’s touted capacity of up to 50,000.
Solana (SOL) has notably been on a significant downtrend so far this year, as Finbold reported, as has the entire digital currency market and other danger assets. Market data shows that while the flagship digital currency bitcoin (BTC) lost around 59 percent of its price so far this year, Solana (SOL) lost around 82 percent of its value.
Total value locked on Solana’s (DeFi) (DeFi) space has likewise been dropping, presumably because the network has suffered a number of outages so far this year that influenced users’ confidence in it. Solana’s co-founder, Anatoly Yakovenko, has stated in an interview that outages are the network’s “ largest challenge.”
According to CryptoCompare’s latest Investment Report, the dominance of the 5 largest protocols on the network has nevertheless risen over the same period, hitting a 51.6 percent peak on August 9. Solana (SOL) the report adds, advantages from a “well-diversified set of decentralized Finance applications ranging from DEXes to lending, liquid staking, and yield services.”
Regardless the setbacks, institutional assets in digital currency financing products offering exposure to Solana (SOL) have been growing after seeing $1.4 Million worth of inflows last week and $1.9 Million month-to-date.
Recently, James Mullarney, the host of the very well known YouTube channel “InvestAnswers,” revealed he sees the price of Solana (SOL) reach $370, which is a gain of over 1,000 percent from its current levels.
The analyst noted he compared the price of Bitcoin (BTC) to ethereum’s dominance in the future, which he assumed will be “at least 25%” and predicted Ethereum (ETH) will hypothetical surpass $15,000 in the scenario. Using this hypothesis, he predicted Solana (SOL) could have in the middle of 10 percent and 20 percent of Ethereum’s dominance, reaching his target.
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