The total number of transactions made in the Solana network (SUN) has surpassed the 100 billion mark, at a time when institutional investors’ bets on cryptocurrency continue to rise, despite the ongoing bear market.
According to data from Solana blockchain explorerthe network has now processed a total of 100.06 billion transactions and is currently processing an average of 2,777 transactions per second, well below the network’s touted capacity of up to 50,000.
Solana has had a significant downward trend so far this year, as Finbold reported, just like the entire cryptocurrency market and other risky assets. Market data shows that while the flagship cryptocurrency, Bitcoinlost about 59% of its value so far this year, Solana lost about 82% of its value.
The total value locked in the Solana decentralized finance (DeFi) space has also decreased, presumably because the network has suffered a series of outages so far this year that affected user confidence in it. Solana co-founder Anatoly Yakovenko said in an interview that outages are the network’s “biggest challenge.”
According to him Latest CryptoCompare Asset Report, the dominance of the five largest protocols on the network, however, has increased over the same period, reaching a peak of 51.6% on August 9. Solana, the report adds, benefits from a “well-diversified DeFi pool.” applications ranging from DEX to loans, liquid participation and yield services”.
Despite the setbacks, institutional investments in cryptocurrency investment products offering SOL exposure have been growing after seeing $1.4 million worth of inflows last week and $1.9 million so far this month.
Recently, James Mullarney, the host of the very popular YouTube channel “InvestAnswers”, revealed that he sees the price of SOL hit $370, which is a gain of over 1000% from its current levels.
The analyst noted that he compared the price of Bitcoin with the dominance of ethereum going forward, which he assumed will be “at least 25%” and predicted that Ethereum will hypothetically exceed $15,000 in the scenario. Using this hypothesis, he predicted that Solana could have between 10% and 20% of the domain of Ethereum, reaching her goal.
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