Solana Performance Comparison with Other Layer 1 Chains

We want to see how Solana's efficiency and popularity compared to other chains have been in recent months by comparing many verifiable metrics with the tables on Flipside. Is Solana chain actually more popular than other Layer 1 chains or not?

Which chain is more efficient? Stay with us until end of this dashboard to answer this question

On September 12, price of Ethereum token has dropped a lot, but Solana managed to maintain its price on this date, but on November 6, all tokens have dropped in price.

average price of Solana native token in the last 3 months was 27.7 USD Also, average price of Ethereum was $1371, average price of Algorand was 0.31 USD, and average price of Near was $3.1.

Method

In this dashboard, we want to compare and check the performance and popularity of the Solana chain with other chains such as Algorand, Ethereum and Near.

For this, we have calculated the following metrics for each chains and compared Solana network with other chains in terms of following metrics:

Metrics:

Native Token Price of Each Chain
Transactions and Users of Each Chain
Transactions Fee of Chains
Success Rate of Chains
Swaps on Chains
NFTs on Chains

Native Token Price of Each Chain

Transactions Fee of Chains

As it is clear, number of daily transactions of Solana chain is much more than other chains and this issue is one of the best positive points of Solana for more efficiency than other chains

In the chart of daily transactions, you can see that with passage of time, from 3 months ago until now, number of daily transactions of Solana is gradually decreasing.

But still, its difference with the others is very large

In general, in the last 3 months, users have made ==3B transactions== on Solana, which includes ==92%== of total transactions of these 4 chains.

number of Ethereum and Algorand transactions is almost the same, and there are ==98.3M transactions== on Ethereum and ==105.2M transactions== on Algorand.

Also, number of Near network transactions has been ==47.5M transactions== so far

Solana has lowest fee compared to other investigated chains

And Ethereum has the highest transaction fees

This issue is another positive point for popularity and efficiency of Solana chain compared to other chains

In the last 3 months on average, transaction fee on Solana was ==0.00018 USD==, After Solana Algorand, it has lowest transaction fee, which is ==0.00037 USD== per transaction

Then Near is in third place and earns ==0.0045 USD== fee for each transaction

And most expensive transactions are for Ethereum, which earned an average of ==2.69 USD== per transaction

After November 10, Solana has reduced transaction fees significantly

Both Near and Algorand have been reducing fees every day for the past 3 months, but Ethereum is more stable

total fee earned from Ethereum transactions so far is ==265.3M USD==, far and away from Solana.

Solana users have paid ==574K USD== to network in the last 3 months

Next is Near with a total of ==217K USD== and finally Algorand collected the lowest fee, ==39K USD==

Success Rate of Chains

One of strengths of Ethereum is stability of the network, Here you can see that the success rate of transactions is more than ==96%==

In Algorand tables, I did not find a column to record the success or failed of Algorand transactions

And here we leave Solana's network review, You see Solana performing worse than other chains in terms of transaction success rate

In general, average success rate of transactions on Solana is almost ==76%==

On November 9, you can see that the success rate has reached less than 50% and by registering a success rate of ==42%==, it has performed the worst on this day

As of November 12, there have been ==21M failed transactions== on Solana that have encountered errors

This is Solana's Achilles heel

Swaps on Chains

Like number of transactions, the number of swaps on Solana is more popular than on other chains

In November, swaps on Solana is much more than before and in some days it has reached nearly ==600K swaps per day==.

In general, number of swaps on Solana in last 3 months was ==16M swaps==, and Ethereum is in second place with ==10.7M swaps==.

Algorand with ==1.5M swaps== and Near with ==350K swaps== are in the next positions

More than ==55%== of swaps belong to Solana chain

The number of swappers is also much higher on Solana

In general, there were ==266K swappers== on Solana , and ==36.7K users== on Ethereum.

Also, in last 3 months, ==26.7K users== have swapped on Algorand and ==12.6K users== on Near

More than ==77%== of swappers belong to Solana chain

NFTs on Chains

In NFT market, main competition is between Solana and Ethereum

In early days of daily transaction chart, you can see that number of NFT sales on Solana was much higher than others

But over time, number of sales has become less and less, and in recent days, number of sales of Solana and Ethereum has almost become the same.

total number of sales on Solana was ==4.8M sales==, and this figure for Ethereum is ==3.5M transactions==

But the number of unique users on Ethereum is more and it is in first place with ==441K== NFT buyers

After that, Solana is in second place and ==397K users== have bought NFT on Solana

number of sales and number of buyers on Solana is ==55%== of the total

But in terms of USD sales volume of NFTs, Ethereum has much more sales

total sales volume of NFT in last 3 months on Ethereum was ==2.27B USD== and sales volume on Solana is also ==322M==

Algorand has sale volume is ==3.8M USD== in last 3 months

daily sales volume in all chains is decreasing every day

average selling price of NFT on Ethereum is ==434 USD== and average sale price on Solana is ==66 USD==

This number is about ==32 USD== for Algorand

like NFT sales on Near haven't started yet

Conclusion

According to the obtained results, it can be concluded that because of the low transaction fees on Solana and because of the higher number of transactions that the Solana chain can perform, users have shown more favor to Solana.

number of swaps on Solana is more than Ethereum and Solana users are much more active than users of other chains

But due to older Ethereum, number of Ethereum users is more than Solana

Also, sales boom of NFT is more on Solana, but it has fewer buyers than Ethereum chain

only weakness I saw on Solana is success rate of transactions, which if this issue is resolved on Solana, it can be a very serious competitor for Ethereum.

Findings

On September 12, price of Ethereum token has dropped a lot, but Solana managed to maintain its price on this date, but on November 6, all tokens have dropped in price.

average price of Solana native token in the last 3 months was 27.7 USD Also, average price of Ethereum was $1371, average price of Algorand was 0.31 USD, and average price of Near was $3.1.

As it is clear, number of daily transactions of Solana chain is much more than other chains and this issue is one of the best positive points of Solana for more efficiency than other chains

In the chart of daily transactions, you can see that with passage of time, from 3 months ago until now, number of daily transactions of Solana is gradually decreasing.

But still, its difference with the others is very large

In general, in the last 3 months, users have made ==3B transactions== on Solana, which includes ==92%== of total transactions of these 4 chains.

number of Ethereum and Algorand transactions is almost the same, and there are ==98.3M transactions== on Ethereum and ==105.2M transactions== on Algorand.

Also, number of Near network transactions has been ==47.5M transactions== so far

In terms of number of daily active users, you can see that, except Algorand, number of daily users is decreasing every day in rest of the chains, and users are less active and present on chains in recent days than 3 months ago.

This can also be due to decrease in prices of entire crypto market

Here, however, number of unique users of Ethereum is more than the rest of the chains

In the last 3 months, ==14.2M unique users== have been active on Ethereum chain, after Ethereum, Solana chain is second by a large margin

total number of Solana users in the last 3 months is ==3.1M unique users==, number of Algorand users is ==2.7M== and Near users are ==2.2M users==

==63 percent== of total users of these 4 networks are for Ethereum

In chart of the number of daily transactions of each wallet, you can see that Solana is growing faster than other chains. This means that average number of transactions per Solana user is increasing day by day

In general, average number of transactions per user on Solana is ==964 transactions==, and difference with other chains is very large.

After Solana, Algorand users have highest average transaction per user and its number is ==38 transactions==

number of transactions per user for Near is ==21 transactions== in last 3 months

And finally, there are Ethereum users who recorded least number of transactions per user, that is ==6.8 transactions==

This means that Ethereum has many users, but these users are less active than users of other chains