Overview of question:

Q78. Why should developers build on Solana compared to other L1 chains? What features for developers does Solana offer that make it appealing?

Compare Solana in terms of transaction speed/throughput, user growth and activity, cost/fees per user, growth in defi and growth in nfts to at least two other chains.

How are popular projects on Solana able to scale compared to top projects on other chains (for example a gaming app like StepN or a popular dex like Orca). How do you envision user growth of apps on Solana over time? What types of products seem to be positioned particularly well on Solana?

Preliminaries:

Blockchain is a unique combination of several existing technologies with a large number of visa applications. The first layer is the underlying infrastructure layer on which decentralized systems have been built. Most first layer protocols have a maximum TPS rate limit, meaning that they only continue to process up to the specified maximum TPS rate. This limits the level of acceptance and growth of these protocols. However, linear scalability has been related to the ability to process more TPS rates as the network grows, which makes it extremely scalable. Adding a layer adds scalability to the blockchain, which will increase transaction speed and reduce transaction fees. Another point to consider when choosing a first tier protocol is its worldwide acceptance. Dash, for example, is an open source cryptocurrency project that has much higher transaction rates than bitcoin and receives lower fees, but is not well accepted as a trading tool by crypto users, traders, and so on.

Approach:

In this essay, The Solana blockchain has been compared with Rthereum and Terra blockchains aa a L1 blockchains.

The methodology and assumptions of each metric have been illustrated as follows:

• Active wallets and TPS:

  • Solana flipside_prod_db.solana.fact_transactions
  • Terra terra.msgs
  • Ethereum flipside_prod_db.ethereum_core.fact_transactions

• NFT

  • Solana

     from flipside_prod_db.solana.fact_nft_sales
     and MARKETPLACE in ('magic eden v1','magic eden v2')
    

  • Terra

     from terra.msg_events
     and event_attributes:"contract_address" =
    'terra1eek0ymmhyzja60830xhzm7k7jkrk99a60q2z2t' for Random Earth
    

  • Ethereum

    from flipside_prod_db.ethereum_core.ez_nft_sales
    
    and PLATFORM_NAME = 'opensea'
    
    and event_type = 'sale'
    

• Time period

     where block_timestamp >= '2022-01-01'
  

Results:

The count of active wallets and grow rate of it presented in these graphics.

we can say that:

1. The active wallets of Ethereum blockchain is more than other two but Solana reached it in the final days of investigation.
2. Since final days of March, the gradient related to the growth of active wallets on Solana became sharper than other two L1 blockchains.

One of the most important parts that users and developers considered in their selection is the TPS of blockchain. The TPS of Solana has been compared to Ethereum in the above graph.

According to this graph, the Solana blockchain is very faster than Ethereum and Terra. Additionally it shows that this blockchain could handle more transactions, accordingly.

As a one popular program in each blockchain, the NFT category and their representatives have been drawn in these graphs.

By the use of these graphs, we can say that:

1. The application of OpenSea is much more than Magic Eden and Random Earth.
2. The overall performance of Magic Eden is acceptable and the users of it reached to OpenSea users after May 12th.
3. The grow rate of NFT users on blockchains reveals the bright future of Solana and Magic Eden could be the house of NFT project in near future.