ABOUT SOLANA

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.

To learn more about this project, check out our deep dive of Solana.

The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

What we are going to analyze?

We are going to create a dashboard displaying Solana network performance over time.

How has the network performed over the past month compared to the rest of the year? Has transaction per second and success rates of transactions gone up recently? Is this because of less botting or fewer users, or new improvements from the Solana engineers? What wallets and programs have paid the most in fees for failed transactions?

CONCLUSIONS

In the first graph, we have analyzed the total transactions from January 1 until today's date, July 11, as we can see there is a downward trend from January (maximum of the year) with more than 1.72 B transactions until April, reaching the minimum of 700.16 M. The months of May and June have been recovering with 925.36M and 1.32 B, respectively. The last month of July we do not take it as valid since it only collects data for 11 days, but it has 484 M transactions.

In the second graph, we have analyzed the total transactions per second from January 1st to today's date, July 11th. It has a similar pattern to the first chart. As we can see there is a downward trend from January (maximum of the year) with more than 663.94 transactions per second, until April, reaching the minimum of 270.12 transactions per second. The months of May and June have been recovering with 357 and 511.81 transactions per second respectively. The last month of July we do not take it as valid since it only collects data from 11 days, but it has 186.92 transactions per second.

In the third graph, we have analyzed the total number of validated transactions, which have not given error and have been completed correctly from January 1 to today's date July 11. Evidently it follows the trend of graph 2 and 1 since it depends a lot on the volume that has been transacted.

In the fourth graph, we have analyzed the % of the total number of validated transactions, which have not given error and have been completed correctly from January 1 to today's date July 11. As we can see, we are moving within a stable range of 0.59%-0.78% of validated transactions. The months of May and April, which are the months with the least transaction activity, happen to be the lowest % of transfers completed without errors.

Finally, in the fifth graph, we have ranked the 10 wallets that have taken the most fees for failed transactions in Solana. The wallet that paid the most in fees is $762,230, equivalent to 17.4% of the total of the 10 wallets, and the one that paid the least 223,140% with 5.09% of the total fees compared to the other wallets.