Key Metrics to support our study:

• Transactions per second(TPS)
• Success Rate of Transactions
• Transactional Volume per day
• Number of unique wallets per day
• Total fees spent on failed transactions

Transactions per second (TPS)

• Solana TPS reached a high of 850 in December 2021.
• There was a step decrease from Jan 2022 to April 2022.
• Solana TPS formed a low of 116 on April 9th.
• Solana TPS has been on the rise since April and has reached 600 in July.
• In the past 30 days, Solana TPS has averaged at 500.

Transaction Success Rate

• Solana transaction success rate reached a high of 83% in March 2022.
• Transaction success rate from December 2021 to March 2022 has been hovering around 70%.
• Solana Transaction success rate reached a low of 43% on May 12th, 2022.
• Since that decline, the success rate has been on the steady rise till date.
• In the past 30 days, the transaction success rate has averaged around 70%.

Transactional Volume

• The transactional volume on Solana reached a high of 74M transactions on Dec 23rd, 2021.
• It has been on a steep decline since December 2021, and it posted a low of 10M transactions on April 9th 2022.
• The transactional volumes have been on a steady rise since the low and has reached a high of 52M on July 8th.
• In the past 30 days, Solana has seen an average transactional volume of 45M.

Unique Wallets Transacting in Solana

• Number of unique wallets in Solana has been on a constant rise in the last 1 year.
• It reached a high of 452k on May 26th, 2022.
• It posted a low of 125k on Jan 2, 2022.
• Since posting a high in May 2022, the count of unique wallets has fallen considerably to 250k levels.
• In the past 30 days the average number of unique wallets is around 280k

Fees spent on failed transactions

• Y2akr3bXHRsqyP1QJtbm9G9N88ZV4t1KfaFeDzKRTfr has spent the most fees on failed transactions accounting for 5.86% of the total fees paid on failed transactions in the last 1 year.
• The pie chart on the left displays the other top wallets spending fees on failed transactions.

Conclusion:

• Considering Solana TPS, it has been averaging a healthy TPS of 600 in the past year which is great compared to the other L1 networks.

• TPS has been on the rise in the past 30 days as compared to last year because after posting a high of 850 TPS in Dec 2021, it was constantly on the fall.

• Transaction Success Rate: Solana scores poorly in terms of transaction success rates with a sub-70 score in the past year.

• In the last 30 days, Solana transaction success rate has been among 65-70% range. In the last year, the success rate has varied in the 70-80% region, although a low of 43% was posted in May 2022. We can conclude that in terms of transaction success rate, Solana has performed poorly.

• Transactional Volume: Solana fares quite well in terms of count of transactions, but since the success rate is around 70%, hence this value will drop down. Average volume in the last 1 year is around 45M compared to 50M in the past 30 days. Hence we can conclude that the transactional volume has been on the rise.

• No. of Unique wallets: This metric has been on the rise since last year, reaching a high of 452k unique wallets in a single day (May 26, 2022).

  However in the past 30 days, this number has been on the decline as evident from the chart above. This can be attributed to new projects and the hype train for SAGA phone.

• Fees spent on failed transactions: Solana has a considerable amount of failed transactions - almost 30% of transactions in the last 1 year failed. Hence, the fee paid towards failed transactions is also considerably high. User “Y2akr3bXHRsqyP1QJtbm9G9N88ZV4t1KfaFeDzKRTfr” contributed to the highest fees paid in failed transactions with 5.86% of total fee paid in failed transactions.

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> Overall, Solana has improved the network performance in a few metrics, but has a lot of work to do in improving the success rate of the transactions.