Solana, the leading layer-1 blockchain, has made marked improvements through the first six months of 2023. A report published by the Solana Foundation on July 20 shed light on uptime, a measure of network reliability, the ratio of non-voting-to-voting transactions, the time to produce a block, and the average and maximum transactions per second.
One of the biggest improvements was the seamless deployment of v1.14 to the mainnet, which was proposed after an outage on Feb. 25. Since then, SOL has recorded 100% uptime with no outages. This is significant since the blockchain was beset by network disruptions, which ironically turned into a meme and caused the once-dubbed “Ethereum Killer” to lose credibility.
Besides that, the report highlighted enhancements in its decentralized consensus, which are gauged by the ratio of voting to non-voting transactions. A voting transaction refers to when a validator votes to confirm one or more proposed blocks of information, whereas non-voting transactions are the ones triggered by user behavior on the blockchain.
Additionally, Block times, which gauge the speed of a single transaction, and Transactions per second [TPS] both showed major advances in the report. “Maximum daily transactions per second have been increasing steadily since January 2022, with significant increases in H2 2022 that correlate with new network upgrades,” it added.
Although Solana’s price made a hasty retreat, falling by over 3% to $25.49 in the daily timeframe, The token has been performing well over the past month, with gains of 50%. It has also recorded a substantial uptick in smart contract deployment on its platform. According to the most recent graphic from data aggregator Artemis, SOL has launched about 152 contracts, which is a record number for the entire year.
Solana’s Smart Contracts Hit A Record Year-To-Date
It should be taken into consideration that the spike is the second of its sort to happen within a 30-day period, indicating that new projects are starting on the platform. The development of decentralized finance, or DeFi, has smart contracts as one of its key components.
However, Total Value Locked, also known as TVL, serves as the primary indicator of the level of support for a certain protocol or decentralized application [dApp]. Solana was one of the top 10 networks with the greatest TVL growth, according to a survey from July 14; it experienced average daily growth of over 17%, weekly growth of over 22%, and monthly growth of over 38%.