Did Solana process more transactions than all other blockchains last week?
Any casual observer of blockchain dashboards might have been impressed with Solana last week as its 355 million transactions seemingly outpaced all other blockchains across that seven-day period. Supporting the view that Solana needs extra capacity to accommodate demand, engineers implemented SIMD-0207 to increase the blockchain’s block size by 4%. However, the headline that its transactions surpassed all other blockchains drastically overstates Solana’s meaningful usage . In contrast to Solana’s mostly computational, non-financial transactions, transactions on other blockchains are predominantly authorizations to move actual money. For example, in contrast to the Bitcoin blockchain, where the overwhelming majority of transactions involve the movement of funds, Solana’s blockchain is mostly filled with “program interactions.” These non-financial voting actions among proof-of-stake participants are tantamount to computers sending commands to one another. ...
