Despite the weak performances in Q2, the network could increase its volume and activity as it keeps rolling out new products and improvements, Messari noted.
Despite adverse market conditions negatively impacting layer-one blockchains, the Solana ecosystem has continued improving its network stability and growing its user base, stated Messari in its Q1 report on the matter. However, noticeable declines in key metrics demonstrate that the Ethereum challenger has faced difficulties maintaining high network activity and volume due to ongoing security concerns.declines in network usage and financial performance in Q2.
“For perspective, average daily TPS fell to as low as ~700 during times of degraded network performance. After v1.10 began to roll out, TPS reached all-time highs above 3,000 and averaged closer to 2,300 per day.” Additionally, Solana’s TVL declined at the average rate of the peer group, with some portion possibly stemming from its exposure to TerraUSD and the interruption of Wormhole and Terra transfers. For context, the whole DeFi was in shambles in the second quarter, with aggregate TVL decreasing from $228 billion to $75 billion, representing a 67% decline in USD terms.
The notorious outages harming the blockchain’s fundamentals and reputation arise from Gulfstream, Solana’s alternative to the mempool for pending transactions. Gulfstream has allowed bots to propose an arbitrary number of transactions, forcing block producers to check all transactions before making a block.
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