Ethereum Vs. Solana Health

    Introduction

    Ethereum Health Vs. Solana Health

    • In this analysis, You will read about the Ethereum health Vs. Solana Health in the last 60 days. However, if you want to read about Ethereum Vs. Solana health in another time frame, You can change the ‘N_days‘ parameter. For example, if you want to see the last 90 days analysis, You can change the parameter to 90 and click on Apply all Parameters. ( You need to log in to Flipsidecrypto)

    • When we talk about the Health of a chain or project, There are too many metrics that we can track. I chose three key metrics on these chains.

      1. Users and Transactions
      2. Users and Swap activities
      3. NFTs

    Analyzed By Hess - Reading Time Almost 15 Min.

    Users and Transactions

    • The average daily number of Users on Ethereum was around 350-400K but on Solana was around 200K. Both chains faced a decrease in the last 30 days.
    • The average daily number of transactions on Solana was higher than on Ethereum. Almost 30M transactions to 1M transactions. However, Solana faced more Ups and downs but the Ethereum keeps its way.
    • The success rate on Ethereum is around 95-98% but on Solana is near 80%.
    • The number of transactions per minute on Solana is 23-25K but on Ethereum is under 1K transactions.
    • Ethereum had 12M unique users and Solana had 20M, unique Users.
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    Swaps

    • Ethereum had 275K new unique swappers but Solana had 62K new Swappers.
    • Swappers on Solana made more swaps but Swappers on Ethereum made fewer swaps. The large group of users on Ethereum had only one swap.
    • If we want to compare these chains, Almost the share of swaps on Solana was 70-80%. However, Ethereum had 78% of the total users.
    • The average number of swaps on Ethereum was 3 swaps but on Solana was 51 swaps.
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    NFTs

    • The total number of sales on Solana was higher than the Ethereum. The daily share of sales was 57-60% for Solana. Lately, The daily share increased to 70% of Solana.

    • Solana had more buyers and sellers in comparison to Ethereum. Users on Ethereum have bought and sold more NFTs.

    • The total number of sales per unique NFT on Solana increased but on Ethereum decreased.

    • Volume is an important metric. The total sales volume on Ethereum was more than 2.5B US dollars but on Solana was 174M US dollars.

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    Conclusion

    • In my opinion, Both chains were healthy in the last 60 days. As you know Solana transactions are cheaper than Ethereum. So it’s normal that users made more transactions on Solana in comparison to Ethereum. There are too many projects on Solana right now. In daily transactions, both chains keep their growth.
    • In Swaps, It is true that Ethereum attracted more swappers but Swappers on Solana made more transactions. So we can say Solana was more healthy than Ethereum in the Swap section.
    • In NFTs, Solana was healthier than Ethereum. Their growth in the last 30 days was significant. There are too many expensive NFTs on Ethereum. So It’s normal that have more volume. But the number of unique NFTs that sold in the last 60 days on Solana increased but on Ethereum decreased.

    Overall, I conclude Solana is healthier than Ethereum.

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    Method

    • There are too many parameters that we can check for a chain or project health. I selected Transactions, Swaps and NFTs.

    • So for each project, I used transaction, Swap and NFT sales tables. Then with the Union function, I merged two results together.

    • Also, I used the ‘N_days‘ parameter which helps readers to change the time frame.

      block_timestamp::date >= current_date - {{N_days}}

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    A Summary of Most Important Findings

    Users and Transactions

    • There were nearly 2B transactions on Solana and around 66M transactions on Solana.
    • These transactions were made by 12M unique users on Ethereum and 20M unique Users on Solana.
    • The daily number of transactions on Solana had too many ups and downs but Ethereum Keeps its growth.
    • The daily number of users on Ethereum was higher than on Solana but Solana Users made more transactions in comparison to Ethereum.
    • The success rate on Ethereum was much higher than the Solana.
    • The average number of transactions per hour/minute and second on Solana was too much higher than Ethereum.

    Swaps

    • Ethereum had more new unique swappers in comparison to Solana. Also, There was more swapper on Ethereum in comparison to Solana but the total daily number of swaps on Solana is higher than on Ethereum. It means users did more swaps on Solana.
    • The large group of users on Ethereum had only one swap but on Solana, the large group of users had 2-5 swaps.

    NFTs

    • More sales happened on Solana in comparison to Ethereum. In the last 30 days, All parameters on Solana increased significantly.
    • The sales volume on Ethereum had a huge difference from Solana.
    • Users on Solana have bought and sold more NFTs in comparison to Ethereum.

    THANK YOU FOR READING!

    ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

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    Twitter: hess - Discord: hess#0890

    Analyze Date: 2022/SEP/16