The idealness of Solana for DAO was made known at the Hacker House event organized by Grape, a decentralized social-networking protocol, developers after which a core contributor to Grape, Dean Pappas, said “To experiment in governance and think about all these new ideas, these wacky things, you need very cheap transactions, they need to happen fast, and you need a very good user experience.”
The developers revealed that investment-focused DAO, Athens DAO, considers Solana ideal for Governance and cheap transactions. Compare to the second-largest cryptocurrency, Ethereum, the transaction costs on Solana are low and this has massively supported the high NFT transactions on its network.
More also, one of Solana’s best NFT marketplaces, Magic Eden, is seen as a competitor to P2P Marketplace OpenSea. The former contributed to the high transaction volume on the altcoin’s blockchain owing to its smart-growing status.
For instance, over the past week, Magic Eden’s transaction count hit 360,734 and as currently gotten from the DappRadar data, the TVL on Magic Eden has bypassed $1.6 billion. With the incident of the general crypto market bear that affect the trade volume of DeFi and NFTs, the TVL of the Solana still surpassed Ethereum’s.
Just in the past 7 days, the total transaction on Ethereum rallied up to almost 500,000 while that of Solana noted nearly 630,000 transactions. This made the activity on Solana 32.6% higher than on Ethereum.