In this article , as a result of the release of the mobile app of Phantom (the most popular wallet in the Solana ecosystem) in the month of feb first week, we will explore the growth and transactions of the new users on Solana.
What is Solana ?
The only difference between Solana and Ethereum is Solana’s high speed for transactions. It is a blockchain network for building cryptocurrencies just like Ethereum and Bitcoin. 50,000 transactions can be processed per second on this new blockchain network, which makes it unique. While Ethereum follows Proof of History(PoH), Solana follows Proof of Work(PoW). This puts them at odds with respect to the underlying technology they both use. Ethereum is a more mature and decentralized network, whereas Solana offers high-speed and low-cost transactions. When compared to bitcoin and ethereum’s blockchain networks, Solana can process transactions at a relatively low cost by combining PoH and PoS.
Mobile App On Phantom
Recently, Phantom reached one million users with its desktop wallet. Now, it’s launching the mobile version of its Solana app. The Phantom application gives users access to distributed applications running on the Solana blockchain. Through Phantom, users can manage their own identities (using private keys, mnemonics, and hardware wallets), So in a decentralized application, a secure interface allows the user to review the transaction before it is added to the blockchain, giving them a decision whether to approve or reject it.
As shown in the graph below, you can compare wallet growth on solana ecosystem before and after the Phantom mobile app launch. Over all, wallets did not grow much after the launch of mobile apps. Comparing the first week of January 2022 and the first week of February 2022 (that is after the mobile app launched), we can see a slight increase in users .
On the following graph, we can see a clear comparison between the growth rate of new users during the first week of January and February 2022. It is interesting to note that on 2nd and 3rd days of February 2022, more growth was observed than in Jan 2022. Even though Phantom mobile app has not seen much growth, we can expect that its high security will lead to more growth in the coming months.
On the below graph one can see the number of transactions for the first week of the February 2022 which is after the release of the Phantom mobile app compared to before the release of the Phantom mobile app on January first week 2022. The number of transactions did not change significantly before and after the Phantom app was released.