Solana Breaks Two-Year High in Daily Transactions After Rolling Out New Blinks Feature

After it rolled out a new feature called Blinks, Solana reached an almost two-year high in the number of daily transactions processed.

Solana price Surged to an almost two-year high in the number of daily transactions processed after rolling out a new feature.

Solana facilitated almost 42 million transactions on Wednesday, a roughly 81% jump from the start of the year, blockchain analytics firm Artemis data showed.

The last time Solana handled more than 40 million transactions in a day was back in Aug. 2022, months before the collapse of FTX, which left Solana battered.

Solana had close ties to FTX cofounder Sam Bankman-Fried, and the exchange's token, SOL, was among those hit hardest by the FTX-related crypto market sell-off.

But Solana has since recovered to become the center of much of recent crypto activity, for example, the memecoin craze, with coins like BONK, WIF, and MOTHER taking off.

Solana price Surged to an almost two-year high in the number of daily transactions processed after rolling out a new feature.

Solana price Surged to an almost two-year high in the number of daily transactions processed after rolling out a new feature.

Solana developers unveiled "blinks," short for "blockchain links," which are new Solana primitives that enable people to turn onchain actions.

These actions include voting, donating, and swapping into a URL link that can be shared on social media and the wider internet.

As a result, traditional Web2 internet sites can become a place where users can initiate onchain Solana transactions.

"Solana is having its YouTube moment when they allowed videos to be embedded anywhere on the internet. Blinks will embed Solana transactions everywhere on the internet," wrote Diego Perez de Ayala, the managing partner for investment firm Frictionless Capital who also goes by @SolanaLegend on X.

In the past 24 hours, wallet transfers alone consumed over $1 million in gas, making it the largest gas-consuming category, more than the gas consumption of DeFi, memecoins, and infrastructure protocols combined, per Artemis data.

These wallet transfers stem from Solana's System Program, which is responsible for managing the network's core functionalities and operations.

This includes creating new accounts and processing transfer instructions, Solana's documents state.

Van Eck Filing for SOL ETF

On Thursday, Van Eck, a global investment manager with $101.9 billion in assets under management and also an issuer of a spot BTC ETF, filed for a spot Solana ETF in the US, a move that also helped propel SOL's price upward.

SOL was trading around $137 when the day started and has since jumped to $147 following Matthew Sigel, head of digital assets research at Van Eck, announcing the firm's filing for a SOL ETF.