If Solana’s transaction fees are both affordable and predictable, it’s not by chance. This enhances the blockchain’s attractiveness, making it “an intriguing option for exploring efficiency gains and cost savings for existing payment operations” on Visa’s platform. Compared to the transaction costs imposed by Bitcoin and Ethereum, Solana’s fees are unlikely to fluctuate unpredictably. However, Solana’s transaction fees are not just affordable they are also predictable. These fees typically amount to less than $0.001, making them affordable for stakeholders. Indeed, Solana outshines its competitors when it comes to transaction fees. This aspect is likely the most compelling reason that motivated Visa to choose Solana’s blockchain. Visa is Drawn to Solana’s Accessible Transaction Fees In fact, Solana demonstrates substantial transactional capacity compared to Bitcoin and Ethereum, which have average TPS of 7 and 12, respectively, relatively low volumes.įor an international platform like Visa, which can process more than 65,000 TPS, Solana evidently emerges as a viable blockchain, at least enough to “test and pilot payment use cases.” Furthermore, Solana’s smart contracts, also known as programs, can execute in parallel through a multithreaded approach. This transaction throughput is far from negligible. This comes with an execution speed averaging between 500 to 600 milliseconds, significantly enhancing user experiences.
Specifically, Solana boasts an average transaction execution capacity of 400 cryptocurrency transactions per second (TPS), which can surge to over 2,000 TPS during peak demand periods.
These advantages form the primary reason Visa would rely on Solana over similar infrastructures.
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