Solana
Solana Transactions Explode – Time for a Network Relaunch?
- The number of transactions carried out on the Solana network has increased significantly.
- Sentiment around the Solana network has declined.
Solana [SOL] has experienced renewed activity on its network since the start of the year. Due to this, its network has seen a massive increase in total transactions.
Activity on the Solana network
Solana is experiencing renewed activity after a period of stagnation. Trading volume exploded, with the seven-day average of non-voting transactions hitting a two-year high of 38.37 million.
Daily transactions have consistently hovered around 40 million since the beginning of June, indicating a significant increase in network usage. This renewed activity is accompanied by a growing user base.
Source:
On June 12, Solana saw its third highest day on record in terms of active accounts, with over 1.23 million unique wallets interacting with the network.
Additionally, the DeFi sector on Solana has also proven to be thriving. Data from Dune Analytics reveals that the weekly number of traders on Solana-based DEXs reached an all-time high of 3 million earlier in June.
Source: Dune
Despite a slight decline from its May peak, the total value locked (TVL) across Solana DeFi projects remained comfortably above $4 billion, according to data provided by DefiLlama.
This indicates continued investor confidence in the Solana DeFi space.
Raydium, the largest DEX on Solana, has remained a dominant player, holding approximately two-thirds of the TVL and trading volume among all DEXs on Solana.
Source: DeFi Lama
Social activity has decreased
Even though usage of the Solana network was increasing, the network faced some issues on the social front.
AMBCrypto’s analysis of Santiment data revealed that social volume around Solana has declined significantly over the past few days.
Along with this, the weighted sentiment has also decreased, implying that the number of negative comments around Solana has increased compared to positive comments.
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This decline in interest in Solana on social platforms could hinder the potential growth of the Solana network in the long term. At press time, SOL was trading at $137.54 and its price had fallen 8.70% over the past week.
The volume at which it was trading had also declined by 28% during this period.
Source: Santiment