Solana
Solana vs Polygon and TRON – What DEX Volumes and TVLs Tell Us
- Solana outperformed Polygon and Tron in terms of trading volume
- DEX and TVL volumes increased, while overall interest in Solana NFTs decreased
Recent activity and interest in Solana [SOL] the network plunged. Despite the slowdown in activity, it nevertheless manages to outperform networks such as Polygon And Tron.
In fact, Artemis data revealed that Solana continued to dominate in terms of transfer volume and came in second behind Ethereum on this front.
Source: Artemis
DEX volumes on the rise
However, it’s not just overall activity that has allowed Solana to thrive, with recent data indicating that Solana has also performed well in terms of DEX (decentralized exchange) volumes. In the last few days alone, Solana’s DEX volumes have increased from $691 million to $1.2 billion. This increase in DEX volumes highlighted the popularity of Solana DEXs, indicative of a nascent ecosystem.
DEX activity on Solana can largely be attributed to the popularity of memecoins on the Solana network. The low fees required to create tokens on the Solana network have caused an increase in the creation and trading of memecoins, leading to an increase in DEX volumes.
Source: Artemis
Due to these factors, Solana also performed relatively well in terms of TVL (Total Value Locked). In fact, Solana managed to have an average TVL of $3.7 billion over the past few days.
Here, it is worth noting that even though Solana’s TVL was consistent, protocols such as Tron continued to outperform Solana on this front.
Source: Artemis
Despite the constant activity of Solana and TVL, the revenue generated on the network continued to decline.
In fact, over the past week, revenue generated by Solana increased from $1.1 million to $381,000. Tron also took the lead in this department and continued to generate high revenues.
Even though overall Solana ecosystem metrics show signs of a healthy network, areas such as TVL and revenue are expected to improve for long-term sustainability.
Read by Solana [SOL] Price prediction 2024-25
NFT Interests Drop
Another area where Solana would need to see improvements would be in the NFT sector. Over the past few weeks, interest in blue-chip NFT collections has plummeted.
Along with this, the total floor value of the average Solana NFT collection and NFT sales volumes have also decreased.
Source: Etage Solana