The last month has seen a surge in daily transaction volume on Solana.
The chain’s DeFi and NFT sectors saw growth in the last 30 days.

Daily transaction volume on Layer 1 (L1) chain Solana [SOL] has reached its highest level since December 2022, according to The Block’s Data Dashboard.

As of 3rd January, the economic throughput of SOL and the Solana Primary Library (SPL) tokens on the Solana blockchain totaled $42 billion, rising by 641% since 1st December.

According to the data provider, the SPL tokens include USD Coin [USDC], Serum [SRM], Raydium [RAY], Ethereum [ETH], and Tether [USDT].

Due to the surge in daily transactions on the network in the last month, Solana’s fees and revenue also skyrocketed.

According to data from Token Terminal, fees from transactions recorded on Solana in the last 30 days totaled $10.34 million, rising by 205%. Revenue derived from the same was $5.17 million, also climbing by over 200% during the same period. 

Solana’s DeFi and NFT verticals

A closer look at the Solana ecosystem revealed that its decentralized finance (DeFi) and non-fungible token (NFT) sectors have grown significantly over the past 30 days. 

According to data from Artemis, the total volume of transactions completed through the decentralized exchanges (DEXes) housed within Solana has risen by 41%. For context, as of 5th December, this totaled $1.15 billion. A month ago, Solana’s DEX volume was $813 million.

The year so far has also been marked by an uptick in DeFi total value locked (TVL), data from DefiLlama showed. At $1.4 billion at press time, Solana’s DeFi TVL was spotted at its highest level since August 2022.

AMBCrypto found that most of the TVL growth came in the last three months. Since 1 October, Solana’s TVL has rallied by over 300%.

Further, the network’s NFT sector closed December with a sales volume of $365 million, marking its highest in the whole of 2023 and since October 2021, data from CryptoSlam showed.

So far this month, with 911,818 transactions completed, NFT sales volume on Solana has amounted to $36 million.

How much are 1,10,100 SOLs worth today?

 SOL dips in the last week

After an extended period of rally, SOL appears to be shedding its gains.

Trading at $93.74 at press time, the alt’s value has declined by 10% in the past seven days, according to data from CoinMarketCap. 

---

Filed under: Bitcoin - @ January 7, 2024 1:30 am