- Solana’s ecosystem continues to show growth despite volatile market conditions.
- Although dApp and NFT activity increased, on-chain metrics were negative.
Solana has faced the heat of the bear market for nearly all of this year. With multiple network outages and proximity to FTX, Solana has been through twists and turns over the past year. However, network dApps have given Solana some hope.
Read Solanas [SOL] predict the price 2023-24
The power in Solana’s ecosystem
according to Nansen AI, a data analytics company, increased the number of transactions on Solana. The network has hosted one of the most diverse dApp ecosystems out there, despite being a non-EVM blockchain. This was possible due to the low transaction fees in the blockchain.
Because of these factors, Solana’s daily transactions have remained above 200 million.
◎@tweet It hosts one of the most diverse ecosystems of dApps despite being a non-EVM blockchain, thanks to its fast end and low fees.
Overall, daily transactions on Solana exceeded 200 million by the third quarter of 2022. pic.twitter.com/ssthNlXRc1
– Nansen 🧭 (@nansen_ai) December 8, 2022
Popular decentralized applications such as Magic Eden and Saber could also be responsible for the growth of Solana’s ecosystem. They both experienced a boom 38% and 29.13% In terms of unique active portfolios, respectively.
In addition, Solana’s TVL grew after a sharp decline. As can be seen in the image below, Solana’s TVL continued to rise after December 1. At the time of writing, the total net worth that Solana has closed at is $289.9 million.
Another sector that has helped Solana sustain itself is the NFT market.
From the image below, it can be seen that Solana’s ground floor prices have increased significantly over the last quarter. Volume has seen several upsides – it has increased at first and then gradually made a trip south over the past few months.
At the time of publication, the total volume of Solana NFTs is 65K, according to data from Solana floor.
However, when it comes to on-chain metrics, network development activity has dropped significantly.
There is still a long way to go
Well, despite the decrease in development activity, Solana did an integration with Binance custodywWhich allowed SOL investors to put their holdings into cold storage. After the collapse of FTX, this step can help restore confidence in the network.
However, Solana still has a long way to go, as its volume dropped from 278 to 173 million in the past week.