Solana: Can this metric help SOL in its ongoing battle against market uncertainty

  • Solana’s ecosystem has shown positive growth with fees in the local markets
  • Developer activity continued to increase in Solana, while TVL declined

According to a tweet by Massari on December 17th Despite the general FUD plaguing the cryptocurrency market, Solanas [SOL] The ecosystem showed signs of growth.

Read Solanas [SOL] predict the price 2023-24

One reason for Solana’s growing ecosystem may be the network’s local fee market. The introduction of the local fee market allowed users to submit priority fees to validators to prioritize their transactions. This reduced spam and the nodes were able to make better use of Solana’s block space.

Developers are still interested in Solana

In a spot of good news, developers have been interested in Solana despite volatile market conditions. According to information from code station, The number of developers active in the network has continued to increase despite the price drop. This has spawned a number of contributions on Solana’s GitHub.

The increasing number of developers and subsequent development activity can help facilitate the transition of TIPINs (Token Incentive Physical Infrastructure Networks) to the Solana Network. TIPINs mainly use token rewards to encourage individuals to complete real activities.

Thus the emergence of TIPIN will be a major factor in the growing ecosystem in Solana. TIPIN like a helium net, cell foldersAnd the And the Teleport It can bring more users to the Solana ecosystem.

NFT angle

The NFT market has been one of the few sectors where Solana has seen positive and steady growth. The increased interest in Solana’s NFTs can contribute significantly to Solana’s ecosystem moving forward.

From Solana floordata, it was observed that the Solana Blue Chip indicator is moving in a positive direction for the past 30 days. Besides, the total land value of Solana’s NFT has also increased. Solana’s minimum net worth has increased from $154 million to $253 million in the past month.

Source: Solana Flor

However, despite the improvements seen in Solana’s ecosystem, TVL has been significantly impacted over the past month.

Based on information gathered from DefiLlama, Solana’s TVL has dropped from $1 billion on November 1 to $256 million at the time of writing.

After that, the fees created by Solana also decreased. According to Token Terminal, Solana’s combined revenue declined sharply after November 7. The revenue generated has decreased by 50% since then, from $52,484 to $26,580 in 40 days.

Source: Token Terminal

It remains to be seen if Solana’s ecosystem can overcome the current hurdles.

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