Solana’s problems continue as development declines

  • Solana’s development activity has decreased significantly in recent days.
  • In fact, TVL has also taken a hit with earnings.

It wasn’t a particularly good year for Solana. With so many downtimes, and the R&D surrounding FTX and large NFT pools moving to other protocols, it seems like Solana just couldn’t catch a break.

To add fuel to the fire, the latest data from feelings He indicated that his development activities had also stopped.

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One of the reasons for this can be attributed to the fact that much of the developer’s activity on the Solana Network has been impersonated. It was reported that the illusion of increased development activity was created by artificial identities.

Source: feeling

Much is at stake

Along with declining development activity, the number of players on Solana Network began to decline.

According to data from Staking Rewards, the number of helpers on Solana’s network has decreased by 29.7% in the last 30 days. The majority of participants started leaving the network after December 22nd despite having received one The total bonus rate is 7.33%.

At the time of publication, the number of users betting on Solana is 406,365.

Source: Staking Rewards

Things weren’t looking good for Solana on the DeFi front either. Over the past week, Solana’s TVL has continued to decline further, dropping from $41.86 billion to $38.89 billion.

The inability to improve in the DeFi space affected the revenue Solana collected. According to the token station, revenue from Solana decreased by 32.4% in the last month.

Well, the total revenue that Solana has earned is 1.7 million at the time of publication.

Source: Devi Lama

Look at the series

However, despite the ubiquitous negativity Solana, an increase in its size was observed. Based on information collected by Santiment, it has been observed that Solana’s volume has increased over the past week. Since December 22, Solana’s volume has increased from 162 million to 391.5 million.

Source: feeling

Although Solana’s future looks bleak at the moment, there are still some projects that are being actively built on. Solana Network. This simply indicates that there are still communities that believe in Solana.

Read Solana price forecast 2023-2024

It is not specified whether the support of some projects will be enough to revive Solana and his prices. At the time of writing, SOL is trading at $9.46 and its price is down 5.69% in the last 24 hours.

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