Activity on the Solana is surging
Since the year's start, Solana has experienced a notable boost in network activities, leading to a significant rise in the number of transactions conducted.
After a period of dormancy, the Solana network has sprung back to life, demonstrating a substantial growth in transactions. The 7-day average for non-voting transactions surged to a two-year peak, reaching 38.37 million.
Since the onset of June, daily transactions have remained around the 40 million mark, showcasing a robust uptick in network utilization. This increase is paralleled by an expanding user base.
On June 12th, Solana recorded its third most active day, with its networks facilitating interactions for over 1.23 million distinct wallets.
The DeFi ecosystem within Solana has similarly flourished. Insights from Dune Analytics highlighted that Solana-based decentralized exchanges (DEXs) saw their weekly trader numbers soar to a new apex of 3 million in early June.
Though it observed a modest retreat from its May peak, the total value locked (TVL) in Solana's DeFi ventures has stably maintained above the $4 billion mark, as reported by DefiLlama. This reflects a sustained trust in Solana's DeFi arena.
Amongst Solana's DEXs, Raydium stands as the front-runner, capturing approximately two-thirds of both TVR and trading volume across Solana DEX landscape.
Despite the uptick in the Solana network's utilization, its social engagement metrics have seen downturns.
This reduced enthusiasm on social platforms may pose challenges to Solana's network growth prospects in the foreseeable future. As of the present, SOL is priced at $137.54, witnessing an 8.70% decrease in the last week.
The trading volume for the same period has also seen a 28% reduction.
