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Solana stakers could witness some year-end respite thanks to…

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  • Stakers on Solana boast report growth, however number of stakers continues to decline
  • Overall activity on Solana decreases, but development activity continues to improve

Solana [SOL] validators and stakers reported improvements and growth that occurred over the last few months. Despite the FUD that had surrounded SOL over the past year, Solana stakers witnessed improvements.


  Read Solana’s [SOL] Price Prediction 2023-2024


The Staking angle

In a recent development, it was observed that JuicyStakes, a platform that provides validator staking services, witnessed improvements in terms of staking SOL. It was stated by its founder that the number of active stakers and the balance held on each account had increased.

 

This development could help improve the current state of staking on Solana. However, the overall number of stakers on the Solana network had decreased over the last month according to data provided by Staking Rewards. The number of stakers declined by 29.55% in the last 30 days.

This could be due to the uncertainty surrounding Solana due to recent events. Another area where Solana was affected was activity on the Solana network.

Based on data provided by Dune Analytics, it was observed that the number of daily active accounts on Solana witnessed a decline. In the last three months, the number of active addresses on the Solana network had decreased from 211,079 to 93,604. 

Subsequently, the number of transactions on the Solana network also declined. The number of transactions on the Solana network decreased by 6 million over a month according to Dune Analytic’s data.

Source: Dune Analytics

This decline in activity also affected the dApps on Solana.

dApp it up

According to DappRadar, major dApps on Solana such as Magic Eden and Saber observed a decline in terms of unique active wallets. Unique active users on Magic Eden fell by 4.58% over the last week.

On the other hand, the number of unique wallets on Saber decreased by 10.19% and its volume declined by 69% during the same period.


   How much Solana can you get for $1?


Solana wasn’t able to fare well, in terms of on-chain metrics either.

According to data provided by Santiment, Solana’s volume decreased from 730.46 million to 117.32 million over last month. However, things could change for the better for SOL thanks to a spike in development activity.

Furthermore, Solana’s development activity witnessed a massive spike in the last 30 days. This indicated that the number of contributions being made by Solana’s development team to its GitHub had increased.

This spike in development activity could also suggest that new updates and upgrades may be on their way for Solana.

Source: Santiment

At press time, Solana was trading at $11.42 and its price had grown by 0.56% in the last 24 hours.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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