- Solana outperformed Polygon and Tron in terms of transaction volume
- DEX volumes and TVL surged, while overall interest in Solana NFTs waned
Recently activity and interest on the Solana [SOL] network dipped. Despite the slowdown in activity, however, it still managed to outperform networks such as Polygon and Tron.
In fact, Artemis’s data revealed that Solana continued to dominate in terms of transfer volume and came second only to Ethereum on this front.
Source: Artemis
DEX volumes on the rise
However, it wasn’t just overall activity where Solana prospered, with recent data indicating that Solana did well in terms of DEX (Decentralized Exchange) volumes too. Over the last few days alone, Solana’s DEX volumes grew from $691 million to $1.2 billion. This surge in DEX volumes highlighted the popularity of Solana’s DEXs, indicative of a budding ecosystem.
The activity on the DEXs on Solana can be largely attributed to the popularity of memecoins on the Solana network. The low fees required to build tokens on the Solana network caused a surge in the creation and trading of memecoins, leading to the DEX volumes growing.
Source: Artemis
Owing to these factors, Solana did relatively well in terms of TVL (Total Value Locked) as well. In fact, Solana managed to have an average TVL of $3.7 billion over the last few days.
Here, it’s worth noting that even though Solana’s TVL was consistent, protocols such as Tron continued to outperform Solana on this front.
Source: Artemis
Despite Solana’s consistent activity and TVL, however, the revenue generated on the network continued to decline.
In fact, over the past week, the revenue generated by Solana fell from $1.1 million to $381,000. Tron took the lead in this department as well and continued to generate high amounts of revenue.
Even though the overall metrics of the Solana ecosystem have been showing signs of a healthy network, areas such as TVL and revenue would need to improve for long-term sustainability.
Read Solana’s [SOL] Price Prediction 2024-25
NFT interest falls
Another area where Solana would need to see improvement would be in the NFT sector. Over the last few weeks, interest in blue chip NFT collections has plummeted.
Coupled with that, the total floor value of the average Solana NFT collection and NFT sales volumes have also declined.
Source: Solana Floor
