Altcoin
Solana [SOL] outperforms its competitors in this area
- Despite the prevailing bear market, Solana showed growth in active addresses and the number of transactions
- Its performance in the DeFi sector was not satisfactory
Solana [SOL] did not have the best year. It was the recipient of constant negative attention, thanks to the network outages and Solana’s alleged exposure to FTX. However, despite the FUD surrounding Solana, it outperformed its competitors in a few areas.
Read Solana’s Price Prediction 2022-2023
SOL: Beyond the FUD
The number of transactions on the Solana network remained consistent, sitting at 19.9m, at the time of writing. In this regard, Solana managed to out-compete Ethereum and Polygon.
SOL also beat cryptocurrencies such as NEAR and AVAX in terms of daily active addresses. Moreover, at the time of writing, Solana had
340k daily active users on the network. However, it could not compete with Ethereum and Polygon in terms of daily activity.Daily Active Addresses vs Top L1s:
Solana comes in 3rd place, this is an interesting trend to watch.
NFT trading behavior may lend itself to less daily activity, as opposed to DeFi-heavy chains.
Either way, respect to Polygon for creating daily user habits. ? pic.twitter.com/YkvZ3pG7tH
— Bill King™️ (@BillKingTM) November 26, 2022
Solana did not grow in the DeFi space either, as its TVL declined massively over the past few months.
At the time of writing, the total value locked on Solana was $865.14 million. Ethereum, Avalanche, and Polygon outperformed Solana in this category.
Solana TVL:
Not great to see TVL drop off so fast, particularly with DeFi competition heating up. TVL can be sticky, but possible that @jump_firedancer will lure some of this TVL back in 12-16 months as DeFi users look for higher frequency capabilities..
Time will tell. pic.twitter.com/TCNttRaIx7
— Bill King™️ (@BillKingTM) November 26, 2022
Banking on blue chips
Furthermore, Solana’s NFT space witnessed sufficient growth over the year, and its blue-chip NFTs performed extremely well.
As can be seen from the image below, Solana’s Blue Chip index rose over the last month. Additionally, according to data provided by Solana Floor, Solana’s NFT volume increased from 83k to 143k in the last 30 days.
Source: Solana Floor
From the image below, it is evident that the number of stakers on Solana‘s network increased significantly over the last few days. At press time, there were 577,155 stakers on the network.
Source: Staking Rewards
It remains to be seen whether Solana will be able to develop a positive sentiment in the minds of investors despite all the FUD surrounding it.
However, at the time of writing, SOL was trading at $14.24. Its price had decreased by 3.55% in the last 24 hours, according to CoinMarketCap.
