- Solana’s TVL climbed by virtually 15% within the final month.
- Whereas person exercise declined throughout the identical interval, the community noticed progress in transaction charges and income.
Solana registered a complete value-locked (TVL) progress of 14% within the final month, whereas different main chains suffered a decline, knowledge from Messari revealed.
Solana managed to develop its TVL final month, as most main chains declined pic.twitter.com/zVwUgy7Mtp
— Messari (@MessariCrypto) August 7, 2023
Whereas final yr’s downtimes and the seven main exploits the chain skilled in 2022 led to a extreme decline in its TVL, the yr to this point has been totally different. Per Messari, Solana’s TVL initially of the yr was $209.25 million. Rising by 217% since then, the Layer 1 (L1) community’s TVL was $664 million at press time.
As Solana registered a TVL uptick within the final month, different prime L1 networks Ethereum, Binance Good Chain, and Avalanche, noticed respective declines of 13%, 6%, and 10%.
Relating to Layer 2 (L2) scaling options, Arbitrum noticed its TVL fall by 7% within the final month. Optimism, nonetheless, fared higher because the rollup community logged a ten% leap in its TVL throughout the identical interval.
State of Solana
Regardless of registering a TVL progress within the final month, person exercise on Solana suffered a shortfall. Per knowledge from Token Terminal, the community registered a 5% decline in lively person depend up to now 30 days.
For context, person exercise on the chain has been on a gradual decline within the final yr, primarily because of the a number of downtimes and exploits the community suffered throughout that interval. Up to now 180 days, each day lively person depend dropped by 15%. Within the final 12 months, this fell by over 50%.
The 1.6% drop in lively person exercise on Solana final week decreased buying and selling quantity throughout the decentralized exchanges hosted on the chain. zkSync, with a a lot decrease TVL, exceeded Solana in DEX quantity throughout that interval, on-chain knowledge revealed.
Zk Sync did extra dex quantity than Solana final week and Pulse Chain did greater than Avalanche pic.twitter.com/4clej4w12q
— Dimension Chad (@SizeChad) August 8, 2023
Nonetheless, a silver lining exists. Whereas person exercise and buying and selling quantity suffered a decline, Solana’s transaction charges and community income surged. Per knowledge from Solscan, community charges charged for profitable non-vote transactions climbed to a excessive of 53.06 SOL on 2 August.
Whereas it has since declined, this represented a major progress in community charges from 31.64 SOL recorded a month in the past.
A broader evaluation of all community charges revealed a 50% leap within the final month. Solana additionally noticed a corresponding hike in income throughout the identical interval. On an annualized foundation, the L1’s income has gone up by 21%.
