The crypto bear market that started in May has hit Solana just like the rest of the market. CoinGecko reported Big That’s an increase of 16.4 percent, and the price of SoL is now $32.27 at the time of writing.
Messari’s Most Recent Quarter on Quarterly Performance Evaluation The solana network provided illumination into the inner workings of L1, thus making it possible that this is the case.
Despite the generally pessimistic market, the study highlights a very encouraging performance for the token in the third quarter. However, Q3 was a tough quarter for Solana, just as it was for most cryptocurrencies, and this could impact the data reported by Messari.
In general, Solana’s tenacity is demonstrated by the fact that it is still expanding its Network and implementing your growth strategy.
Solana network activity up
Messari reports that there was an increase in network activity in SOL. The daily average number of transactions that do not include votes increased nearly 70 percent from 20.544 million in the second quarter.
In addition, the number of transactions processed per second (TPS) increased by over 40.4% from 2,310 TPS in the second quarter.
However, it is important to note that transaction fees are decreasing. The research claims that for Solana, transaction fees have been falling steadily since late 2021.
From $0.0005 to $0.0003, this represents a drop of 41.9%, which makes Solana more attractive to developers who want to build dApps on the low-fee L1 chain with faster performance.
However, when network fees drop, so does revenue. Solana continues to endure a gradual decrease in quarterly revenue since Q4 2021.
maintain long-term stability
Solana ended the second quarter with quarterly sales of $6.45 million, while the network ended the third quarter with modest quarterly revenue of $4.832 million.
Solana also saw the expansion of the network into the NFT sector. In the third quarter, the number of newly issued NFTs increased by 19.3%. However, this has been balanced by a decrease in both NFT buyers and sellers.
Based on the quantitative and qualitative information provided by Messari, the future of Solana remains bright. Messari outlined the emergence of a core user base that would maintain SoL’s long-term stability in light of earlier network issues.
DeFi continues to grow in Solana despite declining staking yields and a steady decline in TVL data. Despite the recent increase in the price of SOL, investors should remain cautious, as deteriorating metrics could affect the future performance of the network.
SOL has a market capitalization of $11.8 billion on the weekend charts. Featured image from Selvan B – Unsplash, chart: TradingView.com
Disclaimer: The analysis represents the personal knowledge of the author and should not be construed as investment advice.