- Solana recorded the highest stablecoin transfers compared to all other networks.
- However, interest in the DeFi Solana and NFT sector has fallen.
Despite the significant growth of the Solana (SOL) ecosystem in recent months, interest in the network has not waned at all.
Solana maintains dominance
According to VISA’s new dashboard, Solana has recorded significantly more stablecoin transactions than any other blockchain, outpacing both Ethereum and other popular networks. As of March 2024, Solana held a whopping 42.3% market share, up from just 1.9% the previous year. Solana’s high transaction speeds and low fees make it ideal for high-frequency trading, which contributes significantly to the volume of its stablecoins.
However, although Solana is a leader, the nature of its transactions remains opaque. A significant portion of these transactions may originate from bots and may not represent actual users of the Solana network. Additionally, interest in Solana’s memcoin sector has also led to more activity on the network.
However, despite the large volume of stablecoins, the network has failed to achieve growth in the DeFi sector.
In fact, AMBCrypto’s check of Artemis data showed that Solana’s TVL (total value locked) has decreased. This meant that users were losing interest in Solana’s DeFi offerings, which could impact the network’s overall performance.
Some problems ahead
Solana’s NFT sector also suffered during this period.
For example, the Solana Floor NFT Blue Chip index has dropped significantly over the past month. This indicates that interest in popular Solana NFTs such as Mad Lads and Solana Monkey Business has decreased significantly.
In addition, there has been a decrease in interest in betting on SOL. The number of SOLs posted online has dropped significantly over the past week. A significant reduction in staking could lead to fewer validators and make the network more vulnerable to attacks.
The number of validators can also affect the speed and fees for processing transactions. With fewer validators, performance may decrease, resulting in slower transaction times or higher fees.
Source: Betting Rewards
At press time, Solana was trading at $135.59, down 5%. In addition, SOL trading volume also decreased by 25.49% on the charts.
Read the Solana (SOL) price forecast for 2024-2025.
This is an automatic translation of our English version.