Solana’s daily earnings fell to the lowest levels recorded in the past six months. With a figure ranging from $200,000 to almost $300,000, from August 31, 2024 to yesterday, September 2, Revenue on this network has dropped to a level last detected in early March 2024.
This metric was involved in a sideways movement during May and late July, when that volatility culminated, and it began its fall to the area indicated today.
Using the graph provided by the on-chain analytics platform Artemis this information is observed.
Daily revenue on the Solana network measured in dollars from December 2022 to present. Source: Artemis.
In line with this data, the activity within Ethereum-killer-programs-aplicaciones-memecoins/” target=”_blank” rel=”noreferrer noopener”>Solarium shows a noticeable decline in recent weeks. So much so that, according to The Block Data, August 2024 was the month with the fewest active addresses and the fewest new active addresses on this network in the entire yearDuring this month, it had 18 million active accounts, compared to July, when it exceeded 54 million.
Number of monthly active addresses from August 2023 to present. Source: The Block Data.
The decrease in the number of active addresses indicates that there are fewer users participating in the network, either due to lack of interest or, worse yet, because they have migrated to other chains.
In turn, the lack of user activity led to a decrease in daily transactions and a reduction in network fees, which led to the aforementioned drop in network revenues.
In August 2024, Solana recorded the lowest number of new active addresses of the year, at 11 million. Source: The Block Data.
On the other hand, another parameter that reflects the current lack of interest on the part of the market in the Solana ecosystem is the decline in trading volume in the exchanges decentralized. In this case, this metric also sample a decrease from the beginning of August to the present.
On August 4, 2024, SOL DEX transactions reached $3.5 billion, while yesterday, this number dropped to $700 million.
Ultimately, when a network sees a decline in active address activity, transactions, DEX operations, and earnings within the network, the implications can be worrying, as these indicators impact the health and adoption of a Blockchain.
However, despite what has been said, it should be noted that networks go through cycles of greater or lesser adoption and periods in which they arouse more or less interest among users. Therefore, this lack of activity is not necessarily or solely due to a lack of interest on the part of the community, but rather users could be waiting for an ideal moment to interact with the network.
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