Weekly transaction volume for Solana hits a two-year high
Solana, the high-performance blockchain network, has been experiencing a surge in activity and growth in recent weeks. At the end of May, the Total Value Locked (TVL) on Solana nearly touched the $5 billion mark, a level not seen since February 2022.
The revival in activity on Solana appears to have been driven by several factors. The primary contributions to Solana's highest weekly transaction average in about two years came from decentralized applications (dApps), particularly those involved in decentralized finance (DeFi) and non-fungible tokens (NFTs).
One of the key players in this growth is Raydium, the largest Decentralized Exchange (DEX) on Solana, accounting for approximately two-thirds of TVL and trading volume among Solana DEXs. On May 22, TVL across Solana DEXs reached a record high of $1.93 billion.
This surge in activity is also reflected in the number of active wallets on Solana. On June 12, Solana recorded its third-highest daily count of active accounts, with over 1.23 million active wallets. Moreover, the weekly number of traders on Solana-based decentralized exchanges (DEXs) hit a record high earlier in June, reaching the 3 million mark.
The number of returning addresses on Solana also reached a record high of 1.2 million again on June 17. This suggests that not only is new activity being driven on the network, but users are also returning to participate.
The daily number of non-vote transactions has been maintained near 40 million since the beginning of June, indicating a consistent level of activity on the network. As of the current date, TVL across Solana DEXs stands at $1.68 billion, slightly below the record high but still significantly higher than levels seen in the past year.
It's worth noting that the 7-day average of non-vote transactions on Solana stood at 38.37 million as of June 18, showing that the high levels of activity are sustained over time.
As of this writing, the total value locked in Solana DeFi projects maintains above $4 billion, a testament to the growing interest and investment in the Solana ecosystem.
In conclusion, the May-June period has seen a significant resurgence in activity on Solana, with record-breaking numbers in terms of TVL, active wallets, and traders. The consistent levels of activity suggest that this trend may continue in the coming weeks.
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