despite unfavorable market conditions But the Solana ecosystem continues to improve network stability and expand its user base, as Messari said in its Q1 report on the matter. Seeing that the Ethereum challenger is having trouble maintaining network activity. Due to ongoing safety concerns
There has been a noticeable slowdown.
After rapid growth in 2021, Solana ismeetIt said network utilization and financial performance declined in Q2, with average daily transaction count down 17.6%, while revenue dropped 44.4% as network performance declined quarterly.
However, the number of active users with at least one transaction per day It hit a record high of 450,000 in May. averaged around 320,000 during the second quarter.downtime problemRecurring issues that compromise network stability, Solana launched Mainnet Beta v1.10 Series at the end of May. resulting in increased activity
“For perspective, the average daily TPS dropped to ~700 during a period of network performance degradation, but after v1.10 was launched, TPS hit an all-time high above 3,000 and averaged close to 2,300 per day.”
In terms of the number of developers working in the ecosystem, Solana had around 8,000 active developers in June. That is almost 50% lower than the number recorded in November 2021.
DeFi protocol
Messari sees Solana as the leading Layer 1 network with consistent volume of Total Value Locked (TVL). which are distributed evenly across various DeFi protocols
Solana’s TVL declined at an average rate (-68%), with total TVL falling from $228 billion to $75 billion. This represents a 67% drop in US dollar terms.
NFT activity
Solana-based NFT activity has grown exponentially. Well-known markets such as Magic Eden and Serum gained a lot of attention this quarter.
Number of NFTs regenerated on the network. increased to 7 million in Q2, representing a 46% growth. Solana also maintains its network position as the second largest after Ethereum by NFT trading volume on the secondary market.
Solana Volume Drops Amid Growing Security Concerns in Q2: Messari Reports Appeared First on Bitcoin Addict.