- This month, the number of daily NFT coins on Solana has decreased.
- This is due to the decline in the network’s user activity since the beginning of the year.
The daily count of NFT coins on Solana [SOL] has plummeted to the lowest level since the start of the year, data shows Hello Moon showed.
As of January 8, 19,000 NFTs were minted on the Layer 1 (L1) blockchain network, a 44% drop from the 34,370 NFTs minted on December 31, 2023.
Source: Hello Moon
Reflecting the ecosystem-wide rally that Solana experienced in December 2023, the number of NFTs minted daily on the network climbed to an all-time high of 414,080 on December 15.
Additionally, during the 31-day period, NFT sales volume on Solana reached $366 million, which is the highest monthly sales volume recorded in 2023.
However, due to the decline in hype surrounding the chain, NFT sales and trading volume have taken a hit. According to data from CryptoSlamThis year’s NFT sales volume on Solana is $79.34 million.
Solana sees a decrease in user activity
Following network-wide growth in December, the past two weeks have been marked by a decline in demand for the Solana network. On-chain data from Artemis showed a decrease in user activity on the blockchain.
For example, the number of unique wallet addresses sending at least one on-chain transaction on Solana every day has fallen 9% since January 5. For context, on that day, Solana’s daily active addresses were 691,000. By January 11, this had fallen to 627,000.
Source: Artemis
Due to a decrease in the number of active users in the chain, the daily number of transactions has also decreased. According to data from Artemis, this fell by 7% between January 5 and 11.
Due to the decline in user numbers, the number of transactions completed via the decentralized exchanges (DEXs) within Solana has also decreased. This fell by 40% during the reporting period.
Source: Artemis
How much are 1,10,100 SOLs worth today?
Moreover, the total value of the DeFi network (TVL) has been declining since the beginning of the year.
According to data from DefiLlamaSolana’s TVL was $1.41 billion as of January 1. At the time of writing, the L1’s TVL of $1.29 billion has since fallen 9%.