- Over the past month, daily transaction volume on Solana has increased dramatically.
- The chain’s DeFi and NFT sectors saw growth over the past 30 days.
Daily transaction volume on Layer 1 (L1) chain Solana [SOL] has reached its highest level since December 2022, according to the report The block’s data dashboard.
As of January 3, the economic throughput of SOL and the Solana Primary Library (SPL) tokens on the Solana blockchain totaled $42 billion, up 641% since December 1.
According to the data provider, the SPL tokens include USD Coin [USDC]Serum [SRM]Raydium [RAY]Ethereum [ETH]and Tether [USDT].
Source: Het Blok
Due to the sharp increase in daily transactions on the network over the past month, Solana’s fees and revenues have also skyrocketed.
According to data from Token terminalFees for transactions recorded on Solana over the past 30 days totaled $10.34 million, an increase of 205%. Resulting revenues amounted to $5.17 million, which also increased by more than 200% during the same period.
Solana’s DeFi and NFT verticals
A closer look at the Solana ecosystem revealed that the decentralized finance (DeFi) and non-fungible token (NFT) sectors have grown significantly over the past 30 days.
According to data from Artemisthe total number of transactions completed through the decentralized exchanges (DEXs) within Solana has increased by 41%. For context, as of December 5, this totaled $1.15 billion. A month ago, Solana’s DEX volume was $813 million.
The year to date has also been marked by a rise in DeFi Total Value Locked (TVL), data from DefiLlama showed. At $1.4 billion at the time of writing, Solana’s DeFi TVL was spotted at its highest level since August 2022.
AMBCrypto found that most of the TVL growth occurred in the last three months. Since October 1, Solana’s TVL has increased by more than 300%.
Source: DefiLlama
Furthermore, the network’s NFT sector ended December with a sales volume of $365 million, the highest in all of 2023 and since October 2021, data from CryptoSlam showed.
So far this month, with 911,818 transactions completed, NFT sales volume on Solana has reached $36 million.
How much are 1,10,100 SOLs worth today?
SOL dropped last week
After a long period of rally, SOL seems to be losing its gains.
According to data from CoinMarketCap, the value of the alt has fallen by $93.74 over the past seven days.
