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Solana Fees Up by 2,800% in Six Months, Data Says

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Sat, 24/02/2024 - 15:32
Solana Fees Up by 2,800% in Six Months, Data Says
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In 2023, Solana (SOL) was the best performing blockchain in many aspects. Starting from Q3, developers, customers and traders were returning to the blockchain that broke free from FTX/Alameda ties.

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Solana's average fee rocketing: See numbers

The average USD-denominated fee per transaction on the Solana (SOL) blockchain soared dramatically between August 2023 and February 2024. The crucial network performance indicator increased from $0.001 to $0.03, printing an almost 30x increase.

The data by Power Your Own Research institutions-focused tracker was shared by Ethereum (ETH) veteran Toghrul Maharramov, a researcher in the Scroll L2 blockchain.

During the same period, the price of Solana (SOL), the core native asset of the blockchain, rallied from $19 to $120. SOL yet again became a top three altcoin by market cap (excluding stablecoins), only surpassed by Ethereum (ETH) and Binance Coin (BNB).

As covered by U.Today previously, a number of narratives exploded on the Solana (SOL) blockchain in the last months. Meme coins on Solana (SOL) stole all headlines in January following Bonk (BONK) and Dogwifhat (WIF) upsurges.

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Bonk (BONK) remains the third-largest meme coin with a $733 million capitalization.

Solana's Yakovenko on fees dynamics: "Pretty cool"

Earlier, in December 2023, Solana (SOL) was captivated by an airdrop mania. The blockchain's main DEX Jupiter (JUP) even eclipsed Uniswap (UNI) by trading volume.

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Meanwhile, Solana's founder Anatoly Yakovenko is optimistic about the statistics of fees on the blockchain:

Pretty cool since median price per tx was still a fraction of a penny

Solana's SOL is changing hands at $102 on major spot CEXes, being up by 0.2% in the last 24 hours.

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