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Solana (SOL) Starts 2024 on Fire, Records Whopping 40 Million Daily Transactions

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Fri, 12/01/2024 - 13:30
Solana (SOL) Starts 2024 on Fire, Records Whopping 40 Million Daily Transactions
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According to recent reports, the Solana network is strong heading into 2024, with 40.7 million average daily user transactions.

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Solana maintained quarterly growth across numerous measures in the last quarter, according to a newly released Messari study, including market cap (423%), average daily fee payers (102%), DeFi TVL (303%), average daily DEX volume (961%) and average daily NFT volume (359%).

Messari's recent State of Solana Q4,2023, report highlights increasing on-chain activity. In Q4, there were 40.7 million daily average non-voting transactions (a 65% QoQ increase) and 190,000 daily fee payers, a 102% increase in the same time frame.

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Network activity, as measured by nonvote transactions and fee payers, increased in tandem with the price of SOL. With a market cap of $43.8 billion, SOL was one of the leaders of the Q4 crypto market surge that ended in 2023, growing 423% QoQ and 1,106% year-on-year (YoY). It surpassed ADA, USDC and XRP in market cap in Q4, placing it fifth among all coins.

For the majority of 2023, daily fee payers ranged between 80,000 and 100,000. The average daily NFT volume grew 356% in the past quarter to $4.8 million. Solana's market share of NFT volume increased from 9% to 26% QoQ when Bitcoin was removed.

The Solana developer ecosystem is likewise expanding. Throughout 2023, the developer ecosystem has made significant advances in tooling, developer experience, content quality and programming language diversity.

The Solana developer community now has over 2,500 monthly active developers on open source repositories, an increasing number of professional developers joining the ecosystem and a growing development environment.

Although the Solana ecosystem is still in its early stages (the mainnet beta went live in March 2020), its developer ecology has risen to become the second largest in terms of total monthly active developers.

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