A Nansen analyst just lately revealed a report diving deep into the Solana ecosystem, exploring the on-chain knowledge, community developments, and different findings.
As per the findings, amidst challenges like community halts and the FTX/Alameda saga, the Solana blockchain reveals important resilience and steady enhancements, attaining a 100% uptime year-to-date.
Solana’s Efficiency Until Date
The report shared by way of an X thread by Nansen on Oct. 5 started by highlighting the present TVL of Solana, which stands at $30.95 million, almost double the numbers from earlier within the 12 months.
Solana: Previous, Current and Future
We’re excited to publish our complete deep dive into the @solana ecosystem. @sandraaleow covers ecosystem catalysts, dangers, and highlights, explores the onchain knowledge, community improvement, and far more
Listed here are the important thing findings…
— Nansen 🧭 (@nansen_ai) October 5, 2023
The month-to-month transactions related to Solana have remained fairly stable, whereas vote transactions have vastly surged. As per Nansen, this rising transaction and TVL show its potential for energetic financial exercise.
Sandra, the Nansen analyst, additionally talked about a few options by Solana. For example, its charge markets and state compressions have addressed main points in its expertise stack.
The state compression diminished the price of NFT minting by greater than 2,000 occasions. Earlier than this state compression, minting one million NFTs on the Solana community would value the creator about $253,000. The compression led to a dramatic drop in the price to merely $113.
The Nansen analyst in contrast Solana with minting one million NFTs on Ethereum or Polygon, which may value over $33.6 million and $32.8k, respectively.
The fast growth of liquid staking throughout the Solana community, led by Marinade Finance, Lido Finance, and Jito_sol, was prominently emphasised within the dialogue. However, regardless of the substantial progress in Solana’s liquid staking protocols, the report acknowledges that there’s nonetheless important potential for additional growth, as solely roughly 3% of staked SOL is at present allotted to those protocols.
Moreover, the analysts talked about a rising curiosity in enterprise adoption and fee rails following Visa’s integration of USDC settlement on the Solana blockchain. The Visa USDC integration primarily aimed to deliver quicker finality and excessive throughput at just about negligible prices to customers.
One of many tweets additionally talked about potential progress components, saying,
“Different potential tailwinds for Solana embody elevated enterprise adoption, success in implementing the Firedancer imaginative and prescient, and rising consumer-facing purposes leveraging Solana’s benefits.”
The report additionally notes that Solana has been gaining the eye of consumer-facing apps. It praised Solana’s tech feats, potential partnerships, and infrastructure apps, all indicative of its promise.
Potential Challenges on the Horizon
After highlighting a few of these positives of Solana, the report famous that there are nonetheless challenges, together with the uncertainty of FTX/Alameda’s SOL holdings. Adverse information on these holdings might be a short lived barrier to the expansion of SOL.
Nonetheless, about 71.8 million SOL, equal to $1.16 billion, is locked on FTX – about 17% of SOL’s circulating provide and 13% of its complete provide. These SOL tokens’ end result and eventual launch will probably affect the token’s future.
As per current reviews, round 9.1 million SOL belonging to Alameda Analysis have been unstaked, inflicting the present worth plunges.
Solana’s price motion was additionally probably one other problem, with the belongings buying and selling within the purple for the complete 12 months. Nonetheless, a have a look at the worth since January means that SOL started the 12 months buying and selling at round $10 and at present sits above $20.
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