In line with knowledge compiled by enterprise capital agency Pantera Capital, greater than 60% of the extra quantity of decentralized exchanges in Might was recorded on the Solana blockchain.
Behind that progress is a monolithic structure, Pantera mentioned in a June 20 report, calling it the macOS blockchain community.
Solana’s share of DEX quantity grew from 0% in early 2021 to 24% by Might 2024 due to an strategy just like Apple’s macOS structure, which mixes {hardware} and software program for superior efficiency. In line with Pantera, Solana’s structure has allowed for a surge in retail gross sales over the previous few months:
“Solana’s monolithic structure has a product roadmap centered on optimizing every element of its personal blockchain, just like Apple’s strategy with its vertically built-in {hardware} and software program stack in macOS.”
Pantera is considered one of Solana’s blockchain traders. Earlier this yr, the enterprise capital agency raised cash for a brand new fund geared toward shopping for as much as $250 million value of Solana (SOL) tokens from the bankrupt state of FTX at a deep low cost.
The variety of distinctive energetic addresses within the community has grown from 14,000 in October 2020 to almost 1.3 million by Might 2024. Consequently, Solana’s first precedence payment has elevated from lower than $100,000 per 30 days in mid-2023 to greater than 60 million {dollars} in March 2024, the report notes.
Solana’s structure has additionally made it a preferred alternative for builders behind memecoins and decentralized infrastructure (DePin) initiatives. Since January, the community has seen a rising quantity of latest tokens, outpacing different networks equivalent to BNB, Ethereum, and Polygon. The report notes:
“By Might 2024, Solana accounted for 85% of all new tokens showing on the DEX, up from 50% a yr in the past. This progress of Solana-based tokens displays its energy in retail utilization, pushed by memecoin exercise.”
Solana’s efficiency additionally impacts its SOL token. In line with CoinMarketCap, the worth of SOL is up greater than 723% over the previous yr and is buying and selling at $123 on the time of writing.
Are community outages a factor of the previous?
Pantera’s report doesn’t tackle community points lately, equivalent to Solana’s downtime amid technical points. The latest outage on February 9 resulted in practically 5 hours of downtime.
Solana’s Firedancer replace, with a full launch scheduled for 2025 with “shortcuts” to be launched earlier than then, is predicted to enhance the community’s resiliency. The replace, an impartial validator consumer being developed at the side of Leap Crypto, is designed to enhance Solana’s general reliability and scalability as exercise grows.
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