• Solana (SOL) outperforms Ethereum, Binance Smart Chain, and Avalanche in Total Value Lock (TVL).
• Despite active user count declining by 5%, Solana’s TVL recorded a 14% surge last month.
• Network fees imposed on successful non-vote transactions moved to a high of 53.06 SOL on August 2.
Solana Outperforms Industry Giants
Solana (SOL) makes incredible progress in the crypto-sphere as its network activities boom and outperform industry giants. According to data , Solana recorded a 14 percent surge in its Total Value Locked (TVL) last month. This signifies a bounce back from the severe decline recorded last year following several downtimes and the seven major exploits that hit the chain. The TVL of Solana started the year with $209.25 million and has since then increased by 217 percent to reach $664 million at press time.
Decline in Active User Count
A careful observation of the Solana network shows a contradictory movement of its users’ activity within the period. According to Token Terminal, there was a 5 percent decline in active user count in the past 30 days compared to 180 days ago when it fell by 15 percent and 12 months ago when it dropped by 50%. Just last week, there was also a 1.6% reduction due to decreased trading volume across decentralized exchanges on the chain while zkSync surpassing Solana in Decentralized Exchange (DEX) trading Volume during this period.
Surge In Network Fees
Solana had other surges apart from TVL such as transaction fee and network revenue which were both on an increase over recent weeks. Network fees imposed on successful non-vote transactions moved up to 53.06 SOL on August 2nd compared to 31.64 SOL recorded last month, signifying an increase of 68%.
Comparison To Other Blockchains
Interestingly, heavyweight L1 networks like Ethereum , Binance Smart Chain, Avalanche declined by 13%, 6% and 10%, respectively whilst Optimism made a 10 % surge in its TVL against all odds last month. Layer 2 scaling solution Arbitrum also fell by 7% during this period .
Overall, despite active user count showing no major improvement since last year’s downtimes and exploits, Solana is still making progress given its impressive performance compared to other blockchain networks such as Ethereum, Binance Smart Chain etc..