According to recent reports, the solana network is strong heading into 2024, with 40.7 million average daily user transactions.
According to recent reports, the solana network is strong heading into 2024, with 40.7 million average daily user transactions.
Solana maintained quarterly growth across numerous measures in the latest quarter, according to a recently released Messari study, including market capitalization (423%), average daily rate payers (102%), DeFi TVL (303%), the average daily DEX volume (961%) and average daily NFT volume (359%).
messariSolana’s recent Q4 2023 status report highlights the increase in on-chain activity. In the fourth quarter, there were 40.7 million average daily non-voting transactions (a 65% quarter-on-quarter increase) and 190,000 daily fee payers, a 102% increase over the same time period.
Network activity, measured by non-voting transactions and fee payers, increased along with the price of SOL. With a market capitalization of $43.8 billion, SOL was one of the leaders of the crypto market surge in the fourth quarter ending in 2023, growing 423% quarter-on-quarter and 1,106% year-on-year. It surpassed ADA, USDC, and XRP in market capitalization in the fourth quarter, ranking fifth among all coins.
For most of 2023, daily contributors ranged between 80,000 and 100,000. Average daily NFT volume grew 356% in the last quarter to $4.8 million. Solana’s market share in NFT volume increased from 9% to 26% QoQ when Bitcoin was delisted.
Solana’s developer ecosystem is also expanding. Throughout 2023, the developer ecosystem has made significant progress in tools, developer experience, content quality, and programming language diversity.
The Solana developer community now has over 2,500 monthly active developers in open source repositories, a growing 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 launched in March 2020), its developer ecology has grown to become the second largest in terms of total monthly active developers.
