Wed, 27/12/2023 – 10:53
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In a dazzling display of strength, Solana (SOL) has witnessed an extraordinary surge in its price, soaring over 100% in the past 30 days and currently standing at $112.08. While experiencing a minor 1.72% dip in the last 24 hours, the cryptocurrency’s overall trajectory signals a robust and dynamic ecosystem that continues to capture the attention of both users and developers.
OKX Ventures, a notable player in the cryptocurrency arena, took to X (formerly Twitter) to share insights into Solana’s meteoric rise. The firm observed the sustained attention of new users and developers to Solana’s on-chain activity, which in turn is fueling additional development initiatives. The tweet highlighted Solana’s recent introduction of Solang, a platform empowering developers to craft smart contracts in Solidity instead of Rust, showcasing the platform’s commitment to innovation.
Solana’s strategic focus on composability has positioned it as a preferred platform for the deployment of decentralized applications (dApps). Hosting well-known protocols such as Marinade Finance, Jito, Orca and others, Solana has become a hub for developers seeking a versatile and powerful blockchain ecosystem.
Solana’s on-chain strength
Delving into key growth indicators, over the past 90 days, Solana has experienced a significant uptick in fees, with a remarkable +118.9% increase. Daily Active Users have surged impressively by +395.7% during the same period, underscoring a growing and engaged user base. The year-to-date increase in daily fees from $18,900 to $48,700 (+157%) further reinforces the platform’s expanding utility.
On the on-chain activity front, Solana has demonstrated its scalability with a Transactions Per Second (TPS) rate of approximately 2,314 in the last 24 hours. The SOL staked supply currently stands at 398.55 million, with a staked ratio of 70.49%. Active addresses have consistently exceeded 400,000 in December, accompanied by a steady stream of transactions consistently surpassing 200,000.
In the realm of staking, Solana operates on a secure proof-of-stake (PoS) system, with a staking ratio of around 70%. Active validators, numbering approximately 2,300, play a crucial role in maintaining the network’s security. The platform’s anti-inflation/deflationary monetary policy, coupled with a burning mechanism for 50% of transaction fees, adds an additional layer of resilience.
In essence, Solana’s recent surge in price is not merely a speculative rally but is rooted in its flourishing ecosystem, developer engagement and robust on-chain activity. With the recent introduction of Solang and a growing roster of projects choosing Solana as their blockchain of choice, the platform is well poised to continue its upward trajectory.