Solana’s Strong Performance in Q3-2023
In its quarterly report, Messari revealed that Solana had a market cap of $8.4 billion at the end of Q3, with a 17% growth quarter-on-quarter (QoQ). Despite a brief price decline, Solana outperformed most cryptocurrencies and saw its market cap rank rise from 10 to 7. The report also highlighted an increase in Solana’s revenue, with fees collected by the protocol rising by 10% to 185,400 SOL and by 19% to nearly $4 million. However, the burned tokens did not significantly reduce Solana’s inflation rate, which stood at 5.8% at the end of the quarter.
Solana’s Network Usage in Q3-2023
Solana experienced a decline in network activity during Q3. Average daily fee payers dropped by 37% to 94,100, and average daily non-vote transactions fell by 25% to 24.7 million. The average number of new fee payers also decreased significantly by 76% to 11,400. However, Solana’s transaction fees remained consistent and affordable throughout the quarter, with an average non-vote transaction fee of $0.0002. The report also noted a decline in non-vote transactions with priority fees.
Solana’s Security and Decentralization in Q3-2023
The amount of staked SOL in Q3 increased by 2% to 404.9 million, bringing Solana’s total staking market cap to $8.2 billion, second only to Ethereum. Solana’s Nakamoto coefficient, which measures decentralization, dropped by 12% but remains one of the highest in the industry. The number of validators rose by 5.5% to 1,984, and the Solana Foundation plans to prioritize node quality over quantity in its delegation scheme.
Solana’s Validator Growth in Q3-2023
The number of Solana validators increased moderately to 1,984, with validators now present in 34 countries. The US leads in terms of stake distribution with 29% of all stakes. Solana’s network has remained online since its last outage on February 25th, and it is approaching an all-time high in terms of days without an outage.
Hot Take: Solana Shows Resilience and Promising Growth
Solana’s Q3-2023 report demonstrates the platform’s resilience and promising growth. Despite a brief price decline, Solana performed well compared to other cryptocurrencies. Its revenue increased, although the burned tokens did not have a significant impact on inflation. Network activity declined, but transaction fees remained consistent and affordable. Solana also saw an increase in staked SOL and validator numbers, highlighting its security and decentralization. The US leads in stake distribution, and the network has maintained stability with no outages since February. Overall, Solana’s performance in Q3 indicates positive momentum for the platform.
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