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Solana DApps metrics hint at a SOL price revival

Solana’s primary decentralized application (DApp) metric showed strength in January, with the network’s total value locked (TVL) reaching 15.3 million SOL. The amount deposited in its smart contracts is approaching a three-month high despite SOL’s price declining 28% in 30 days.

Solana’s primary decentralized application (DApp) metric
Solana network total value locked (TVL) in SOL terms. Source: DefiLlama

The Solana network has experienced significant growth in transaction activity and volumes. However, it still falls behind competitors like Ethereum and BNB Smart Chain in terms of absolute numbers.

Solana’s primary decentralized application (DApp) metric
Top blockchains by decentralized applications 7-day volumes, USD. Source: DappRadar

Note that Solana witnessed a 6% transaction growth and a 12% increase in active DApp users in the last seven days. In comparison, the Ethereum network remained relatively flat in the same period, while BNB Chain and Polygon experienced a 31% and a 19% decline in volumes, respectively.

Solana’s DApp highlights include Jupiter Exchange reaching 387,780 active addresses in seven days, followed by Raydium with 190,650 users. To put things in perspective, PancakeSwap, the leading BNB Smart Chain decentralized finance application, gathered 263,010 active addresses in the same period, while Ethereum’s Uniswap amounted to 64,890.

It is not possible to determine whether SOL’s recent bounce at $80 merely reflects the heightened demand for airdrops and the newly launched token extensions, meaning the momentum could fade after the initial hype. Still, the solid demand apparent in Solana network DApp activity provides some degree of confidence that the path to $90 and above is possible.

Related: Solana price rebounds off weekly low — Is $90 SOL possible?

mike berdoni

Ai senior consultant

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