Solana's ecosystem buzzes with record-breaking activity, meme coin drama, and innovative partnerships, despite a relatively stable SOL price
TL;DR:
- Solana hits record 5 million daily active addresses despite sluggish price
- Magic Eden splits into U.S. and international platforms, sparking user concerns
- Phantom wallet users are not a fan of the 0.85% swap fee, igniting debate
- Jupiter's TVL surges 46% in 30 days, boosted by $jupSOL inclusion
- DRiP secures $8M seed funding, aiming to revolutionize NFT space
Solana This Week (9/2-9/9)
We’re in Singapore for Token2049 and Breakpoint and things are popping off in all directions SOL this week.
With so much going on, this will be a shorter roundup, but rest assured we’ll be sharing all the alpha and some great interviews with you next week. It’s been a sluggish few months for Solana, but at the time of writing $SOL is starting to make moves on the back of the flagship conferences.
Solana (SOL) This Week (9/11-9/18)
Let's examine Solana's performance across key metrics for the past week:
Our Solana chart shows that SOL opened the week at approximately $134 and closed at $133.67, maintaining parity over a 7 day period.
Key Movements:
- Reached a high of about $140 on September 14th
- Experienced volatility throughout the week
- Market Cap: Despite the slight price decline, SOL's market cap grew by 1.77% to $62,608,176,306.
- Ranking: SOL maintains its position as the 5th largest cryptocurrency by market cap.
The entire Solana ecosystem's market cap has been fluctuating between $232B and $264B over the past 30 days.
Solana Numbers This Week
- Market cap: $66.8B.
- TVL: $5.031b.
- Daily active addresses: Peaked at 5.5 million on September 10th.
- 7d trading volume: $1.3B.
Active Addresses:
Solana witnessed a significant milestone in network activity. On September 10th, the platform broked another all time high for all blockchain networks, and recorded 5.5M daily active addresses.
This metric has shown a strong upward trend since late August, however it has since dropped to 3.3M active addresses. According to SolanaFloor, there is some concern in the industry that the UAW metric is flawed, and the result of meme coin projects distributing valueless tokens to millions of these wallets.
Volume and Supply:
The 24-hour trading volume for SOL was $1,681,435,846, representing a 7.21% decrease on September 17th. The volume to market cap ratio stands at 2.67%.
The circulating supply of SOL was 468,371,507, with a total supply of 584,766,092. Notably, Solana has no maximum supply limit.
Source: Artemis.xyz
Solana vs Ethereum
Here’s how the leading 2 proof-of-stake chains stack up against each other in various metrics:
Source: DeFillama
Top 5 Solana Stories This Week
DeGods' Meme Coin Pivot
DeGods, the iconic Solana NFT collection, has launched $degod, a new meme coin that allows holders to burn their DeGods and y00ts NFTs for tokens. This move has sparked controversy within the community, with rare NFT collectors expressing frustration over the loss of perceived value in their unique pieces.
However, the market has responded positively, with DeGods and y00ts seeing value increases of 27% and 42% respectively since the announcement.
Solana Meme Coin Leverage Trading a Problem?
Solana’s meme coin market is undergoing a major shift as traders move away from oversaturated token launches and towards established coins. With liquidity drying up, the remaining traders are focusing on leveraging platforms like Lavarage, which supports margin trading for over 400 meme coins. This allows them to amplify their positions in veteran tokens like $POPCAT, $GIGA, and $MUMU, while minimizing exposure to new, riskier launches.
Lavarage’s partnership with Backpack further incentivize traders, providing new tools and rewards to navigate the volatile meme coin market.
World ID Integration on Solana
Worldcoin's World ID system is expanding to the Solana ecosystem through Wormhole's interoperability protocol. This integration allows for World ID authentication on Solana, with early adopters including projects like DRiP, DSCVR, and Flojo. The move brings Worldcoin's controversial iris-scanning identity verification to Solana, potentially enhancing user verification capabilities while raising questions about privacy and centralization within the ecosystem.
Solana's Record-Breaking Active Addresses
Solana has set a new record with over 5.5 million daily active addresses, surpassing all other Layer-1 blockchains. However, this metric has been met with skepticism from some in the crypto community, who argue that the number may be inflated due to Solana's low transaction costs and high scalability. Despite the debates surrounding the accuracy of this metric, the high number of active addresses underscores Solana's growing prominence in the blockchain space.
Lavarage and Backpack Collaboration
Lavarage, a Solana-based meme coin leverage trading platform, has partnered with Backpack wallet to offer users a 10% boost on Tephra Rewards points. This collaboration aims to incentivize usage of the platform through Backpack, potentially influencing user behavior in the Solana meme coin trading space. The partnership highlights the growing ecosystem of tools and services catering to Solana's active meme coin market.
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