Solana shatters records with 5M daily users while other chains crumble.
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 not a fan of 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)
As we approach the final turn before Token2049 and Solana Breakpoint in Singapore next week (sorry, Singapore F1’s been on my mind all week), the world’s fastest and most entertaining blockchain ecosystem is showing its all systems a go.
On 10 September, Solana reached a huge milestone, recording the highest daily active user count in the HISTORY OF ALL OF BLOCKCHAIN and crossing the 5 million DAU mark.
What’s that, Eth boys?
This comes as the wheels are coming off other chains’ shiny objects, like Base’s hyped-up Friend.tech that announced it is closing its shop. (Elon can sleep soundly tonight.)
Anyway, Solana Season incoming? If we look at last year’s data, and tweets like this by Helium’s Mert, it’s definitely on the cards again. (NFA)
Solana Numbers This Week
- Price: $135.87, up 4.47% over 7 days.
- Market cap: $63,512,083,386, with a 7-day change of 0.69%.
- TVL: $4.799 billion.
- 24h fees: $302,843, revenue: $151,422.
- Daily active addresses: Above 4 million.
- 24h trading volume: $1,688,735,024.
Source: Artemis.xyz
How Did Solana Stack Up Against Its Competitors?
- Its 7-day decline of -2.15% is less severe than Ethereum (-6.55%), Tron (-1.93%), and Arbitrum (-6.48%).
- Over a month, Solana's -9.63% drop is concerning, worse than Tron (+2.68%) and Arbitrum (-6.15%), but better than Ethereum (-13.47%).
- Solana maintains the third-highest TVL at $4.818b, indicating it's retaining significant value in its ecosystem despite market pressures.
Source: DeFillama
Top 5 Solana Stories This Week
Magic Eden's Split Decision: A Tale of Two Platforms
Magic Eden, Solana's NFT powerhouse, is dividing its kingdom!
The marketplace announced separate U.S. and international platforms, sparking concerns among the US users about potential airdrop exclusion. With regulatory winds blowing strong, could this be the start of a new trend in crypto platforms?
Magic Eden says it's for "cooking up more features," but users smell something different in the air.
Solana Smashes Records: 5 Million Daily Users and Counting!
Solana's blockchain just hit a new high score! Despite price dips, daily active addresses surpassed 5 million on September 10th, leaving competitors in the dust. Is this the beginning of a more mature ecosystem?
Phantom's Fee: Wallet Wars Heat Up
Phantom, Solana's go-to wallet, is under fire for its 0.85% swap fee. Critics cry foul, but defenders argue it's fair game.
With $30M in revenue from swaps, Phantom's no ghost when it comes to profits. As the debate rages, one question remains: in a world of free meme coins, is charging for essential services a phantom menace or a necessary evil?
Jupiter's TVL Defies Gravity
Jupiter's Total Value Locked (TVL) shot up 46% in 30 days, outpacing its Solana DeFi peers. But this astronomical rise comes with an asterisk.
The addition of $jupSOL to TVL calculations on August 16th gave Jupiter a $300M boost. Still, in a bearish market, Jupiter's steady performance is nothing to sneer at. Is this a sign of DeFi resilience or creative accounting?
DRiP Scores $8M: NFTs Get a Much-Needed Makeover
DRiP, Solana's creator platform, just secured $8M in seed funding, proving there's still life in the NFT space. With a focus on low-cost, accessible collectibles using compressed NFTs, DRiP is swimming against the "expensive JPEG" tide. CEO Vibhu Norby's stance against token airdrops adds an intriguing twist. Could this be the refresh the NFT market needs, or is it just a drop in the digital ocean?
Solana Categories The Last Week
Solana DeFi
Solana's DeFi ecosystem had a strong week overall. Liquid staking protocols Jito and Marinade lead the pack, while Jupiter sees a significant monthly gain of 55.68%. Dexes like Raydium and Orca also show strong weekly growth. However, some protocols like Kamino and Drift experience slight weekly declines.
Source: DeFiLlama
Solana Meme Coins
Top 10 Meme Coins’ 7-day Performance
Source: Forbes
Most top 10 Solana meme tokens are in the green, with standout performers like Popcat, BOOK OF MEME, and Cat in a Dogs World all posting double-digit gains. Only MUMU THE BULL is down, shedding 2.87% over the past week.
Despite jumping 27%, last week’s MonkeyPox this week drops to a vaccinated number 14 in the sea of green.
Solana DePIN
According to DePINScan, Render (RNDR) leads the pack with a $2.07B market cap and a 9.4% 7-day gain. Helium (HNT) follows with a 13.4% weekly increase. AI-focused projects like io.net (IO) and Nosana (NOS) show positive short-term momentum. However, Helium 5G (MOBILE) faces a 7% weekly decline, contrasting with Helium IOT's 12.6% gain.
NFTs
NFTPulse data:
Solana is dominating NFT user engagement, outpacing competitors like Ethereum and Polygon. With 27.4K users over 7 days and 101.7K over 30 days, it's the most active NFT blockchain. In trading revenue, Solana ranks second, generating $169.4K over 7 days, trailing only Bitcoin's $193.4K. This showcases Solana's strong position in the NFT space.
Solana remains the leader in most NFT categories, however, it still substantially trails Ethereum and Polygon in weekly chain volume.
However, it’s crushing everyone in chain trading and chain royalties (7d and 30d charts) and for the last 12 months, it’s closing in on Ethereum’s $50m purse with $47 million.
What You Can Do Now
- Diversify your Solana portfolio by exploring top-performing DeFi protocols like Jito, Marinade, and Jupiter.
- Investigate emerging Solana meme coins while being mindful of their high volatility and risks.
- Consider participating in Solana's thriving NFT ecosystem, which leads in user engagement and royalties.
- Stay informed about regulatory developments affecting platforms like Magic Eden and their potential impact on U.S. users.
That’s it for this week. Follow the buildup to Token2049 (18-19 September) and Solana Breakpoint (20-21 September) now on Twitter and sites like SolanaFloor to get updated on all the big announcements.
Yours truly will be in attendance, so come say hi if you see me! Please, no more meme coin picks!
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