Solana

Solana, a Layer 1 blockchain, has been facing a challenging period, marked by a significant drop in daily active addresses.   
This decline has taken the network to its lowest point in over two years since analysts started monitoring this data in late 2020.   
As of August 31, the number of daily active addresses on Solana, measured using a seven-day moving average (7DMA), fell to around 204,000.   
The 7DMA metric provides an average of data points over the past week, enabling us to identify trends more effectively.   
Solana's drop in active users can be attributed to several key factors:   
<ol>  
 <li>FTX's Bankruptcy: The decline in Solana's user base began before the collapse of the crypto exchange FTX last November. However, the blockchain's strong ties to FTX and its sister trading firm, Alameda Research, impacted its reputation.</li>   
 <li>SEC Allegations: The situation worsened when the U.S. Securities and Exchange Commission (SEC) depicted Solana's native token, SOL, as a security. This had a detrimental effect on SOL's price and led to its delisting on multiple U.S. platforms, including eToro and Robinhood.</li>  
</ol>   
As of now, SOL is priced at approximately $20, representing a 7% decline in the past week, according to CoinGecko data.   
In terms of total value locked, Solana currently holds the tenth position, with approximately $311 million locked in its ecosystem, according to DefiLlama data.  
The post <a rel="noopener noreferrer nofollow" href="https://optimisus.com/news/crypto-news/solanas-user-numbers-plummet-to-2-year-low/">Solana’s User Numbers Plummet to 2-Year Low</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://optimisus.com">Optimisus</a>.

Solana’s User Numbers Plummet to 2-Year Low

Optimisus

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