Unsurprisingly, the Solana Native Token (SOL) has been feeling the cold hands of crypto winter along with other crypto assets. But recent data has revealed that Solana’s network has not been spared from the troubles of the declining market either, with network usage plummeting to the lowest levels in 2 years and financial performance declining.
The Use Of The Solana Network Has Decreased By 17.6%
According to data from crypto market intelligence provider Messari, the average number of daily transactions on the Solana network has dropped by 17.6% to levels seen for the first time in over a year, signifying a decrease in the use of the net.
Additionally, due to declining network performance, Solana experienced a 44.4% decrease in revenue in the second quarter of 2022. Average transaction fees also decreased by 40.6%.
On the plus side, the NFT minting rate on the Solana network saw a dramatic increase. Daily new NFTs minted every month increased by 46.4% to over 7 million NFTs in the second quarter of 2022. This growth complements the notable increase seen from September 2021 to the following year.
Despite the disappointing performance in the Q2 report, the Solana network appears to have improved greatly due to the Mainnet Beta v1.10 series update, the first stages of which ran in late May.