• Solana’s DEX volume has declined in the last month, while zkSync’s transaction volume has surpassed it.
• Despite the decline in user activity and daily active addresses, Solana recorded the highest count of daily transactions in the past month.
• The chain’s TVL and network fees have surged during this period, as well as its revenue from transaction fees.
Transaction Volume Decline
Solana [SOL] has seen a decline in the total volume of transactions executed through its on-chain DEXes in the last week. Realistic or not, here’s SOL’s market cap in BTC’s terms For context, during that period, Layer-2 (L2) scaling solution zkSync, despite having a much lower total value locked (TVL) and DEX count, recorded more transaction volume than Solana.
Decrease In User Activity
A broader look at Solana’s DEX activity revealed a general decline in network activity in the last month. According to data from Artemis , the network recorded $47 million in DEX volume in the past 30 days – representing a 5% decline and a 95% gap from Ethereum’s [ETH] $1.09 billion during the same period. Last month, the count of daily active addresses on Solana totaled 241,749 – registering a 12% decline.
High Daily Transaction Count
Interestingly though transaction volume and active address count fell ,the daily count of completed transactions rallied .In fact ,Solana registered highest count of daily transactionsin the last month ,per data from Artemis .
Uptick In Total Value Locked & Network Fees
It hasn’t been all bad news for Solana in the last month .Data from DefiLlama revealed an uptick infor network’s total value locked (TVL)in past 30 days .At $664.97 million at press time ,the L1 blockchain has seen 15 % jump in TVL .Network fees also climbed during same period with $1.5 million broughtin last month – recording 48 % jump intransaction fees which resulted into corresponding uptick revenuefrom transaction fees per Token Terminal data .
Conclusion
In conclusion ,while Transaction Volume across DEXes housed within Solanahas trended downward – Network Fees & TVL have surgedduring same period .This is indicativeof growth potential for decentralised applicationson blockchain even when individual exchanges suffer downturns on short term basis