Solana joined Bitcoin’s free fall on the price charts on Tuesday. While once it was among the few cryptos in the green, SOL corrected by 8.5% as it traded just above the $85-mark.
Even so, there seems to be reason for celebration for the developers of Solana.
SOL-o Growth
Looking at the number of developers, blockchain platforms dubbed as “Ethereum Killers” are growing at a faster rate than Ethereum did at similar points in its history.
An independent crypto-analyst, Mark Letsyuk, February 22 share a tweet focused on SOL’s impressive development activities.
According to the same, the development activity of Solana (in green) was a clear winner compared to other rivals. Its development activity metric stood at 3417.5. In 2nd place was Cardano (1856.9), yet another platform with promising developments.
A closer look at SOL activity also revealed that a majority of it highlighted a number of bullish signals. Consider the statistics of unique programs used, for example. As can be seen from the graph, the same has seen an exponential increase over the years.
The number of unique programs with at least one successful instruction, as of 19 February, stood at 618. Moreover, Unique signers – that is the number of unique accounts who have signed at least a single transaction per day – was 180.473 on the same date. It hit an ATH (this year) of just below 300,000 on 24 January 2022.
Solana, for many, is one of the fastest growing projects on the market. In fact, it claims to process around 50,000 TPS, while Ethereum currently processes 15-45 TPS. Additionally, Solana has incorporated more than 400 projects operating on its ecosystem, while also owning wallets, DEXs, and other DeFi projects.
According to a report, between December 2020 and December 2021, the number of Solana (SOL) monthly active developers grew exponentially. It, the report said, grew by a factor of 4.9x.
All of these findings suggest that the developers considered Solana for its technical likability. For example, at the time of writing, the total value locked on Solana stands at $7.13 billion, with over 50 decentralized apps relying on it. This is a sign that blockchain has immense growth potential and that investors believe in it.
All of these findings suggest that the developers considered Solana for its technical likability. For example, at the time of writing, the total value locked on Solana stands at $7.13 billion, with over 50 decentralized apps relying on it. This is a sign that blockchain has immense growth potential and that investors believe in it.
To conclude, it can perhaps be argued that Solana does not solely depend on “social euphoria” to trigger some traction.
