Solana (SOL) was the top performing blockchain in 2023 in a variety of metrics. Beginning in Q3, developers, consumers, and traders began returning to the blockchain that had broken free from FTX/Alameda ties.
Solana’s average fee rocketing: See numbers
The average USD-denominated transaction cost on the Solana (SOL) blockchain increased substantially between August 2023 and February 2024. The critical network performance indicator grew from $0.001 to $0.03, representing a nearly 30-fold increase.
Toghrul Maharramov, an Ethereum (ETH) veteran and Scroll L2 blockchain researcher, revealed statistics from Power Your Own Research’s institution-focused tracker.
During the same period, the price of Solana (SOL), the blockchain’s fundamental native asset, increased from $19 to $120. SOL has once again risen to the top three altcoins in terms of market capitalization (excluding stablecoins), trailing only Ethereum (ETH) and Binance Coin.
https://x.com/toghrulmaharram/status/1761303602994229635?s=20
As previously reported by U.Today, several storylines have blossomed on the Solana (SOL) blockchain in recent months. Meme currencies on Solana (SOL) dominated news in January, after increases in Bonk (BONK) and Dogwifhat (WIF).
Bonk (BONK) remains the third-largest meme currency, with a $733 million market value.
Solana’s Yakovenko on fees dynamics: “Pretty cool”
Previously, in December 2023, Solana (SOL) was gripped by an airdrop frenzy. Jupiter (JUP), the blockchain’s major DEX, outperformed Uniswap (UNI) in terms of trading volume.
Meanwhile, Solana’s creator, Anatoly Yakovenko, is bullish about blockchain fee statistics:
Pretty remarkable considering the median price per transaction was still a fraction of a cent.
Solana’s SOL is trading at $102 on major spot exchanges, up 0.2% in the previous 24 hours.
