Assessing the interest in Solana's ecosystem, NFTs

Journalist

Posted: December 11, 2023

Solana recorded a surge in interest in its NFTs
SOL’s price fell on the charts on the back of development activity plummeting

Solana’s [SOL] ecosystem finally saw a resurgence after a lot of ups and downs over the past year. In fact, a significant portion of this attention towards its ecosystem was driven by NFTs on the Solana network.

NFTs on the rise

Over the last two days, the number of unique Solana NFT buy wallets has exceeded 12,000 each day. This marks a significant milestone, with a ratio that is >60% higher than unique ETH NFT buy wallets, hitting an all-time high for this metric.

In each of the past two days, there have been 12k+ unique Solana NFT buy wallets.

This is more 60% higher than unique ETH NFT buy wallets, an all-time high for that ratio. pic.twitter.com/l53UXWWyWt

— NFTstats.eth (@punk9059) December 11, 2023

The surge in unique Solana NFT buy wallets, surpassing those on ETH, indicates growing interest and adoption of NFTs on the Solana blockchain. This increased activity could positively impact the Solana ecosystem by attracting more creators, developers, and users to leverage the platform for NFT-related activities.

Higher engagement also suggests potential opportunities for decentralized applications (DApps) and projects built on Solana, contributing to the overall vibrancy and expansion of Solana’s blockchain.

DeFi activity

Additionally, the volume on Solana’s decentralized exchanges (DEX) has consistently hit new peaks over the last three days, marking successive all-time highs. This notable trend underscores a robust and growing trading activity on Solana, reflecting increased user participation and liquidity within the decentralized finance (DeFi) ecosystem on the Solana blockchain.

This is crazy. Every one of the past 3 days would have been an all-time high in Solana DEX volume before this week. pic.twitter.com/FGitAeTnsN

— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) December 10, 2023

Due to these factors, the number of daily active addresses on the Solana network grew too. However, the number of transactions happening on the network fell.

Source: Artemis

Where’s SOL at on the charts?

Here, it’s worth noting that the price of SOL did not see any positive momentum. At press time, SOL was trading at $68.67 and its price fell by -4.75% over the last 24 hours alone. The volume at which SOL was trading also fell massively during that period.

Read Solana’s [SOL] Price Prediction 2024-2025

Coupled with the same, development activity on Solana fell. This meant that the number of GitHub contributions made by these developers declined. New updates and updates that are supposed to happen on the Solana network could be affected due to this.