Analysts and traders are debating the origins of the “New Solana Summer” as all key indicators of on-chain activity soar. For a few of them, pre-FTX collapse levels have already been attained. According to statistics, NFTs and meme coin segments may be a factor in this increase.
Solana (SOL) exceeds Polygon (MATIC), Optimism (OP) by transactional volume
Early in December 2023, the Solana (SOL) blockchain saw an increase in daily on-chain trade volume that exceeded $240 million. Accordingly, using this statistic, the blockchain was able to outperform two popular Ethereum-based L2s: Polygon (MATIC) and Optimism (OP).
Polygon (MATIC) and Optimism (OP) show daily trading volumes of $137 million and $40 million, respectively, in the first few days of December. Solana (SOL) handles more money on-chain than they do collectively as a result.
Additionally, Solana (SOL) outperformed competitor Avalanche (AVAX) in the past 24 hours in terms of net value locked in dApps. Avalanche (AVAX) dApps logged $660 million, whereas Solana’s dApp ecosystem is responsible for $688 million in TVL. If that continues, Solana (SOL) may soon overtake Polygon’s (MATIC) and Optimism’s (OP) TVLs.
Solana’s (SOL) TVL increased by more than 60% during the past month, while SOL’s price increased by 45%.
Still, it is not keeping up with the leading Ethereum (ETH) L2, Arbitrum (ARB). With a daily trading volume above $363 million in equivalent, Arbitrum (ARB) has about $2.2 billion in TVL.
SolScriptions and meme coins triggered Solana (SOL) comeback
Solana (SOL) and its network indicators have rallied due to a number of strong drivers. For example, the demand for meme currencies and Solana-based Ordinals “SolScriptions” led to an increase in the number of SPL tokens that were produced on-chain.
Then, Jito and Marinade Finance, two Solana-based liquid staking protocols, are aggressively drawing in new users and liquidity. Additionally gaining popularity are decentralised exchanges such as Orca and Raydium.
CoinEx Research revealed that the DePIN (Decentralised Physical Infrastructure Networks) industry is yet another potent driver of the Solana (SOL) ecosystem’s comeback, as previously reported by U.Today.
