With 40.7 million average daily user transactions, the Solana network is expected to be robust by 2024, according to current statistics.
According to a recently published Messari report, Solana sustained quarterly growth in the most recent quarter across a number of parameters, including market cap (423%), average daily fee payers (102%), DeFi TVL (303%), average daily DEX volume (961%), and average daily NFT volume (359%).
https://x.com/solana/status/1745558571532820586?s=20
The latest State of Solana Q4,2023 report from Messari emphasises rising on-chain activities. In Q4, there were 190,000 daily fee payers, a 102% increase in the same time period, and 40.7 million daily average non-voting transactions, a 65% QoQ increase.
The price of SOL grew in lockstep with a rise in network activity as shown by nonvote transactions and fee payers. SOL, which has a market valuation of $43.8 billion, was among the pioneers of the Q4 cryptocurrency market boom that concluded in 2023, expanding by 423% quarter-over-quarter and 1,106% year-over-year (YoY). It moved up to fifth place among all currencies in Q4 market cap, surpassing ADA, USDC, and XRP.
The daily fee payer population in 2023 was between 80,000 and 100,000 for the most part. Over the last quarter, the average daily NFT volume increased by 356% to $4.8 million. Following the removal of Bitcoin, Solana’s market share of NFT volume jumped from 9% to 26% QoQ.
Similarly, the ecosystem of Solana developers is growing. The developer ecosystem has advanced significantly in 2023 in terms of tooling, developer experience, content quality, and diversity of programming languages.
With over 2,500 active developers using open source repositories each month, the Solana developer community is expanding along with the amount of professional developers entering the ecosystem.
With the mainnet beta going live in March 2020, the Solana environment is still in its early phases, but in terms of total monthly active developers, its developer ecology has grown to become the second largest.
