Cryptocurrency trading platform Bybit and Solana FM have released a report on the blockchain network’s performance in Q1 2022.
The report shows a rising trend in the 30-day rolling mean of daily active unique addresses, with Solana dApp projects having a substantially larger amount compared to those on competitor chains.
According to data from DappRadar and Solfm, the Daily transaction count on Solana projects superseded the transactions on alternative projects on other chains: Serum took the lead, followed by Mango Markets, Raydium and Magic Eden. The report found that activity on Solana is higher as compared to other chains such as BNB Chain, Fantom, and Polygon.
The report also examined the Solana ecosystem by daily transactions per unique active address in order to examine if said activity is dominated by bots or actual users:
– Mango market average 220.85 transactions per daily active users — not something that is not humanly possible — highly likely to be dominated by trading bots;
– Serum average at 42.67 transactions per daily active users — likely to be a good combination of retails traders and trading bots;
– Raydium average at 9.86 transactions per daily active users — least number of bots present;
– Magic Eden has an average of 0.38 transactions per daily active users — indication that activity on Magic Eden is in line with user growth — which is a very healthy signal;
– Benchmarking against OpenSea that is averaging at 1.87 transactions per daily active users, this indicates that NFT is trending strongly on Solana with more organic growth;
– Also noting that Magic Eden overtook Serum in daily active unique addresses towards the second half of the quarter.
Bybit and SolanaFM also took a look at Solana’s DeFi ecosystem. “We have witnessed a substantial amount of TVL leave the network over the past few months since its peak in December 2021. Currently, Solana network’s TVL sits at $4.8 billion, more than 68%…
