Vladislav Sopov
As meme coin “DeFi Summer” goes wild with airdrop on Solana (SOL), it looks like using the network isn’t cheap anymore
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In 2023, Solana (SOL) was the best performing blockchain in many aspects. Starting in Q3, developers, customers, and traders began returning to blockchains freed from FTX/Alameda ties.
Solana’s average fees skyrocket: See the numbers
The average USD-denominated fees per transaction on the Solana (SOL) blockchain increased dramatically between August 2023 and February 2024. Key network performance metrics increased from $0.001 to $0.03, an almost 30x increase.
Data from a tracker focused on the Power Your Own Research institution was shared by Ethereum (ETH) veteran Togurl Maharamov, a researcher on the ScrollL2 blockchain.
During the same period, the price of Solana (SOL), the blockchain’s core native asset, rose from $19 to $120. SOL is once again the top three altcoins by market capitalization (excluding stablecoins), surpassed only by Ethereum (ETH) and Binance Coin (BNB).
As U.Today previously covered, many stories have exploded on the Solana (SOL) blockchain over the past few months. Following the rally of Bonk (BONK) and Dogwifat (WIF), the Solana (SOL) meme coin stole all the headlines in January.
BONK remains the third largest meme coin with a capitalization of $733 million.
Solana’s Yakovenko says fee trends are “pretty cool”
Prior to this, Solana (SOL) was captivated by airdrop mania in December 2023. Leading blockchain DEX Jupiter (JUP) has surpassed Uniswap (UNI) in trading volume.
Meanwhile, Solana founder Anatoly Yakovenko said: Optimistic Regarding fee statistics on blockchain:
Pretty cool since the median price per TX was still a fraction of a penny
Solana’s SOL is trading at $102 on the main spot CEX, up 0.2% in the past 24 hours.
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Vladislav Sopov
