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Decentralized cryptocurrency Kin reaches 200M transfers on Solana in first 8 months of 2021

invezz.com 16 September 2021 00:54, UTC
Reading time: ~3 m

Solana on-chain data showcasing transaction volume in relation to the many popular SPL tokens in the ecosystem has become publicly available for the first time. Last week, Bitquery, a Solana (SOL/USD) on-chain API data query service, provided some interesting info about Solana’s activity. Invezz presents the highlights.

Kin transferred 41.7T tokens by September 3

Kin leads the pack with 41.7 trillion tokens transferred between January 1 and September 3 this year, followed by RAY with 52 billion, MAPS with 16.9 billion, SRM with 11.4 billion, and FIDA with 5.5 billion. These figures paint a very positive picture for the Kin ecosystem in terms of economic viability if one accepts the number of on-chain transactions and token volumes as critical and irrefutable metrics of real activity. Bitquery tweeted:

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“More than 75% of the transfers on Solana is for its native coin SOL, and after that Kin and USDC (USDC/USD) with more than 170 million transfers.”

Kin’s total transfer volumes between January and September of this year were approximately 200 million, almost 8 times as much as the next one in rank. The total dollar value is not high because Kin is in the microtransactions space. However, volumes eventually add up and there will be something significant in value.

Kin showing clear lead on Solana

While Kin is showing a clear lead at the forefront of this blockchain, projects like SRM, RAY and USDC are going strong as well. As the fastest blockchain becomes more and more popular, projects like Kin are thriving within the Web3 wave. All of this points toward a very promising and decentralized future.

Kin is purposely designed to integrate on web and mobile easily. Developers are rewarded by an inbuilt incentive model for increased use. The Kin ecosystem boasts 60 million wallets, and has distributed over $70 million in rewards across 60+ apps since its inception in 2017. Kin is an SPL token on the Solana blockchain. It has made it possible for consumer scale apps to transact swiftly with minimal to no fees. 

Comments from Kin Executive Chairman

Speaking to Invezz, Kin Executive Chairman William Mougayar attributed its leadership position to the fact it has “already been ‘live’ for over three years.” He said that Kin’s growth rate is not only sustainable but can be ramped over the coming years.

Kin recently recorded a peak of 1.4 million transactions per day and this was spread across around 20 apps in the ecosystem. He added:

We have the benefit of being the sum of all these ecosystem parts. Imagine Kin with 40-50 apps, and each app growing in of itself, then you could extrapolate a much higher on-chain transaction volume into the future.”

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