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Solana Fees Up by 2,800% in Six Months, Data Says

source-logo  u.today 24 February 2024 17:23, UTC

In 2023, Solana (SOL) was the best performing blockchain in many aspects. Starting from Q3, developers, customers and traders were returning to the blockchain that broke free from FTX/Alameda ties.

Solana's average fee rocketing: See numbers

The average USD-denominated fee per transaction on the Solana (SOL) blockchain soared dramatically between August 2023 and February 2024. The crucial network performance indicator increased from $0.001 to $0.03, printing an almost 30x increase.

Not so small anymore https://t.co/HKYZkihwSf pic.twitter.com/FrrefKgFNM

— Toghrul Maharramov 🇺🇦 (@toghrulmaharram) February 24, 2024

The data by Power Your Own Research institutions-focused tracker was shared by Ethereum (ETH) veteran Toghrul Maharramov, a researcher in the Scroll L2 blockchain.

During the same period, the price of Solana (SOL), the core native asset of the blockchain, rallied from $19 to $120. SOL yet again became a top three altcoin by market cap (excluding stablecoins), only surpassed by Ethereum (ETH) and Binance Coin (BNB).

As covered by U.Today previously, a number of narratives exploded on the Solana (SOL) blockchain in the last months. Meme coins on Solana (SOL) stole all headlines in January following Bonk (BONK) and Dogwifhat (WIF) upsurges.

Bonk (BONK) remains the third-largest meme coin with a $733 million capitalization.

Solana's Yakovenko on fees dynamics: "Pretty cool"

Earlier, in December 2023, Solana (SOL) was captivated by an airdrop mania. The blockchain's main DEX Jupiter (JUP) even eclipsed Uniswap (UNI) by trading volume.

Meanwhile, Solana's founder Anatoly Yakovenko is optimistic about the statistics of fees on the blockchain:

Pretty cool since median price per tx was still a fraction of a penny

Solana's SOL is changing hands at $102 on major spot CEXes, being up by 0.2% in the last 24 hours.