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Cryptocurrency derivative exchange Bybit released a quarterly report about the Solana network. The report discussed in depth details about Solana’s user growth data and other things in the network. To be specific, it includes general updates on the health of the Solana ecosystem, Infrastructure, DeFi, and NFT Ecosystem.
Furthermore, Bybit also created a market analysis about the market standing for Solana from 2021 to 2022. As per the report, the network dropped more than -68% of its total value locked in 2022 — from $15.08 billion in 2021 to $4.8 billion in 2022. The market plunge of the Dapps in the Solana ecosystem is one factor to consider in the decline of its TVL.
Despite the TVL drop of Solana, the network recorded a great number of transactions. The Dapps such as Serum, Raydium, and Mango are some of the networks in Solana that filed a huge number of transactions. The unique addresses linked to these Dapps are said to be operating on a much higher scale compared to other chains in other networks.
On the other hand, the Solana network maintains its position as one of the top 10 cryptos in Coingecko. As of the time of writing, Solana trades at a decent price of over $50 per crypto with a 24-hour trading volume of more than $1.6 billion. It has a huge market cap of almost $17 billion. This amount that the network bags is proof that it continues to maintain a great number of supporters in the industry.