The launch of PENGU, the native token of the Pudgy Penguins project, on Tuesday saw the Solana blockchain record its highest daily transaction volume in history. Transactions during the token launch reached 9 million, the highest transaction volume since Solana’s inception in 2020. This volume surpassed the total transaction volume of other major blockchains and created significant activity in the crypto ecosystem.
The PENGU token airdrop event was held on December 19th with a high level of user participation. The event, which included owners of Pudgy Penguins NFT collections, received over 100,000 requests in its first hour alone, and the project attracted 4.7 million website visitors. However, the token’s market value fell by more than 50% in the first 24 hours, causing concern among many investors. However, it did show that NFT projects still have the power to attract a large user base.
Solana’s blockchain infrastructure achieved significant scalability during the airdrop event. This proved that Solana’s technical infrastructure is resilient enough to operate smoothly even during periods of high demand. While Solana continues to lead in terms of decentralized exchange (DEX) trading volume and active users, it has been observed that it lags behind Ethereum and some other networks in terms of stablecoin transfer volume. However, the platform’s total locked value ratio is approaching its peak levels again, approaching $8.8 billion.
In addition, a new opportunity has been presented for investors in Europe. Bitwise has launched its Solana Staking ETP. This new investment vehicle aims to increase interest in digital assets while offering a low-cost and liquid option. With this product, Bitwise aims to expand its portfolio diversity.
Although Solana’s native token, SOL, has lost 8.2% of its value in the past week, the locked value ratio in its ecosystem is approaching 2021 levels, indicating the platform’s future potential. With its innovative infrastructure and user-friendly features, Solana continues to attract attention in the blockchain world.