ChainCatcher reported that according to Cointelegraph, Solana blockchain’s recent on-chain transfer volume hit a record high, but market intelligence company Glassnode claimed that most of the activity was carried out by robots. Glassnode pointed out in its X post on November 19 that Solana’s transfer volume hit a record high of $318 billion on November 16, which is almost three times the total market value of SOL ($112.5 billion). The total number of active addresses on Solana has soared to 22 million.
However, Glassnode noted that both average and median transaction volumes declined during the same time. This raises questions about the veracity of Solana’s metrics, as if the growth was organic, the average should have been accompanied by a similar rise. Explaining this phenomenon, Glassnode said: “This pattern of swelling network activity may indicate bot-driven activity, which has historically led to similar trends for Solana.” The increase in activity could be responsible for the recent increase in fees and network revenue.
Data from DefiLlama shows that on November 20, Solana’s daily revenue hit an all-time high of nearly $6 million, with network participants paying $7.63 million in transaction fees. Additional data from Blockworks Research shows that on November 19, Solana’s real economic value (REV) reached an all-time high of $26 million.
