There has been: a significant increase in
transaction volume on the Solana blockchain
during the month of January, according to The
Block's Data Dashboard.
The transaction volume of SOL +9.36% and
SPL tokens on the Solana blockchain has
surged to $951.9 billion for the month of
January, and there are still almost two days
remaining in the month. The gains represent a
30% rise in economic throughput on the
network from December's volume of $735.8
billion, which was a multi-month high at the
time.
The rise in transaction activity on the
blockchain is significantly above levels seen in
2023 and for most of 2022. For instance, in
September 2023, Solana network transaction
volume hit a low of $40 billion.
Solana price recovers
On Monday, Sol rose back above the $100
mark. On decentralized exchanges, the uptick
in trading activity seems to have been driven
by WEN token pairs. According to data on
Dune Analytics, the top five DEX trading slots
in the past 24 hours are made up by
stablecoin-SOL, stablecoin-WEN, and SOL-
WEN pairs
Data shows that after stablecoins, WEN and
SOL pairs make up most of the Solana-based
DEX volume. Image: @ilemi, Dune Analytics.
This week, WEN was airdropped to users of
Solana's Jupiter decentralized exchange. The
airdrop was also open to users of the Solana
Saga phone, and owners of certain Solana-
based NFT projects.
