Solana Records Lowest On-Chain Activity Levels of 2024
The network is seeing a marked decline in some metrics, including daily revenue and the number of active addresses.
August was the month with the lowest number of active addresses in all of 2024 on Solana.
Solana's DEX volume has been declining since late July 2024 to the present.
Solana's daily earnings fell to the lowest levels recorded in the past six months. With a figure ranging from $200,000 to almost $300,000, from August 31, 2024 to yesterday, September 2, revenue on this network fell to a zone last detected in early March 2024.
This metric was involved in a sideways movement during May and late July, when that volatility culminated, and it began its fall to the zone indicated today.
Using the graph provided by the on-chain analysis platform Artemis, this information can be observed.
Coinciding with this data, activity within Solana shows a noticeable decline in recent weeks. So much so that, according to The Block Data, August 2024 was the month with the fewest active addresses and the fewest new active addresses on this network in the entire year. During this month, it presented 18 million active accounts, unlike July, when it exceeded 54 million.
The decrease in the number of active addresses indicates that there are fewer users participating in the network, either due to lack of interest or, worse still, because they migrated to other chains.
In turn, the lack of user activity led to a decrease in daily transactions and a reduction in network fees, which led to the aforementioned drop in revenue within the network. #Solanaâ© #SOLđ„đ„đ„đ„ $SOL ##solheist #SolanaMemeCoins #solanausdt
