According to CryptoPotato, a Nansen analyst recently published a report diving deep into the Solana ecosystem, exploring the on-chain data, network developments, and other findings. The report found that despite challenges like network halts and the FTX/Alameda saga, the Solana blockchain shows significant resilience and continuous improvements, achieving a 100% uptime year-to-date. The current total value locked (TVL) of Solana stands at $30.95 million, nearly double the numbers from earlier in the year.

The monthly transactions associated with Solana have remained quite stable, while vote transactions have greatly surged. According to Nansen, this increasing transaction and TVL demonstrate its potential for active economic activity. The Nansen analyst also mentioned a couple of solutions by Solana, such as its fee markets and state compressions, which have addressed major issues in its technology stack. The state compression reduced the cost of NFT minting by more than 2,000 times, leading to a dramatic drop in the cost to merely $113.

The rapid expansion of liquid staking within the Solana network, led by Marinade Finance, Lido Finance, and Jito_sol, was prominently emphasized in the discussion. However, the report acknowledges that there is still significant potential for further expansion, as only approximately 3% of staked SOL is currently allocated to these protocols. Furthermore, the analysts mentioned a growing interest in enterprise adoption and payment rails following Visa's integration of USDC settlement on the Solana blockchain.

The report also notes that Solana has been gaining the attention of consumer-facing apps and praised its tech feats, potential partnerships, and infrastructure apps, all indicative of its promise. However, the report also noted that there are still challenges, including the uncertainty of FTX/Alameda's SOL holdings. Negative news on these holdings will be a temporary barrier to the growth of SOL. As per recent reports, around 9.1 million SOL belonging to Alameda Research were unstaked, causing the current price plunges. Solana's price action was also possibly another challenge, with the assets trading in the red for the entire year. However, a look at the price since January suggests that SOL began the year trading at around $10 and currently sits above $20.