Solana network usage drops to its lowest level for the first time in two years
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Answer Solana network usage drops to its lowest level for the first time in two years
It was not surprising that the cryptocurrency Solana, like other cryptocurrencies, felt the cold winter.
Recent data reveal that Solana’s network has been greatly affected not only by the price decline but also by the decline in network usage, which has fallen to its lowest level in two years.
Solana network usage decreased by 17.6%:
According to data from the Messari platform, the average number of daily transactions on the Solana network has fallen by 17.6% to levels first seen in over a year, which indicates a decline in network usage.
Additionally, due to declining network performance, Solana experienced a revenue decline of 44.4% in the second quarter of 2022.
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The average transaction fee also decreased by 40.6%.
On the positive side, the NFT minting rate on the Solana network has seen a significant increase.
The value of daily new NFTs per month increased 46.4% to over 7 million NFTs in the second quarter of 2022.
This growth complements previous significant increases from September 2021 through the following year.
Solana upgrade to solve network outage problems:
Despite the disappointing performance in the second quarter report, Solana’s network appears to have improved significantly due to the Mainnet Beta v1.10 Series upgrade, the initial stages of which were implemented in late May.
Update v1.10 was introduced to check out the network outages it had been experiencing in the previous months.
After a few months of implementation, the upgrade appears to have fixed some of these issues.
The 1.10 upgrade also helped improve network transaction speed.
In terms of the price of the digital currency SOL, it is still trading in a narrow range between $38 to $44, with a total market value of $14 billion, making the coin ranked ninth on coinmarketcap.
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