Hi HODLers,
There is so much information out there that sometimes we forget to go the most reliable and detailed take time to read. It is much easier to just Retweet some Bonkers saying BS.
Also, I am not a $SOL fanboy as I have barely used Solana as I have always disliked their very VC oriented backup and their high level of centralization. Once they had to stop the network for security reasons, I decided it was not worth spending more time researching it.
In this recent Q4 report on Solana, we can see the downfall of an entire chain and how quickly users either left or were not incentivized to be as active. Nevertheless, Solana still has a lot of users still believing in the project despite the post-FTX debacle.
Solana's market capitalization dropped by 70%, however, network health remained stable.
Solana Key Metrics (by Messari)
Intrestingly, even if the number of non-vote transaction went down more than 50% compared to Q4-2021, the average active uniaue fee payers just went down 12%.
It means, there are still a lot of users on the platform doing transactions, they have just been doing less of these.
Active programs and innovation seems to be still positive which is a great sign as future innovated projects are probably in these numbers
Solana revenues are crashing down
The Network revenues are down more than 80% compared to Q4-2021 which is udnerstandable. It has to bounce back at some point to be able to continue funding the network team and security as well as grants for projects which decided to settle on Solana.
There are much more data and numbers in Messari's report that I will not copy here. Overall activity is 1/4 of what it used to be a year ago and as we have seen in the news, a lot of native Solana dapps have gone either multichain or left Solana ecosystem for competitors.
I actually recently wrote an article about this Web3 game Tiny Colony which decided to leave Solana for ImmutableX. Link to the article here
If I had one advice to give you is take time to read these reports about Blockchains you like or that you would like to learn about. This is ALWAYS very high level data and analysis and... it is mostly free!
Stay safe out there,